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Driftwood Apartments 134 S Pritchard Ave 17 Unit Apartment Building $5,995,000 ($352,647/Unit) 5.29% Cap Rate Fullerton, CA 92833
INVESTMENT HIGHLIGHTS
- Great Unit Mix: Fifteen 2 Bed / 1 Bath, , One 3 Bed / 1 Bath, and One 1 Bed / 1 Bath (Non Conforming)
- Conveniently Located Just 2 Miles From Knotty Berry Farm, Knott’s Soak City, Medieval Times, Pirates Adventure, and Buena Park Entertainment Zone
- All Units Have Been Renovated, New Flooring, New Quartz Counter Tops and Cabinets, New Lighting, New Kitchen Appliances
- Located Next to Valencia Park Elementary, Buena Park High School, Sunny Hills High School, Los Coyotes Country Club, The Source OC Shopping Mall
- Turnkey Investment With Good Curb Appeal, Covered Parking, Interior Courtyard, Gated & Sparkling Swimming Pool and On-Site Laundry
- Major Exterior Renovation: New Stucco and Paint, New Front Gate, New Landscaping, Parking Lot Asphalt ~1 Year Old, Some New Fencing and Paint
EXECUTIVE SUMMARY
Matthews™ is pleased to present 134 S Prichard Ave, located in Fullerton, CA. This offering allows an investor to acquire a well-located, recently renovated, turnkey investment with immense building and curb appeal next to Valencia Park Elementary School, Buena Park High School, Sunny Hills High School, Los Coyotes Country Club, The Source OC Shopping Mall, Beach Blvd, and the 5 Freeway and 91 Freeway interchange.
Built in 1954, the property underwent a major interior and exterior renovation in 2022. The roof is approximately 5 years old, and the parking lot asphalt was replaced approximately 1 year ago, further enhancing the long-term durability and capital improvements of the asset.
The complex features a strong unit mix of fifteen two-bedroom/one-bath units, one three-bedroom/one-bath unit, and one non-conforming one-bedroom/one-bath unit. The property is a two-story, garden-style walk-up with a central courtyard surrounding a gated swimming pool. Amenities include an on-site laundry room and covered parking for tenants. Each unit is separately metered for gas and electricity.
Each unit has received recent interior upgrades including new flooring, new quartz countertops with refaced cabinets, new lighting, new kitchen and bathroom sinks, new bathroom vanities, new stovetop ovens and hoods, and fresh paint throughout. The exterior also benefited from significant recent renovations, including new stucco and paint, a new front gate, new landscaping, a newly paved parking lot, select new fencing and paint, new wall air-conditioning units, and new double-pane vinyl windows.
The complex is conveniently located just two miles from Knott’s Berry Farm, Knott’s Soak City, Medieval Times, Pirates Dinner Adventure, Portillo’s Bakery, and the Buena Park Entertainment Zone. The property is also less than one mile from numerous major retail centers and employment hubs.
Broker of Record - David Harrington - License # 02168060 (CA)
Mark Bridge - Mark.Bridge@Matthews.com - 949-681-8388
Built in 1954, the property underwent a major interior and exterior renovation in 2022. The roof is approximately 5 years old, and the parking lot asphalt was replaced approximately 1 year ago, further enhancing the long-term durability and capital improvements of the asset.
The complex features a strong unit mix of fifteen two-bedroom/one-bath units, one three-bedroom/one-bath unit, and one non-conforming one-bedroom/one-bath unit. The property is a two-story, garden-style walk-up with a central courtyard surrounding a gated swimming pool. Amenities include an on-site laundry room and covered parking for tenants. Each unit is separately metered for gas and electricity.
Each unit has received recent interior upgrades including new flooring, new quartz countertops with refaced cabinets, new lighting, new kitchen and bathroom sinks, new bathroom vanities, new stovetop ovens and hoods, and fresh paint throughout. The exterior also benefited from significant recent renovations, including new stucco and paint, a new front gate, new landscaping, a newly paved parking lot, select new fencing and paint, new wall air-conditioning units, and new double-pane vinyl windows.
The complex is conveniently located just two miles from Knott’s Berry Farm, Knott’s Soak City, Medieval Times, Pirates Dinner Adventure, Portillo’s Bakery, and the Buena Park Entertainment Zone. The property is also less than one mile from numerous major retail centers and employment hubs.
Broker of Record - David Harrington - License # 02168060 (CA)
Mark Bridge - Mark.Bridge@Matthews.com - 949-681-8388
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$489,600
|
$41.67
|
| Other Income |
$3,600
|
$0.31
|
| Vacancy Loss |
$14,688
|
$1.25
|
| Effective Gross Income |
$478,512
|
$40.72
|
| Taxes |
$64,746
|
$5.51
|
| Operating Expenses |
$96,612
|
$8.22
|
| Total Expenses |
$161,358
|
$13.73
|
| Net Operating Income |
$317,154
|
$26.99
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $489,600 |
| Annual Per SF | $41.67 |
| Other Income | |
|---|---|
| Annual | $3,600 |
| Annual Per SF | $0.31 |
| Vacancy Loss | |
|---|---|
| Annual | $14,688 |
| Annual Per SF | $1.25 |
| Effective Gross Income | |
|---|---|
| Annual | $478,512 |
| Annual Per SF | $40.72 |
| Taxes | |
|---|---|
| Annual | $64,746 |
| Annual Per SF | $5.51 |
| Operating Expenses | |
|---|---|
| Annual | $96,612 |
| Annual Per SF | $8.22 |
| Total Expenses | |
|---|---|
| Annual | $161,358 |
| Annual Per SF | $13.73 |
| Net Operating Income | |
|---|---|
| Annual | $317,154 |
| Annual Per SF | $26.99 |
PROPERTY FACTS
| Price | $5,995,000 | Apartment Style | Garden |
| Price Per Unit | $352,647 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.46 AC |
| Cap Rate | 5.29% | Building Size | 11,750 SF |
| Gross Rent Multiplier | 12.24 | Average Occupancy | 100% |
| No. Units | 17 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1954/2022 |
| Property Subtype | Apartment | Parking Ratio | 2.04/1,000 SF |
| Zoning | R-3 - Multifamily | ||
| Price | $5,995,000 |
| Price Per Unit | $352,647 |
| Sale Type | Investment |
| Cap Rate | 5.29% |
| Gross Rent Multiplier | 12.24 |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.46 AC |
| Building Size | 11,750 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1954/2022 |
| Parking Ratio | 2.04/1,000 SF |
| Zoning | R-3 - Multifamily |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Disposal
- Ceiling Fans
- Granite Countertops
- Oven
- Range
- Walk-In Closets
- Double Pane Windows
- Vinyl Flooring
SITE AMENITIES
- Courtyard
- Pool
- Gated
- Gas Range
- Walking/Biking Trails
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 15 | $2,407 | 700 - 800 |
| 3+1 | 1 | $3,250 | 800 |
| 1+1 | 1 | $1,450 | 450 |
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PROPERTY TAXES
| Parcel Number | 030-086-07 | Total Assessment | $5,359,100 (2025) |
| Land Assessment | $4,900,087 (2025) | Annual Taxes | $64,746 ($5.51/SF) |
| Improvements Assessment | $459,013 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
030-086-07
Land Assessment
$4,900,087 (2025)
Improvements Assessment
$459,013 (2025)
Total Assessment
$5,359,100 (2025)
Annual Taxes
$64,746 ($5.51/SF)
Tax Year
2024
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Driftwood Apartments | 134 S Pritchard Ave
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