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24521 Raymond Way 10 Unit Apartment Building $4,995,000 ($499,500/Unit) 4.63% Cap Rate Lake Forest, CA 92630
INVESTMENT HIGHLIGHTS
- Built in 1977 & 2024
- Renovated Interiors, Newer Roofs, Exterior Paint, Windows & Sliders, Laundry Machines & Water Heaters
- 1 & 2 Bedroom Units
- (15) Garages & Open Spaces; Over 1 Space Per Bedroom
- SB721 Compliant
- 17,498 SF Lot
EXECUTIVE SUMMARY
Discover this exceptional multifamily investment opportunity located in a quiet Lake Forest cul-de-sac. Originally constructed in 1977 as an 8-unit property, this asset now features 10 total units with the addition of two brand-new 2 bedroom / 2 bathroom ADUs built in 2024. The entire property underwent a major renovation over the past few years, including new roofs, exterior paint, dual-pane windows and sliders, six of nine water heaters replaced, and a full property fumigation—making this a low-maintenance, move-in ready asset for investors.
Situated on a spacious 17,498 SF lot, the unit mix includes a blend of 1 and 2 bedroom floorplans, appealing to a wide tenant base. Residents enjoy thoughtful amenities such as patios or balconies, walk-in closets, wall A/C units, and community laundry along with the added convenience of individual storage units and camera systems providing extra security. The two newly constructed ADUs stand out with in-unit washer/dryers, dishwashers, microwaves, ceiling fans, solar power, and an EV charger—modern conveniences that attract quality tenants and support premium rents. Parking is abundant, with 15 garages and open spaces, providing more than one space per bedroom—a rare advantage in multifamily properties.
Fully SB 721 compliant, this is a clean and well-maintained asset with strong curb appeal and long-term upside. With contemporary interiors, essential upgrades already completed, and added ADU income potential, this Lake Forest property is a standout in today’s market.
Situated on a spacious 17,498 SF lot, the unit mix includes a blend of 1 and 2 bedroom floorplans, appealing to a wide tenant base. Residents enjoy thoughtful amenities such as patios or balconies, walk-in closets, wall A/C units, and community laundry along with the added convenience of individual storage units and camera systems providing extra security. The two newly constructed ADUs stand out with in-unit washer/dryers, dishwashers, microwaves, ceiling fans, solar power, and an EV charger—modern conveniences that attract quality tenants and support premium rents. Parking is abundant, with 15 garages and open spaces, providing more than one space per bedroom—a rare advantage in multifamily properties.
Fully SB 721 compliant, this is a clean and well-maintained asset with strong curb appeal and long-term upside. With contemporary interiors, essential upgrades already completed, and added ADU income potential, this Lake Forest property is a standout in today’s market.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $4,995,000 | Apartment Style | Low-Rise |
| Price Per Unit | $499,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.40 AC |
| Cap Rate | 4.63% | Building Size | 8,704 SF |
| Gross Rent Multiplier | 15.12 | No. Stories | 2 |
| No. Units | 10 | Year Built | 1977 |
| Property Type | Multifamily | Parking Ratio | 1.72/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R2, Lake Forest | ||
| Price | $4,995,000 |
| Price Per Unit | $499,500 |
| Sale Type | Investment |
| Cap Rate | 4.63% |
| Gross Rent Multiplier | 15.12 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.40 AC |
| Building Size | 8,704 SF |
| No. Stories | 2 |
| Year Built | 1977 |
| Parking Ratio | 1.72/1,000 SF |
| Zoning | R2, Lake Forest |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Microwave
- Storage Space
- Washer/Dryer
- Ceiling Fans
- Walk-In Closets
- Patio
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | $2,338 | - |
| 2+1.5 | 2 | $2,795 | - |
| 2+2 | 2 | $3,200 | - |
1 1
Walk Score®
Walker's Paradise (94)
Bike Score®
Very Bikeable (79)
PROPERTY TAXES
| Parcel Number | 617-441-27 | Total Assessment | $3,145,624 (2025) |
| Land Assessment | $1,820,528 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,325,096 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
617-441-27
Land Assessment
$1,820,528 (2025)
Improvements Assessment
$1,325,096 (2025)
Total Assessment
$3,145,624 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
CONTACTS
-
Rick Applebaum -
Paul Espinosa -
Garrett Blair -
Morgan-Skenderian Investment Real Estate Group
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24521 Raymond Way
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