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324 E. Leatrice Lane 324 Leatrice Ln 8 Unit Apartment Building $3,600,000 ($450,000/Unit) 5.61% Cap Rate Anaheim, CA 92802
Investment Highlights
- Exceptionally Maintained Investment Opportunity
- Desirable Mix of Large 2, 3, & 4 Bedroom Units, Averaging ±1125 SqFt
- Prime Anaheim Location 1/2 Mile from Disneyland Park
- Recent Upgrades Include Interior Renovations, New Garage Doors, Landscaping, Rain Gutters, Electrical Subpanels, and SB721 Compliance
Executive Summary
324 E. Leatrice Lane is a well-maintained, pride-of-ownership multifamily property located just minutes from Disneyland Park in Anaheim. The property features spacious 2, 3, and 4-bedroom units averaging more than 1,125 square feet, providing an attractive unit mix for a wide range of tenants. Property amenities include updated flooring, kitchens and bathrooms, private patios and balconies, on-site laundry facilities, and garage and tandem parking.
Ownership has completed several recent capital improvements, including SB 721 compliance, partial roof replacement, new landscaping and gutters, new electrical subpanels and new garage doors, helping minimize near-term capital expenditures. With its desirable location, large unit sizes, and consistent rental demand, the property offers stable in-place income with the opportunity for future rental growth.
Ownership has completed several recent capital improvements, including SB 721 compliance, partial roof replacement, new landscaping and gutters, new electrical subpanels and new garage doors, helping minimize near-term capital expenditures. With its desirable location, large unit sizes, and consistent rental demand, the property offers stable in-place income with the opportunity for future rental growth.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$279,204
|
$30.90
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$8,376
|
$0.93
|
| Effective Gross Income |
$270,828
|
$29.97
|
| Taxes |
$43,096
|
$4.77
|
| Operating Expenses |
$25,752
|
$2.85
|
| Total Expenses |
$68,848
|
$7.62
|
| Net Operating Income |
$201,980
|
$22.35
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $279,204 |
| Annual Per SF | $30.90 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $8,376 |
| Annual Per SF | $0.93 |
| Effective Gross Income | |
|---|---|
| Annual | $270,828 |
| Annual Per SF | $29.97 |
| Taxes | |
|---|---|
| Annual | $43,096 |
| Annual Per SF | $4.77 |
| Operating Expenses | |
|---|---|
| Annual | $25,752 |
| Annual Per SF | $2.85 |
| Total Expenses | |
|---|---|
| Annual | $68,848 |
| Annual Per SF | $7.62 |
| Net Operating Income | |
|---|---|
| Annual | $201,980 |
| Annual Per SF | $22.35 |
Property Facts
| Price | $3,600,000 | Apartment Style | Low-Rise |
| Price Per Unit | $450,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.25 AC |
| Cap Rate | 5.61% | Building Size | 9,036 SF |
| Gross Rent Multiplier | 12.89 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.77/1,000 SF |
| Zoning | RM-4 | ||
| Price | $3,600,000 |
| Price Per Unit | $450,000 |
| Sale Type | Investment |
| Cap Rate | 5.61% |
| Gross Rent Multiplier | 12.89 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.25 AC |
| Building Size | 9,036 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.77/1,000 SF |
| Zoning | RM-4 |
Amenities
- Smoke Detector
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Washer/Dryer Hookup
- Ceiling Fans
- Stainless Steel Appliances
- Double Pane Windows
- Patio
- Vinyl Flooring
- Quartz Countertops
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $2,410 | 950 |
| 3+1 | 1 | $2,725 | 1,100 |
| 3+2 | 4 | $3,211 | 1,150 |
| 4+2 | 1 | $3,200 | 1,400 |
Moderately walkable
60/100
Exceptionally drivable
90/100
Strong public transit
80/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 137-339-02 | Total Assessment | $3,926,469 |
| Land Assessment | $3,501,986 | Annual Taxes | $43,096 ($4.77/SF) |
| Improvements Assessment | $424,483 | Tax Year | 2025 |
Property Taxes
Parcel Number
137-339-02
Land Assessment
$3,501,986
Improvements Assessment
$424,483
Total Assessment
$3,926,469
Annual Taxes
$43,096 ($4.77/SF)
Tax Year
2025
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