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449 Melody Ln 8 Unit Apartment Building $2,625,000 ($328,125/Unit) 4.77% Cap Rate Placentia, CA 92870
Investment Highlights
- Located on a Quiet Single-Family Residential Street
- Well-Maintained Asset with a mix of Two- & One-Bedroom Units with Pitched Roofs
- ADU Potential - Potential to Add (2) ADUs on Top of Detached Garages
- 100% Occupied, Stable Cash-Flowing Property
- Recent Capital Improvements
- Large On-Site Laundry Rooms (Updated Leased Machines) & (8) Garage Spaces Used By Tenants to Park Their Cars
Executive Summary
449 Melody Lane is a 100% occupied, well-maintained multifamily property on a quiet residential street near Kraemer Memorial Park in Placentia, and less than a mile from Cal State Fullerton. The property sits on approximately 10,860 SF of land with 5,525 rentable SF and features an excellent unit mix of one- & two-bedroom units. Pride of ownership, strong walkability, and ADU potential above the detached garages offer an attractive value-add opportunity.
Property Facts
| Price | $2,625,000 | Apartment Style | Low-Rise |
| Price Per Unit | $328,125 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.25 AC |
| Cap Rate | 4.77% | Building Size | 5,525 SF |
| Gross Rent Multiplier | 13.18 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1962 |
| Property Type | Multifamily | Parking Ratio | 2.67/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R3 - Multiple Family Residential | ||
| Price | $2,625,000 |
| Price Per Unit | $328,125 |
| Sale Type | Investment |
| Cap Rate | 4.77% |
| Gross Rent Multiplier | 13.18 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.25 AC |
| Building Size | 5,525 SF |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 2.67/1,000 SF |
| Zoning | R3 - Multiple Family Residential |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | $1,918 | 640 |
| 2+1 | 3 | $2,248 | 775 |
1 1
Walk Score®
Very Walkable (81)
Property Taxes
| Parcel Number | 339-031-01 | Improvements Assessment | $251,998 |
| Land Assessment | $2,244,962 | Total Assessment | $2,496,960 |
Property Taxes
Parcel Number
339-031-01
Land Assessment
$2,244,962
Improvements Assessment
$251,998
Total Assessment
$2,496,960
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449 Melody Ln
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