An excellent opportunity to acquire a 15-unit multifamily building in Buena Park. Located at 6501 Western Ave. this multifamily asset was built in 1965. It offers an ideal unit mix with five 1 bed, 1 bath units, three 2 bed, 1 bath units, three 2 bed, 1.75 bath units and four 2 bed, 1.5 bath townhome-style units. Well-manicured front lawn and foliage contribute to the exceptional curb-appeal of the property. Residents of the building enjoy use of off-street covered parking and laundry facilities. The building boasts a total of 15,515 square feet on a 17,415 square foot lot.
Buena Park has seen a steady increase in demand for apartment units as rental prices are still relatively low compared to other neighborhoods in Orange County. Recent development projects such as the Butterfly Palladium, Aloft Hotel, Los Coyotes Country Club and the On-Beach Mixed Use Development have attracted additional buzz. Buena Park is central to an astonishing variety of activities including dining & shopping at Buena Park Downtown, concerts at the House of Blues and shows at the Maverick Theater.
Residents of 6501 Western Ave. enjoy the building for a combination of reasons including accessibility to quick transportation, quality schools and universities, nearby parks and golf courses and of course the Knott’s Berry Farm and Soak City theme parks. The building is walking distance to multiple Mexican food restaurants and just a few blocks from many other eateries including Arby’s, KFC and Pizza Hut. It is also within convenient proximity to CVS and Target. Sports fans will find the location particularly appealing due to its convenient location just a few exits down the freeway from The Honda Center and Angel Stadium. Transportation is especially easy because the neighborhood is bordered by both the 5 and 91 freeways. With the neighborhood being located half way between California State University Fullerton and Biola University, a high concentration of students tend to reside here.
For the right investor, this multi-family asset will represent a great opportunity to generate years of steady cash flow and a higher than average ROI. The close proximity to so many restaurants and well-known attractions will lead to increased appreciation as the urban neighborhood lacks additional space for more apartment building projects to be developed. Enrollment numbers continue to grow at the two nearby university campuses assuring a continued uptick in demand for student housing as well. With a few minor updates, a modest increase in rental income will be achievable.
