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937 E Palmyra Ave 3 Unit Apartment Building Offered at $1,440,000 at a 2.90% Cap Rate Orange, CA 92866
Investment Highlights
- (1) Detached 2B/1B Single-Family Home, (1) 2B/1B & (1) Non-Conforming Studio
- In-Unit Laundry & Central A/C in Single-Family Home, Shared Laundry Machine in the Garage for Remaining Units (Tenant Owned)
- Significant Upside Potential - Current In-Place Rents are 33% Below Market
- Desirable Orange Location - Located Close to Old Town Orange & Convenient Access to the CA-55 & CA-22 Freeways
Executive Summary
Three units include a detached 2BD/1BA single-family home, a 2BD/1BA, and a non-conforming studio in a well-located Orange neighborhood minutes from Old Town and the CA-55/CA-22 interchange. In-unit laundry and central A/C in the single-family home. Lease up at market rates and the numbers move immediately. Current in-place rents approximately 33% below market, offering significant upside potential upon lease-up.
Property Facts
| Price | $1,440,000 | Property Type | Multifamily |
| Price Per Unit | $480,000 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 1,903 SF |
| Cap Rate | 2.90% | No. Stories | 2 |
| Gross Rent Multiplier | 21.05 | Year Built | 1946 |
| No. Units | 3 | Parking Ratio | 2.1/1,000 SF |
| Price | $1,440,000 |
| Price Per Unit | $480,000 |
| Sale Type | Investment |
| Cap Rate | 2.90% |
| Gross Rent Multiplier | 21.05 |
| No. Units | 3 |
| Property Type | Multifamily |
| Lot Size | 0.18 AC |
| Building Size | 1,903 SF |
| No. Stories | 2 |
| Year Built | 1946 |
| Parking Ratio | 2.1/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $2,538 | 750 - 833 |
| Studios | 1 | $625.00 | 320 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
60/100
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937 E Palmyra Ave
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