$3,080,000
$3,175,000
3.0%For more information regarding the value of a property, please contact us for a free consultation.
7,314 SqFt
SOLD DATE : 02/15/2022
Key Details
Sold Price $3,080,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 7,314 sqft
Price per Sqft $421
MLS Listing ID PW21211713
Sold Date 02/15/22
HOA Y/N No
Year Built 1959
Lot Size 0.290 Acres
Acres 0.29
Property Description
***The Villa Solana Apartments just received a Big Reduction in Price of $75,000***. The apartment building is located in the city of Garden Grove in a excellent rental neighborhood surrounded by apartments and single family residences. The subject property possesses an attractive unit mix of (6) 2 bedrooms/one bath and (4) 1 bedroom/one bath units include: outdoor courtyard sitting area, garages and driveway parking spaces. The owner has added substantial upgrades and capital improvements to the property including: new garage roof in 2020, new exterior vinyl fencing, new cinder block enclosed front patios, new steel frame wood gates with code entry, new exterior paint, newer vinyl windows, some new gas lines, and a attractive exterior water fountain. The subject property is separately metered for electric and gas for low owner expense. In addition, approximately $200 per month of extra income flows through the convenient on-site laundry facility (Owned machines/go with the sale). Additionally, there are two spacious onsite storages sheds for owner use or to increase landlord revenue by renting them out. The Villa Solana is a wonderful opportunity for savvy to take advantage of the upside in rents and achieve close to a 5 CAP and 14.38 GRM on street rents. Another important note is that all tenants have been current through COVID. Villa Solana is ideally located in Central OC with quick access to the 22/5/57 freeways allowing tenants to quickly access numerous OC employment centers and amenities like: Knotts Berry Farm, Disneyland, Honda Center, Angel Stadium, shopping centers, Home Depot.
Location
State CA
County Orange
Area 699 - Not Defined
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Cooling Wall/Window Unit(s)
Fireplace No
Appliance Gas Range
Laundry Common Area
Exterior
Garage Assigned, Concrete, Door-Single, Garage Faces Front, Garage, Paved
Garage Spaces 10.0
Garage Description 10.0
Fence Block, New Condition, Vinyl, Wrought Iron
Pool None
Community Features Sidewalks
Utilities Available Electricity Connected, Natural Gas Connected
View Y/N Yes
View Neighborhood
Roof Type Composition
Parking Type Assigned, Concrete, Door-Single, Garage Faces Front, Garage, Paved
Total Parking Spaces 20
Private Pool No
Building
Lot Description 6-10 Units/Acre
Story 2
Entry Level Two
Foundation Slab
Sewer Sewer Tap Paid
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 09908134
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange
Financing Conventional
Special Listing Condition Standard
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Bought with Rick Applebaum • Morgan Skenderian