CBRE announced the sale of a four-unit multifamily property in Orange County, Calif., for $1,590,000, representing 99 percent of the list price and $462 per square foot.
CBRE’s Executive Vice President Dan Blackwell, Vice President Sean Farag, and Associate Amanda Fielder represented the Orange County-based 1031 exchange seller in the sale of the property located at 224 S. Oak Street in Orange.
“Our exclusive marketing process generated multiple competitive offers, reflecting the high demand for well-located multifamily properties in Orange County,” said Blackwell. “The negotiation process included the inclusion of two 30-day options to extend the transaction, accommodating the seller’s 1031 exchange requirement.”
“The property is a fully turnkey asset featuring 100 percent one-story, one- and two-bedroom units,” Fiedler said. “Extensive interior and exterior renovations totaling $200,000 were completed within the past year, including a full renovation of all four units. The gross monthly rent of $9,500 appealed to buyers seeking an in-place 5.25 percent cap rate. The buyer will benefit from immediate cash flow with minimal deferred maintenance needs.”
The Oak Street property is a single-story fourplex situated on a spacious 10,809-square-foot parcel of land in the city of Orange, near Old Towne Orange Circle and Chapman University. Built in 1957, it comprises two one-bedroom and two two-bedroom units, each equipped with an in-unit washer and dryer. The property offers eight parking spaces, including four garage spaces and four tandem spaces, providing ample parking options for residents.
The location of the property offers numerous advantages. Situated in the vibrant city of Orange, residents can enjoy access to a wide range of lifestyle amenities. The property is conveniently located 1.5 miles from Chapman University and Old Towne Orange Circle. Additionally, its proximity to major freeways, including State Route 55, 22 and 57, as well as Interstate 5 and 91, provides easy access to Orange County and Los Angeles, making it an ideal residential base. Moreover, the world-famous Disneyland theme park, which attracts over 18.6 million visitors annually, is only a short drive away.
The sale of the four-unit property at 224 S. Oak Street in Orange follows the recent successful transactions of three other fourplexes in Orange County completed by the Blackwell multifamily team. These three properties were sold to three private buyers, totaling $5.48 million, within a span of 10 days.
“Fourplexes in sought-after markets, such as 224 S. Oak Street in Orange, are highly appealing to investors,” noted Blackwell. “We will work with these clients to trade into larger properties over time, initiating and completing their 1031 exchanges.”
Fielder adds, “The fourplex multifamily market is extremely competitive right now due to a low inventory of quality assets. We are witnessing interest from various types of investors, including seasoned buyers, vying for these properties. At present, we are receiving multiple qualified offers for fourplexes in Orange County, and we expect this to continue as investors seek to place their equity in a strong rental market with low inventory.”
