CBRE announced the sale of a seven-unit multifamily property located at 406 East South Street in Anaheim, California to a private investor for $2,525,000. The selling price represents $360,714 per unit and $388 per square foot.
CBRE’s Executive Vice President Dan Blackwell and Associate Amanda Fielder represented the non-exchange buyer, who was based in Orange County, California. The seller was from Alameda County, California.
“Based on our client’s financial goals, we sourced a great multifamily investment opportunity situated in the desirable Colony neighborhood of Anaheim, secured the winning bid over multiple competitive offers and negotiated favorable seller financing for the buyer,” said Blackwell. “We negotiated a 14-day due diligence period with a 50-day close and seller financing for five years.”
Fielder added, “The buyer was particularly drawn to the property’s attractive features, including its amenity-rich and walkable location, well-designed two-bedroom townhome layouts and solid 1980s construction. Furthermore, there is potential to increase the rent roll, resulting in a 4.95% cap rate.”
Built in 1985, the South Street 6,500-square-foot apartment building is situated on a 9,148-square-foot lot near South Olive Street and East South Street. The apartment community features individual patios, a common laundry area, garage parking, and a newly installed fire sprinkler system.
The property enjoys proximity to schools, medical services, shopping, restaurants, public transportation and the iconic Disneyland theme park. Its Walk Score of 80 validates its “Very Walkable” location.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has approximately 130,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
