1113 W Porter Ave W, Fullerton, CA 92833

Property Description

This offering consists of three buildings on three individual parcels with addresses including 1113, 1119 and 1125 West Porter Avenue. The Porter Avenue property is a well maintained, well located, 18 unit apartment community consisting of three buildings on three separate parcels in the City of Fullerton. All of the units are two-bedroom / one-bath floor plans. In addition to being a clean, attractive asset, what sets this property apart from its competitive set is its highly desirable location nestled in the midst of single family homes averaging in value between $700,000 and $823,000 according to Zillow. It is also just a short walk to Nicolas Junior High School and Nicolas Park, and within walking distance to Orangethorpe Plaza and Fullerton Marketplace - home to Food4Less supermarket. Also within close proximity, at the intersection of Orangethorpe and Euclid, are three major retail centers including Fullerton Town Center, Metro Center Fullerton and Orangefair Marketplace. Despite the property’s intrinsic advantages of location and condition, rents are at least 11.24% below market with the current unit upgrades . That equates to an estimated NOI upside of over 18.31%. By leveling rents at the property in its as-is condition, an investor has an easy path of upside to a 14.61 GRM which equates to a 4.05% cap rate with expenses fully underwritten to include professional management, onsite payroll and capital reserves of $250 per unit per year. PROPERTY TOURS MUST BE COORDINATED WITH THE LISTING AGENT. PLEASE DO NOT DISTURB TENANTS OR ONSITE STAFF. MAKE ALL OFFERS SUBJECT TO INSPECTION