2115 1/2 S Broden Street, Anaheim, CA 92802
List Price: $1.35M
Listing Status: ActiveUnderContract
Original List Price: $1.5M
0Days on Market: 265
0 Bedrooms · 0 Bathrooms
Property Type: ResidentialIncome
Year Built: 1964
Lot Size: 3,478 sq ft
Garage Spaces: 6
Private Pool: Yes
HOA Fee: $795/Monthly
Annual Property Tax: $5,788
MLS Number: PW25199902
About This Property
2115 ½ Broden St. is an ideal investment for an investor who wants minimum management responsibilities, great investment potential, and great cash flow. ------MANAGEMENT RESPONSIBILITIES-----The owner’s management responsibilities are minimized because the Homeowners Association manages and pays for all the following: insurance, daily grounds clean-up and inspections, landscaping, patrol service, pool service, laundry room, roofs, building painting/repairs, gates, fences, walkways, utilities, and a monthly contribution to a reserve fund that has over $450,000 dedicated to future expenses; all at a cost of only $265 per unit per month. Owners of most other 3-unit buildings would have to pay much more for all those expenses. The major responsibility of the owner of this building is to collect rents. All current tenants use electronic rent payments, are never late, and, therefore, this property is ideal for someone who wants income, growth with inflation protection, and minimum time expenditure. ----GREAT INVESTMENT POTENTIAL------This location of this building ensures continued growth in value. It is one short block east of Harbor Blvd about one-half mile south of Disneyland. Within a ten-minute walk there are many major hotels, restaurants, and businesses that offer employment for residents. Proximity to employment opportunities also means increasing demand for rentals, higher rents, fewer vacancies, which results in increasing property values. Other similar 3-unit rental properties are often in areas that have stable, not increasing, demand and consequently, limited upside potential.-----GREAT CASH FLOW ------This property’s Net Operating Income for the next 12 months will be about $69,260, substantiated by current leases, which are guaranteed by the seller. At a sale price of $1,350,000 and NOI of $69,260 the CAP rate is 5.13 %. Other similar 3-unit investment properties have significantly lower CAP rates, often below 4% when accounting for realistic income (not “Pro Forma” income) and realistic comprehensive expenses. All units have enclosed 2 car garages with openers. This triplex is single story, located inside the gated area facing the courtyard. Just east of Harbor Blvd south of Orangewood. Owner also has another triplex and had a fourplex available for sale in the same complex. (Total of 10 units). All reduced by $150k/building. Seller may guarantee first years income and expenses. Note: The other Triplex is in escrow.
