CBRE CBRE has arranged the sale of a seven-unit multifamily property in Anaheim, California to a private investor for US $2,525,000.
The selling price represents US $360,714 per unit and US $388 per square foot.
CBRE Executive Vice President Dan Blackwell and Associate Amanda Fielder represented the non-exchange buyer, who was based in Orange County. The seller was from Alameda County (also in California).
The buyer was particularly drawn to the property’s attractive features, including its amenity-rich and walkable location
“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,” says Blackwell. “We negotiated a 14-day due diligence period with a 50-day close and seller financing for five years.”
Fielder adds: “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 6,500-square-foot apartment building is located at 406 East South Street on a 9,148-square-foot lot near South Olive Street and East South Street. The apartment community features individual patios, 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.
The sale of the multifamily community at 406 East South Street is the team’s 94th property sale in the city of Anaheim.
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