For Sale
$2,700,000

12702 Morningside AveGarden Grove, CA 92843

Turnkey multifamily investment, high NOI.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional 8-unit apartment building in Garden Grove, CA presents a compelling turnkey investment opportunity. Located at 12702 Morningside Ave, this two-story, garden-style property boasts 5,340 square feet on a 0.24-acre lot (APN 198-123-15). Built in 1961 and extensively renovated in 2023, the property features a new stucco and paint exterior, newly paved asphalt parking, new double-pane vinyl windows, and new wall air conditioning. All eight units have undergone significant interior upgrades, including new flooring, quartz countertops, refaced cabinets, updated lighting, new kitchen and bathroom sinks, new bathroom vanities, new stovetop ovens and hoods, and fresh paint. The property also includes an on-site laundry room and covered parking for tenants. The building is separately metered for electricity. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $138,571, with a pro-forma NOI of $152,306 and a pro-forma cap rate of 5.64%. Its prime location near major freeways (22 and 5), shopping centers (including a Northgate Market), and popular attractions like Disneyland and Main Place Mall, ensures strong rental demand and future appreciation potential. The asking price is $2,700,000, representing a price per unit of $337,500 and a current cap rate of 5.13%. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable Orange County location.

Highlights

  • Prime location near Main Place Mall, Outlets at Orange, Disneyland, and Downtown Santa Ana.
  • Turnkey investment property with excellent curb appeal, covered parking, and on-site laundry.
  • Renovated units featuring new flooring, quartz countertops, cabinets, lighting, kitchen and bath fixtures, and appliances.
  • Recent exterior upgrades (2022-2023) include new paint, stucco, asphalt paving, double-pane windows, and A/C units.

Property Details for 12702 Morningside Ave

Property type
Apartment buildings
Square Feet
5,340 SF
Class
C
Year Built/Renovated
1961/2023
Buildings
1
Stories
2
Lot Size (sq. ft)
10,454 SF
Units
8

Location Insight

City
Garden Grove
County
Orange
State
California
Latitude
33.756696262604
Longitude
-117.90795699858
12702 Morningside Ave, Garden Grove, California

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
12702 Morningside Ave
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message