2030 Wilshire AveFullerton, CA 92831

Property Details for 2030 Wilshire Ave

Year built

1963

Property size (Sq ft)

4,308 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional Fullerton, California multifamily investment opportunity presents a well-maintained, two-story apartment building at 2030 E. Wilshire Avenue. Built in 1963, this property boasts 4,308 square feet on an 8,279 square foot lot and features a desirable unit mix of two two-bedroom/two-bathroom units and two three-bedroom/two-bathroom units. Each unit includes private patios and fireplaces, and the building offers a convenient on-site laundry facility. The property benefits from central heating and air conditioning, and a generous 1.5:1 parking ratio with three double-car garages. Recent upgrades include the installation of all new electrical sub-panels for each unit and laundry room, as well as replacement of the main electrical panel. The building is fully compliant with SB 721, having undergone inspections by a licensed contractor. Individual electric and gas meters are installed for each unit. This property presents a compelling investment opportunity, with a current NOI of $74,504 and a pro-forma NOI of $94,154, translating to a 4.03% cap rate and a pro-forma cap rate of 5.09%. The asking price is $1,850,000, or $462,500 per unit. The property's prime location near Cal State Fullerton adds to its appeal. The property is also offered with the potential to purchase the adjacent property at 2024 E. Wilshire Avenue, presenting further expansion possibilities. This is a rare opportunity, as the property has not been on the market for over 55 years. The potential for an accessory dwelling unit (ADU) further enhances its investment potential.

Location Insight

City

Fullerton

County

Orange

State

California

Latitude

33.8723

Longitude

-117.895

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