10851-10861 Palma Vista Ave 16 Unit Apartment Building $6,204,289 CAD ($387,768 CAD/Unit) 5.25% Cap Rate Garden Grove, CA 92840

Marcus & Millichap Is Pleased To Present The Opportunity To Acquire 10851-10861 Palma Vista Avenue, A Portfolio Of 16 Apartment Units, Situated On Two Contiguous Parcels, Located In The Heart Of Garden Grove, Orange County, California. The Parcels May Be Acquired Together As A Single Portfolio Or Sold Separately.
The Property Features A 100% 1-bedroom / 1-bathroom Unit Mix, Which Historically Demonstrates Shorter Lease-up Periods And Broader Renter Demand, Reducing Downtime Risk Upon Turnover. The Asset Also Benefits From Its Convenient Location Near Daily Needs Retailers And Grocers, Long-term Tenants, Stable Historical Occupancy, And Below-market Rents, Providing Immediate Value-add Upside Through Rent Optimization And Expense Recovery Without Significant Capital Expenditure.
The Property Is Positioned Within One Of Southern California’s Most Supply-constrained Rental Markets. Orange County’s Limited Multifamily Inventory, High Barriers To New Development, And Strong Employment Base Continue To Support Elevated Rental Demand. Garden Grove’s Central Orange County Location Provides Proximity To Major Employment Nodes And Regional Demand Drivers, Including Disneyland Resort, Little Saigon, Knott’s Berry Farm, CHOC, CalState Fullerton, Anaheim’s Hospitality And Tourism Corridor And Coastal Cities Including Huntington Beach, Newport Beach, Long Beach & San Pedro.
Additional Income Is Currently Generated Through Parking, On-site Coin Laundry And Storage, With Further Upside In The Opportunity To Implement A Ratio Utility Billing System (RUBS) To Materially Increase Net Operating Income Without Significant Capital Expenditure. The Combination Of Liquid Unit Mix, Operational Upside, And Optional Parcel-level Disposition Positions The Offering As A Compelling Investment In The High-demand, High-barrier Orange County Market.