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Highland Orchard Apartments 140 S Highland Ave 104 Unit Apartment Building For Sale Placentia, CA 92870
Investment Highlights
- 104-unit conventional market-rate apartment community in tightly held Placentia
- Built in 1985 on 4.23 acres with 83,832 net rentable square feet
- 103 of 104 units offer private patios or balconies with exterior storage closets
- Exclusively two-bedroom mix: 28 two-bed/one-bath and 76 two-bed/two-bath units
- Value-add potential through unit renovations, in-unit laundry and common-area improvements
- Potential ADU conversion of one laundry facility, plus parking or ADU options for two lawn areas
Executive Summary
The Leeson Group of Marcus & Millichap is pleased to present the exclusive opportunity to acquire Highland Orchard Apartments, a 104-unit conventional market-rate apartment community located at 140 South Highland Avenue in Placentia, California. The property is being offered unpriced on an open-bid basis. Built in 1985 on approximately 4.23 acres, Highland Orchard features 83,832 net rentable square feet and an all-two-bedroom unit mix consisting of 28 two-bed/one-bath units and 76 two-bed/two-bath units.
Private outdoor space is a defining feature of the community, with 103 of the property’s 104 units offering either a patio or balcony. Additional amenities include a swimming pool and spa, built-in barbecue areas, two on-site laundry facilities, and covered and surface parking. The property also includes an on-site leasing office that connects directly to the adjacent manager’s unit.
Highland Orchard is situated across from a condominium community completed in 2022 and is surrounded by neighborhood retail, established condominium developments, and single-family communities. The property is served by the Placentia-Yorba Linda Unified School District, with Glenview Elementary School within walking distance and Esperanza High School less than one mile away. Proximity to both schools supports demand from households with school-aged children and complements the property’s all-two-bedroom unit mix.
Current ownership utilizes a ratio utility billing system to recover a portion of the property’s utility expenses. Further value creation can be pursued through higher-end interior renovations and the potential installation of in-unit laundry. Each patio and balcony includes a storage closet that could provide a practical location for the necessary equipment and connections.
Highland Orchard represents a rare opportunity to acquire a conventional market-rate apartment community of scale in Placentia. The last sale of a conventional market-rate multifamily property of more than 100 units in the city occurred in 2023, distinguishing Highland Orchard within a tightly held North Orange County multifamily submarket.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Private outdoor space is a defining feature of the community, with 103 of the property’s 104 units offering either a patio or balcony. Additional amenities include a swimming pool and spa, built-in barbecue areas, two on-site laundry facilities, and covered and surface parking. The property also includes an on-site leasing office that connects directly to the adjacent manager’s unit.
Highland Orchard is situated across from a condominium community completed in 2022 and is surrounded by neighborhood retail, established condominium developments, and single-family communities. The property is served by the Placentia-Yorba Linda Unified School District, with Glenview Elementary School within walking distance and Esperanza High School less than one mile away. Proximity to both schools supports demand from households with school-aged children and complements the property’s all-two-bedroom unit mix.
Current ownership utilizes a ratio utility billing system to recover a portion of the property’s utility expenses. Further value creation can be pursued through higher-end interior renovations and the potential installation of in-unit laundry. Each patio and balcony includes a storage closet that could provide a practical location for the necessary equipment and connections.
Highland Orchard represents a rare opportunity to acquire a conventional market-rate apartment community of scale in Placentia. The last sale of a conventional market-rate multifamily property of more than 100 units in the city occurred in 2023, distinguishing Highland Orchard within a tightly held North Orange County multifamily submarket.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Financial Summary (Actual - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$4,236,526
|
$50.54
|
| Other Income |
$151,953
|
$1.81
|
| Vacancy Loss |
$127,095
|
$1.52
|
| Effective Gross Income |
$4,261,383
|
$50.83
|
| Taxes |
-
|
-
|
| Operating Expenses |
$982,352
|
$11.72
|
| Total Expenses |
$982,352
|
$11.72
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $4,236,526 |
| Annual Per SF | $50.54 |
| Other Income (CAD) | |
|---|---|
| Annual | $151,953 |
| Annual Per SF | $1.81 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $127,095 |
| Annual Per SF | $1.52 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $4,261,383 |
| Annual Per SF | $50.83 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $982,352 |
| Annual Per SF | $11.72 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $982,352 |
| Annual Per SF | $11.72 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Sale Type | Investment | Lot Size | 4.23 AC |
| No. Units | 104 | Building Size | 83,832 SF |
| Property Type | Multifamily | Average Occupancy | 97% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1985 |
| Building Class | B | Parking Ratio | 2.11/1,000 SF |
| Zoning | R3 - 2 - Multi Family Dwelling | ||
| Sale Type | Investment |
| No. Units | 104 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 4.23 AC |
| Building Size | 83,832 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1985 |
| Parking Ratio | 2.11/1,000 SF |
| Zoning | R3 - 2 - Multi Family Dwelling |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Fireplace
- Storage Space
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Hardwood Floors
- Vaulted Ceiling
- High Speed Internet Access
- Oven
- Range
- Tub/Shower
- Carpet
- Dining Room
- Patio
- Wheelchair Accessible (Rooms)
- Window Coverings
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Pool
- Property Manager on Site
- Spa
- Grill
- Recycling
- Wi-Fi
- Storage Space
- Maintenance on site
- Online Services
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 28 | - | 749 - 776 |
| 2+2 | 76 | - | 820 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
20/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 343-361-09 | Improvements Assessment | $8,923,742 CAD |
| Land Assessment | $10,309,046 CAD | Total Assessment | $19,232,788 CAD |
Property Taxes
Parcel Number
343-361-09
Land Assessment
$10,309,046 CAD
Improvements Assessment
$8,923,742 CAD
Total Assessment
$19,232,788 CAD
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Highland Orchard Apartments | 140 S Highland Ave
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