7039 Orangethorpe Ave 104 Unit Apartment Building For Sale Buena Park, CA 90621

*Entitlements Are Done. Conditional Use Permit No. CU-25-10 (Resolution No. 6398) approved by the Buena Park Planning Commission on November 18, 2025, by a 5-0 vote. *The project has already cleared its Final Focused EIR (EIR-25-1). A buyer is stepping into a shovel-ready, permitted conversion - not an entitlement risk.
Guaranteed-Income Potential. All 104 units are eligible to accept Section 8, HUD-VASH, and other tenant-based rental assistance vouchers, materially de-risking lease-up and rent collection versus market-rate multifamily.
*Built-In Mission & Funding Partner. A signed MOU with Homeless Veterans of America (HVOA) positions the project to pursue VA GPD, HUD-VASH, and VA TIP grant funding as an operating subsidy and service layer, with HVOA acting as fiscal agent and compliance lead.
*Density Bonus Upside Already Captured. Using California's Density Bonus Law (Gov. Code §65915), the project achieves ~104 units on 1.7 net acres (~60 du/ac) - nearly *double the base zoning capacity - with reduced parking ratios already approved.
Density bonus to ~60 du/acre under Gov. Code §65915 (State Density Bonus Law)
Reduced on-site parking (0.5-1 space/unit under HIO)
*Streamlined review protections under SB 330 (Housing Crisis Act of 2019) - no tenant displacement, no replacement-unit obligation
*Setback/height modifications approved for constructability
*Conditions of approval require recordation of an affordable housing regulatory agreement and a subsidized bus pass covenant prior to Certificate of Occupancy
62 units (60% of the project) are the Developer's binding CUP affordability commitment, recorded under a 55-year covenant.
*All 104 units are voucher-eligible (Section 8, HCV, HUD-VASH).
*Affordability range under the drafted Deed of Restrictive Covenants spans 30%-120% AMI.
*Additional subsidy awards (e.g., OCHA buydown) would deepen affordability further but will not reduce the recorded 62-unit set-aside.
*Structure is designed to satisfy LIHTC 20/50 or 40/60 minimum set-aside tests if the buyer elects to pursue tax credit financing in the future.
*Approximately 62 units (60%) are designated Veteran-Preference Units under the drafted deed restriction; the remaining 42 are General Population Units.
*HVOA manages grant compliance, reporting, and coordination with VA/HUD; the property owner maintains habitability standards and provides service coordination access.
Grant funds, where awarded, may support operations, maintenance, and supportive services - an operating tailwind not available to a typical market-rate conversion.