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937 E Palmyra Ave 3 Unit Apartment Building $2,030,170 CAD ($676,723 CAD/Unit) 2.90% Cap Rate Orange, CA 92866
Investment Highlights
- (1) Detached 2B/1B Single-Family Home, (1) 2B/1B & (1) Non-Conforming Studio
- In-Unit Laundry & Central A/C in Single-Family Home, Shared Laundry Machine in the Garage for Remaining Units (Tenant Owned)
- Significant Upside Potential - Current In-Place Rents are 33% Below Market
- Desirable Orange Location - Located Close to Old Town Orange & Convenient Access to the CA-55 & CA-22 Freeways
Executive Summary
Three units include a detached 2BD/1BA single-family home, a 2BD/1BA, and a non-conforming studio in a well-located Orange neighborhood minutes from Old Town and the CA-55/CA-22 interchange. In-unit laundry and central A/C in the single-family home. Lease up at market rates and the numbers move immediately. Current in-place rents approximately 33% below market, offering significant upside potential upon lease-up.
Property Facts
| Price | $2,030,170 CAD | Property Subtype | Apartment |
| Price Per Unit | $676,723 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 2.90% | Building Size | 1,903 SF |
| Gross Rent Multiplier | 21.05 | No. Stories | 2 |
| No. Units | 3 | Year Built | 1946 |
| Property Type | Multifamily | Parking Ratio | 2.1/1,000 SF |
| Zoning | R1-6 - Single Family Res | ||
| Price | $2,030,170 CAD |
| Price Per Unit | $676,723 CAD |
| Sale Type | Investment |
| Cap Rate | 2.90% |
| Gross Rent Multiplier | 21.05 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 1,903 SF |
| No. Stories | 2 |
| Year Built | 1946 |
| Parking Ratio | 2.1/1,000 SF |
| Zoning | R1-6 - Single Family Res |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $3,577 CAD | 750 - 833 |
| Studios | 1 | $881.15 CAD | 320 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 390-461-10 | Improvements Assessment | $195,616 CAD |
| Land Assessment | $903,735 CAD | Total Assessment | $1,099,351 CAD |
Property Taxes
Parcel Number
390-461-10
Land Assessment
$903,735 CAD
Improvements Assessment
$195,616 CAD
Total Assessment
$1,099,351 CAD
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937 E Palmyra Ave
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