12702 Morningside Ave Garden Grove, CA 92843

Property Details for 12702 Morningside Ave

Year built

1961

Lot size

0.24 lot acres

Property size

5,340 SF

Property type

Commercial real estate

APN

198-123-15

Description

This exceptional 8-unit apartment building in Garden Grove, CA presents a compelling turnkey investment opportunity. Located at 12702 Morningside Ave, this two-story, garden-style property boasts 5,340 square feet on a 0.24-acre lot (APN 198-123-15). Built in 1961 and extensively renovated in 2023, the property features a new stucco and paint exterior, newly paved asphalt parking, new double-pane vinyl windows, and new wall air conditioning. All eight units have undergone significant interior upgrades, including new flooring, quartz countertops, refaced cabinets, updated lighting, new kitchen and bathroom sinks, new bathroom vanities, new stovetop ovens and hoods, and fresh paint. The property also includes an on-site laundry room and covered parking for tenants. The building is separately metered for electricity. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $138,571, with a pro-forma NOI of $152,306 and a pro-forma cap rate of 5.64%. Its prime location near major freeways (22 and 5), shopping centers (including a Northgate Market), and popular attractions like Disneyland and Main Place Mall, ensures strong rental demand and future appreciation potential. The asking price is $2,700,000, representing a price per unit of $337,500 and a current cap rate of 5.13%. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable Orange County location.