301 Mills Dr Anaheim, CA 92805

Property Details for 301 Mills Dr

Year built

1986

Lot size

0.17 lot acres

Property size

3,473 SF

Property type

Apartment buildings

Description

This exceptional 4-unit apartment building, situated on a 0.17-acre lot in Anaheim, CA (92805), presents a compelling investment opportunity. Built in 1986, the property boasts 3,473 square feet of net rentable space, with each of the four units offering two bedrooms, in-unit laundry hookups, private balconies, security doors, and dual-pane windows. Residents enjoy gated pedestrian access to a spacious courtyard and ample garage parking (two spaces per unit), along with individual water heaters and central air conditioning. The property's strong financial performance is highlighted by a current NOI of $68,744 and a pro-forma NOI of $88,532, translating to a current cap rate of 3.82% and a pro-forma cap rate of 4.92%. The asking price is $1,799,000, or $449,750 per unit. Further enhancing its value, the property is currently undergoing the permitting process for a 512-square-foot accessory dwelling unit (ADU), which would significantly increase rental income. Its convenient location between Downtown Anaheim and Downtown Fullerton provides easy access to numerous parks, schools, retail centers, and major freeways (SR-91 and I-5), placing residents near employment hubs and popular attractions such as Disneyland, Anaheim Packing District, and Fullerton Town Center. The property's strong tenant demand, coupled with the potential for ADU development, makes it an attractive investment prospect. Drive-by only