2024 Wilshire Ave Fullerton, CA 92831

Property Details for 2024 Wilshire Ave

Year built

1963

Property size

4,196 SF

Property type

Commercial real estate

APN

269-094-03

Description

This exceptional 4-unit apartment building, located at 2024 E. Wilshire Avenue in Fullerton, California, presents a compelling investment opportunity. Built in 1963, this well-maintained property boasts 4,196 square feet on an 8,657 square foot lot. The building features a desirable unit mix: two two-bedroom/two-bathroom units and two three-bedroom/two-bathroom units, each with private patios and fireplaces. Amenities include central heating and air conditioning, an on-site laundry facility, and three double-car garages, providing a generous 1.5:1 parking ratio. Recent upgrades include the installation of all new electrical sub-panels for each unit and laundry room, as well as the main electrical panel. The property is fully SB 721 compliant, having undergone inspections by a licensed contractor. Individual electric and gas meters are installed for each unit. This property is situated in a prime Fullerton location near Cal State Fullerton and offers significant potential, including the possibility of adding an accessory dwelling unit (ADU). The asking price is $1,850,000, representing a price per unit of $462,500 and a price per square foot of $440.90. The current NOI is $80,223, with a pro-forma NOI of $94,015, yielding a cap rate of 4.34% and a pro-forma cap rate of 5.08%. This property is being offered for sale for the first time in over 55 years and can be purchased with the adjacent property at 2030 E. Wilshire Avenue. The property's APN is 269-094-03.

Location Insight

City

Fullerton

County

Orange

State

California

Longitude

-117.8952344

Latitude

33.8722878