721 La Palma Ave Anaheim, CA 92801

Property Details for 721 La Palma Ave

Year built

1989

Lot size

0.30 lot acres

Property size

12,092 SF

Property type

Commercial real estate

APN

271-091-09

Description

This exceptional 12-unit apartment building, located at 721 West La Palma Avenue in Anaheim, California, presents a compelling investment opportunity. Built in 1989, this two-story property boasts 12,092 square feet on a 0.3-acre lot (APN 271-091-09). The property features a desirable mix of units, including eight two-story townhomes, each with two balconies. All units are two-bedroom apartments, offering in-unit laundry hookups and ample parking within a gated garage (30 spaces). Recent capital improvements exceeding $300,000 have been made, including fresh paint, a new automatic fire sprinkler system in the garage, and upgrades to air conditioning units, stairs, railings, and balconies. The property enjoys a prime location in North Orange County, between Downtown Anaheim and Downtown Fullerton, providing convenient access to major freeways (SR-57, SR-91, I-5), public transportation, and a variety of shops, restaurants, and attractions. Its proximity to Anaheim Regional Medical Center, Disneyland, the Anaheim Convention Center, and California State University, Fullerton, further enhances its appeal. The current NOI is $212,335, with a pro-forma NOI of $275,754, resulting in a 4.43% cap rate and a pro-forma cap rate of 5.75%. The asking price is $4,795,000, or $399,583.33 per unit, and the price per square foot is $396.54. The property is offered fee simple. Please note: Drive by only. Do not walk the property or disturb residents.

Location Insight

City

Anaheim

County

Orange

State

California

Longitude

-117.9278396

Latitude

33.8475522