CBRE facilitated the sale of a 10-unit multifamily property in Garden Grove for $2.875 million, at a rate of $287,500 per unit and $334 per square foot. This transaction marks the first time in over six decades that this property has been on the market.
Executive Vice President Dan Blackwell and Senior Associate Andrew Boukather represented both parties involved – private investors from Orange County. According to Boukather, “The purchase of 11821 Stuart Dr. presented an opportunity for value enhancement in a highly desirable rental market.” The new owner has potential to increase rents by 25% and achieve an estimated cap rate of 6.25% through implementing renovations.
Built in 1958, this two-story apartment building is located at 11821 Stuart Dr., offering three one-bedroom units and seven two-bedroom units as part of its floor plan mix. Recent upgrades include exterior paint, installation of a new sprinkler system, updates to gas lines,and replacement garage doors.
This recent change in ownership highlights the strong demand for rental properties within Garden Grove’s real estate market.
