Holiday Garden Apartments

09-10-2021
09-14-2021

15601 Tustin Village Way, Tustin, CA 92780

  • A 58-Unit Multifamily Investment Property Located in Tustin
  • The Property Offers a Desirable Unit Mix Consisting of One and Two-Bedroom Floor Plans
  • More Than 50 Percent of Units Have Upgraded Flooring, Kitchens, Bathrooms, and Vanities
  • A Rare Opportunity to Acquire a 50+ Unit Asset in a Submarket with a Dearth of Investment Opportunities
  • Amenities Include Controlled Access, Uncovered, Carport, and Tuck-Under Parking, Private Patios and Balconies, a Swimming Pool, and On-Site Laundry
  • A Large Affordability Gap in Tustin Allows the Property to Capture Future Rent Growth While Maintaining High Occupancy

Property Description

Marcus and Millichap is pleased to present Holiday Garden Apartments, a 58-unit multifamily investment property located at 15601 Tustin Village Way, Tustin, CA. This is a unique and rare opportunity to acquire a 50+ unit asset in Tustin, a submarket with limited historical transactional velocity. Holiday Garden Apartments offers 54,864 net rentable square feet and features an attractive unit mix of 34, one-bedroom units and 24, two-bedroom units. The property offers a fantastic amenity package including controlled access, uncovered, tuck-under, and carport parking, on-site laundry, and a sparking swimming pool. Unit amenities include modern finishes with smooth ceilings, private patios and balconies, recessed lighting, hardwood and tile flooring, air conditioning, and ceiling fans. Holiday Garden Apartments sits in a quiet area, nestled in an established family neighborhood. The property is situated in close proximity to Interstate 5 and State Route 55, providing residents with convenient access to employment hubs throughout Orange County. Additionally, Fourth Street Santa Ana, The Market Place, and The District at Tustin Legacy are all located within a 3-mile radius of the property. Ideally positioned at the crossroads between North and South Orange County, Holiday Garden Apartments is poised to capture the benefits of a solid rental market and enjoy future growth. The asset is being offered free and clear of debt encumbrances, allowing an investor to take advantage of today’s low interest rates. *Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent.*

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multi-family type
Garden Style
Price
$ 20,000,000
No. of Units
58
Cap Rate
3.71%
GRM / GIM
15.36
Year Built
1967
Building Size
54,864 Sq ft
Lot Size
68,389 Sq ft
No. of Stories
2
Opportunity Zone
Off
Price per unit
$ 344,828

Financial Details

Financial Year
2020
Gross Income
$ 1,283,625
Net Operating Income
$ 741,199
View broker details
Sign in to use the inquiry form

33.73695, -117.836455