13120 Nelson Street, Garden Grove, CA 92843

$3,080,000
Sold Price
$3,080,000
List Price
$3,175,000
Closing Date
Feb 15, 2022
Status
CLOSED
MLS#
PW21211713
Year Built
1959
Lot Size
12,632
Acres
0.29
Lot Location
6-10 Units/Acre
Days on Market
37
Property Type
Multifamily
Stories
Two Levels

Property Description

***The Villa Solana Apartments just received a Big Reduction in Price of $75,000***. The apartment building is located in the city of Garden Grove in a excellent rental neighborhood surrounded by apartments and single family residences. The subject property possesses an attractive unit mix of (6) 2 bedrooms/one bath and (4) 1 bedroom/one bath units include: outdoor courtyard sitting area, garages and driveway parking spaces. The owner has added substantial upgrades and capital improvements to the property including: new garage roof in 2020, new exterior vinyl fencing, new cinder block enclosed front patios, new steel frame wood gates with code entry, new exterior paint, newer vinyl windows, some new gas lines, and a attractive exterior water fountain. The subject property is separately metered for electric and gas for low owner expense. In addition, approximately $200 per month of extra income flows through the convenient on-site laundry facility (Owned machines/go with the sale). Additionally, there are two spacious onsite storages sheds for owner use or to increase landlord revenue by renting them out. The Villa Solana is a wonderful opportunity for savvy to take advantage of the upside in rents and achieve close to a 5 CAP and 14.38 GRM on street rents. Another important note is that all tenants have been current through COVID. Villa Solana is ideally located in Central OC with quick access to the 22/5/57 freeways allowing tenants to quickly access numerous OC employment centers and amenities like: Knotts Berry Farm, Disneyland, Honda Center, Angel Stadium, shopping centers, Home Depot.

Additional Information

Appliances
Gas Range
Pool Description
None
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
View
Neighborhood
Roof
Composition
Garage Spaces Total
10
Sewer
Sewer Tap Paid
Water
Public
Attached Structure
Attached
Number Of Units Total
10
Gross Scheduled Income
$194,400
Operating Expense
58320

Listing courtesy of Listing Agent: Brad New (Brad@vanguardproperty.com) from Listing Office: Vanguard Property Group.

Listing sold by Rick Applebaum from Morgan Skenderian

Mortgage Calculator

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Calculator source: Real Geeks

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.