Another four-plex in Orange has sold, this time on the eastern side of Old Towne.
The 66-year-old four-unit apartment property at 224 S. Oak St. traded hands for $1,590,000 or $397,500 per unit.
SEE MORE: Investors gobble up 4-plex apartment properties
The single-story building sits on a 10,809-square-foot lot near Loving Hut and Taco Los Reyes along Tustin Street. Built in 1957, the building has two one-bedroom and two two-bedroom units. All have laundry units inside. There are eight parking spaces on the site, plus four garage spaces with four tandem spaces.
“The property is a fully turnkey asset featuring 100% one-story, one- and two-bedroom units,” said Amanda Fielder at CBRE. “Extensive interior and exterior renovations totaling $200,000 were completed within the past year, including a full renovation of all four units.
CBRE said gross monthly rent of $9,500 “appealed to buyers seeking an in-place 5.25% cap rate.”
“The fourplex multifamily market is extremely competitive right now due to a low inventory of quality assets,” Fielder said. “We are witnessing interest from various types of investors, including seasoned buyers, vying for these properties.”
Earlier in July, three, four-unit apartment properties sold for a combined $5.48 million to three separate buyers in just 10 days. One of those deals included another Orange four-plex, which sold for $1.78 million or $443,750 per unit. The property near Holy Family Catholic Church had multiple bidders and sold for $75,000 over the asking price.
Dallas firm buys in Anaheim, its first California buy
Dallas-based Dalfen Industrial bought a two-building, 182,800-square-foot industrial park in Anaheim.
Terms of the deal were not disclosed.
The Mart, at 1340-1400 S. State College Blvd. and 2000 -2050 E. Winston Road, includes two buildings that were fully leased at the time of the sale.
“The acquisition of The Mart provides another strategic last mile location for Dalfen in Southern California, one of the hottest industrial markets in the nation,” said John Endres, Dalfen’s Market Lead for Orange County.
Dalfen specializes in the last-mile sector used in logistic deliveries.
CapRock buys City of Industry complex
Newport Beach-based CapRock Partners recently bought Valley Center Business Park, a 6.47-acre multi-tenant industrial complex in the City of Industry.
The firm said it bought the property in an off-market transaction but did not share terms of the deal.
The property includes 92,366 square feet of industrial warehouse space in six buildings.
Built in 1977, the business park was 85% leased when it sold. CapRock said it will begin improvements immediately on its functionality and marketability.
New lease at Phoenix project for CapRock
In other CapRock Partners news, the firm has finished work on Phase I of CapRock West 202 Logistics, a speculative industrial development in the Southwest Phoenix submarket.
Colson Group USA, a manufacturer and distributor of caster, wheel, and other hardware products, is the first tenant at CapRock West 202 Logistics. The 130-year-old company signed a lease for 118,833 square feet and plans to move in later this year, after tenant improvements are completed.
SPIRE gala registration opens
Commercial Real Estate Women in Orange County has opened registration for the 11th annual SPIRE (Superior Performance in Real Estate) Awards.
The deadline for nominations for awards also was extended to July 31.
The awards gala takes place Oct. 20 at the City National Grove of Anaheim.
For more information about the SPIRE Awards, go to crewocspireawards.com.
CREW OC is the local chapter of the CREW Network. The nonprofit has been serving Orange County real estate professionals since 1988.
Industry people
Wes Hunnicutt and Matt Moore have exited Newmark and joined Stream Realty Partners in Irvine as executive vice presidents. The pair will work to expand the company’s lease platform in Los Angeles, Orange County, and Inland Empire markets. At Newmark, Hunnicutt and Moore served as senior managing directors specializing in industrial space.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at [email protected]. Please allow at least a week for publication. All items are subject to editing for clarity and length.
