Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Magnolia Garden Apartments, a 14-unit multifamily investment property located in Fullerton, one of the strongest rental markets in Southern California.
Situated on a 0.37-acre lot, the 10,368 square foot property consists of 6, one-bedroom units and 8, two-bedroom units and offers amenities including garage parking, a spacious courtyard, security doors, and on-site laundry.
Magnolia Garden Apartments benefits from a prime Fullerton location which is within walking distance to California State University, Fullerton, just one mile from Fullerton College and Fullerton High School, and under two miles from Downtown Fullerton. In addition, Magnolia Garden Apartments’ strategic location, in close proximity to State Routes 57 and 91, provides residents with convenient access to employment hubs throughout Los Angeles, Orange, and Riverside Counties.
The average household income in Fullerton is projected to grow by 14.85 percent to $123,663 by 2023 and the vacancy rate within a one mile radius of the subject property is just 2 percent. Furthermore, Fullerton’s average effective rents have increased by 5.7 percent year-over-year since fourth quarter 2018.
Given the strong market dynamics and rental demand, as well as the property’s fantastic location, Magnolia Garden Apartments is well suited to provide investors with strong returns and value appreciation over the long term investment horizon.