Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Palm Court Apartments, a 17-unit multifamily investment property located in Buena Park, one of the strongest rental markets in Southern California.
Situated on a 0.65-acre lot, the 15,324 square foot property consists exclusively of condo-quality two-bedroom units and offers amenities including gated access, garage, open, and tuck-under parking, private balconies or patios, vaulting ceiling with skylight, fireplace (select units), central air, individual water heaters, and in-unit laundry hookups.
The average household income in Buena Park is projected to grow by 15.51 percent to $103,255 by 2023 and the vacancy rate within a one mile radius of the subject property is just 1.64 percent. Furthermore, Buena Park’s average effective rents have increased by 3.9 percent year-over-year since first quarter 2018. In addition, Palm Court Apartments’ strategic location, in close proximity to Interstate 5 and State Route 91, provides residents with convenient access to employment hubs in nearby cities.
Given the strong market dynamics and rental demand, as well as the property’s fantastic location, Palm Court Apartments is well suited to provide investors with strong returns and value appreciation over the long term investment horizon.