Magnolia Court Apartments is located in Orange County California in
the city of Anaheim. Centrally located, the property is close to many
renowned worldwide attractions, which include theme parks, stadiums,
and entertainment arenas.
Built in 1987, Magnolia Court Apartments rests on a 26,402 square-foot
lot with approximately 20,475 square feet of total building area. The 21
units are spread across 2 buildings and are comprised of all 2 bedroom /
2 bath units with approximately 975 square feet per unit. The property is a
controlled access building with amenities including laundry on site, ample
subterranean parking and a BBQ/picnic area. 18 out of 21 units have been
renovated including 9 units in 2019. With the potential to substantially decrease operating expenses and update the remaining units, Magnolia Court Apartments is a great opportunity to capitalize on the potential upside in the property and the
current market conditions. Paired with historically low interest rates, this
opportunity awaits the savvy investor.
Multi-Family Market Fundamentals
The Anaheim multifamily market is strong, with market indicators showing continued growth in 2020. The average occupancy rate exceeds 97%, which is among strongest of all Orange County submarkets and a 4.7% average rent increase year over year. Strong absorption is expected going forward and demand for rental housing is expected to remain high due to the steady population and employment growth in the region. Vacancy remains very low and steady demand will continue to drive asking rents higher. The average asking rent is $2,055 per unit, up 3.3% from Q4 2018. This was the highest asking rent on record.
The city of Anaheim is located 25 miles southeast of Los Angeles, in Orange County,
California which has a population of 3,200,000 people. Anaheim was found in 1857 and is home to the world’s renowned Disneyland Resort. Anaheim has a population of 353,000 people with a 1.5% yearly growth rate. The city encompasses 53 square miles and for an approximate population density of 6,660 people per square mile. Notable Professional sports teams that call Anaheim home include the Los Angeles Angels, Anaheim Ducks, and LA Kiss Football. The Honda Center alone host 153 events per year, which include ice hockey, MMA / pro wrestling and concerts. The Honda Center will be host indoor volleyball during the 2028 Summer Olympics. Another notable destination is Knott’s Berry Farm, which is a 160-acre theme park and the twelfth most visited park in North America.
Anaheim’s is the largest city in Orange County and the 10th largest in California, Anaheim is the sports, entertainment, and tourism capital of the region, with the largest convention center on the West Coast. The economy is led by jobs driven in amusement and theme parks, healthcare, hospitality, the private sector, and city/government jobs. The cities labor pool is balanced and it’s economy is diversified, allowing the city to weather economic downturns and continue on its path to sustained economic growth. Additionally, Anaheim is a global business destination with over 20,000 businesses representing diverse industries and over 350,000 residents that enjoy a high quality of life an workforce opportunities. Anaheim has become a bustling center for enterprise ranging from small and local
businesses, to entrepreneurial start-us, national firms, and multinational giants.
|Address:||527-537 N MAGNOLIA AVE.|