1188 W Valencia Drive, Fullerton, CA 92833

Property Description

Two single story mid-century modern 4-plex's next to each other being sold as an 8 unit apartment building. The building has a recently replace roof and many upgrades. The building features four 2bed 1bath units and four Studio units. All the units have large back yards and front yards off a paved center courtyard area Two of the 2 bed 1 bath units have fire places. The units all have vaulted ceilings and lots of natural light. There are 10 electric meters and 10 gas meters as well as 2 water meters. Each of the buildings is a mirror image of the other. There are two laundry rooms but only 1 is being used at this time and the other is on site storage. There are 4 single garages directly adjacent to the laundry rooms at the back of each building. Each buildings laundry room and 4 adjacent garages is 777 Sq. Ft and is a perfectly set up to be converted to an ADU for additional income. There are already two extra eclectic and gas meters that are used for the laundry rooms. There is also 12 surface parking spaces at the back of the property. The rents are under market and could be brought up. If the rents were increased to the Profroma market this building would be at a 6.5 Cap. With the additional rent archived from adding 2 ADU units by converting the garages and laundry rooms the building could be at a Profroma 7.8 Cap. This is an amazing opportunity for someone looking for a project on a building with great bones and huge upside potential.