Pending
13800 Milton Avenue Westminster, CA 92683
$4,850,000
beds
0 baths
sq ft

Courtesy of Morgan Skenderian, Grant Hahn. IDX Contact: 949-251-8800

Contact Us to Learn More

David Oronoz

David Oronoz

Principal | Multifamily Investments

DRE# 01838862

Bobby Aschtiani

Bobby Aschtiani

Principal | Multifamily Investments

DRE# 02048373

Chris Pettit

Chris Pettit

Principal | Multifamily Investments

DRE# 01983950

Property Description

$1,000,000 PRICE REDUCTION. A rare opportunity to acquire a medium sized, “permit ready” entitled multi-residential development opportunity. The proposed 24 unit apartment complex will have a unit mix of (7) 2 bedroom/2 bath units, (7) 2 bedroom/2.5 bath units, (6) 3 bedroom/2.5 bath units, and (4) 3 bedroom/3.5 bath units. All units will be townhouse style with attached garages and direct access from the garage into the units. The property is located within minutes of the 405 and 22 Freeways and is within walking distance to both Finely Elementary and Johnson Middle Schools. The development has been approved by the city council of Westminster and includes four affordable units under the California Density Bonus program. The existing property is comprised of 3 adjacent parcels totaling 44,643 sq.ft. Currently, there is one 3 bedroom home, a 2 bedroom home, a 1 bedroom unit and a studio unit. Monthly income is $7,060 and all tenants are month to month.

Property Details & Features

Property Type

  • Residential Income

Year Built

  • 2021

House

  • 1 total stories
  • Built in 2021
  • Stories: 1
  • 31426 total building sqft
  • 1 Common Wall
  • One

Community

  • Curbs

Expenses

  • Operating Expense: $237,319

Garage

  • 45 garage spaces

Income

  • Gross Income: 808500
  • Gross Scheduled Income: 808500
  • Net Operating Income: 546926

Listing

  • 166 days on market
  • Listed on 2021-05-05

Location

  • County: Orange
  • Subdivision: Other (OTHR)

Lot

  • 43996 sqft
  • 1.01 acres
  • Area: 1.01
  • 21-25 Units/Acre
  • Lot Over 40000 Sqft

Parking

  • 45 total parking spaces

Property

  • 3 buildings
  • 24 units
  • Property attached

Sewer

  • Public Sewer

Taxes

  • New Taxes: $0

Utilities

  • 24 separate electric meters
  • 24 separate gas meters
  • 24 separate water meters

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