1516 W Juno, Anaheim, CA 92802

Property Description

We are pleased to present 1516 W Juno Avenue, a well-maintained, single-story four-unit apartment property offered for the first time in nearly 50 years. Located in an established Anaheim neighborhood, the subject property features a desirable unit mix of (2) one-bedroom/one-bathroom units and (2) two-bedroom/one-bathroom units. The subject property also features amenities such as garage parking, private patios, and an on-site laundry that is currently unused, providing a new owner the opportunity to generate additional income through installation of washer and dryer units. Built in 1958, the single-story building totals 2,952 square feet on an 8,454-square-foot lot, and each unit is separately metered for gas and electricity. At current rents averaging $2,040 per unit, the property generates $66,697 in Net Operating Income against a list price of $1,395,000 ($348,750 per unit, $473 per square foot). In-place rents sit below the comparable set bringing units to market rents of $2,450 (2BR) and $2,150 (1BR) represents a 12.7% lift in rental income. Paired with activating the laundry room and billing RUBS, that path takes NOi to $81,364 and the cap rate on list price from 4.78% to 5.83%. Convenient access to the 1-5 freeway, Disneyland, Downtown Anaheim, the Platinum Tr