Property Description

405 W Stevens Ave is a highly sought after Covington style 4 unit apartment building with an attractive unit mix comprised of (1) One-Bedroom/One-Bathroom, (2) Two- Bedroom/Two-Bathroom, and (1) Three- Bedroom/Two-Bathroom totaling 4,109+/- of rentable square feet. This is a great value-add opportunity for any investor seeking to benefit from an achievable 38% upside in rental revenue. Current ownership has professionally maintained the asset and has recently completed a number of capital improvements to select units including laminate flooring, new paint, and a new bathroom making for a hassle free transition for the new owner. The property boasts many desirable features such as the downstairs units having their own private patios, the upstairs units enjoying oversized balconies, (4) attached single car garages along with 2 carports, an on-site laundry room generating additional income, and each unit is individually metered for gas and electric. This property sits just 4 minutes to the South Coast Plaza and located less than a mile from major Orange County highways providing direct access to Los Angeles, San Diego, and the Inland Empire. Additionally, the property sits a mere (5) minutes from John Wayne Airport, (45) minutes from LAX and (60) from San Diego. This, in addition to the sustained demand for new development, should continue to drive both population growth and increased median household income, which ultimately provides much optimism for continued rent growth within the submarket moving forward.