410 N Lemon St
Anaheim, CA 92805
Park Promenade Apartments · Immeuble residentiel Bien À vendre · 24 Lots

AN EXTREMELY DESIRABLE RENTAL ASSET:
Constructed in 1988, this 24-unit apartment community offers investors desirable amenities and an exceptional location within Orange County. The property features an all two-bedroom unit mix with functional layouts that consistently attract long-term tenants. Approximately one-third of the units enjoy direct views of Pearson Park, creating a unique competitive advantage. Residents benefit from secured gated parking and elevator access to every floor—an uncommon feature in similar sized, garden-style communities. Several upstairs residences further distinguish themselves with vaulted ceilings and skylights, enhancing natural light and offering a more spacious, modern living experience. This combination of location, design, and amenities ensures strong renter demand and positions the property for substantial rent and income growth as units are modernized and brought to market levels.
PRIME LOCATION:
• Situated in the Anaheim Colony Historic District, the city’s founding neighborhood and largest historic district, rich with architectural character and cultural amenities.
• Directly across from Pearson Park, offering 20+ acres of open space, playgrounds, sports facilities, and an amphitheater—an amenity few rental properties in the County can match.
• Walk Score of 87 (“Very Walkable”), with convenient access to local dining, services, and employment centers
COMPELLING INVESTMENT FUNDAMENTALS:
• Significant Income Upside: Current operations reflect below-market rents. A recent nearby multifamily sale demonstrates that properties with unit mixes including one-bedrooms are commanding premium pricing. With 100% two-bedroom units, this property is well-positioned for outsized rental growth.
• Substantial Value Enhancement: By capturing our current, pro forma rent upside of over 56%, an investor would achieve a 5.77% cap and 11.82 GRM relative to the property’s list price.
• Demand Tailwinds: The severe cost differential between renting ($2,750 avg.) and owning ($9,248 avg.) in Orange County underscores ongoing renter demand, especially among workforce households priced out of homeownership.
• Proven Rent Growth: Historical rent growth in Orange County has been both strong and resilient, with continued increases forecast through the end of the decade. Two-bedroom units, in particular, remain in high demand, providing durable long-term upside.
WHY BUY?
With affordability challenges driving sustained renter demand, and historical trends pointing toward ongoing rent appreciation, Park Promenade provides investors a compelling opportunity for both near-term value creation and long-term growth.