Courtesy of: Matthew Wenzel 01198357 | Marcus & Millichap
Purchase Type: Sale
MLS ID: PW21106449
Days On Market: 24
Year Build: 2020
Lot size: 0.378
Property Type: Residential Income
New Construction: No
Swimming Pool: No
Address: 3801 Franklin Avenue
Neighborhood: 83 - Fullerton, Other (othr)
Pool Features: None
The subject property is a beautiful newly constructed 7-unit townhouse style apartment building located at 3801 Franklin Avenue in the city of Fullerton. Completed in 2020, this property is composed of a single three-story structure with approximately 12,150 square feet of rentable
space sitting on a parcel of approximately 16,439 square feet.
The units at this property are significantly larger than other for-rent units typically found in the market and are perfectly positioned for multi-generational families and work-from-home roommate environments. Six of the units are large 5-bedroom, 3.75 bath units of 1,750 SF and the one remaining unit is a 4-bedroom, 3 bath unit of 1,650 SF. The 4-bedroom unit has been designated as an affordable housing unit. Lease up for this property started in October of 2020 and the building was fully rented by December of 2020.
For-rent townhomes of this size and bedroom count are extremely hard if not impossible to find in central Orange County, especially in newly constructed buildings. As such, these units fill a unique niche in the market that could certainly be advantageous for a new owner as families and groups of renters consolidate in the coming years. The demand for multi-generational housing accommodations has vaulted in popularity and these large units certainly help fill this need.
Each unit in this building benefits from an attached two-car garage with immediate access to the living space. There are four additional surface parking spaces for guests and overflow parking. All units have two private balconies, a fenced in private patio area, central heating and air conditioning and an open kitchen layout with a large kitchen island. Washer/dryer hookups are provided in a full laundry room on the third floor of each unit and the bedroom and bathroom on the first floor of each unit is ADA compliant. Additionally, to the rear of the property is a small playground area for children. Tenants are responsible for their own electricity and gas bills and they are billed separately by sub-metering company Minol for water, sewer and trash.
The neighborhood surrounding the subject property is residential in nature and is composed primarily of well-maintained single-family homes and small apartment buildings. The property is located only blocks to the north of the I-5 and 91 freeway interchange and access to these important arterials is excellent.