33572 Blue Lantern St
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33572 Blue Lantern St
4 Unit Apartment Building Offered at $3,631,098 CAD at a 2.97% Cap Rate in Dana Point, CA 92629
Investment Highlights
- Pristine Dana Point Fourplex
- Built in 1971
- Well Maintained with Upgraded Units
- One of the Most Desirable Rental Locations in the City
- Large 2 & 3-Bedrooms
- ±38% in Projected Rental Upside
Executive Summary
Morgan Skenderian is pleased to present the 33572 Blue Lantern, a charming 4-unit apartment building offering a rare opportunity to invest in one of the most sought after rental locations within the city. Built in 1971 and situated on a larger lot, offering ample parking space in addition to the (4) garages. The subject property features spacious 2 & 3-bedroom units including 3 of the 4 units being townhouse style layouts. Owned and operated by current ownership for over 50 years, the property has been well-maintained and received many upgrades including, newer windows, hot water heater, forced air units, washer & dryer machines and the property was fumigated approximately 1 year ago. Various upgrades to the interiors and a plethora of amenities also enhances their appeal to tenants. With a projected rental upside of ±38%, this multifamily gem presents a promising avenue for significant investment returns.
Financial Summary (Actual - 2023) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$171,090
|
$42.27
|
| Other Income |
$2,107
|
$0.52
|
| Vacancy Loss |
$5,196
|
$1.28
|
| Effective Gross Income |
$168,001
|
$41.50
|
| Taxes |
$41,859
|
$10.34
|
| Operating Expenses |
$18,292
|
$4.52
|
| Total Expenses |
$60,151
|
$14.86
|
| Net Operating Income |
$107,850
|
$26.64
|
Financial Summary (Actual - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $171,090 |
| Annual Per SF | $42.27 |
| Other Income (CAD) | |
|---|---|
| Annual | $2,107 |
| Annual Per SF | $0.52 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $5,196 |
| Annual Per SF | $1.28 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $168,001 |
| Annual Per SF | $41.50 |
| Taxes (CAD) | |
|---|---|
| Annual | $41,859 |
| Annual Per SF | $10.34 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $18,292 |
| Annual Per SF | $4.52 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $60,151 |
| Annual Per SF | $14.86 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $107,850 |
| Annual Per SF | $26.64 |
Property Facts
| Price | $3,631,098 CAD | Lot Size | 0.22 AC |
| Price Per Unit | $907,774 CAD | Building Size | 4,048 SF |
| Sale Type | Investment | Average Occupancy | 100% |
| Cap Rate | 2.97% | No. Stories | 2 |
| Gross Rent Multiplier | 20.97 | Year Built | 1971 |
| No. Units | 4 | Parking Ratio | 2.96/1,000 SF |
| Property Type | Multifamily |
| Price | $3,631,098 CAD |
| Price Per Unit | $907,774 CAD |
| Sale Type | Investment |
| Cap Rate | 2.97% |
| Gross Rent Multiplier | 20.97 |
| No. Units | 4 |
| Property Type | Multifamily |
| Lot Size | 0.22 AC |
| Building Size | 4,048 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 2.96/1,000 SF |
Unit Amenities
- Balcony
- Dishwasher
- Microwave
- Ceiling Fans
- Patio
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | $3,113 CAD | 800 - 850 |
| 3+2.5 | 1 | $4,916 CAD | 1,561 |
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Morgan-Skenderian Investment Real Estate Group
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33572 Blue Lantern St
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