5582 Newman Street, Cypress, CA 90630
Property · 2 recorded sales since 2018
Sold October 2020
Listing Agent: Greg Bassirpou (DRE #01365951) · Listing Office: Marcus & Millichap RE Invest · Contact: 949-419-3200 · Bought with: Katharine Hou · Transglobal Realty · MLS #OC20116272 · Source: CRMLS
About this property
The Newman Street Apartments is a five-unit apartment building located in the desirable City of Cypress, CA within the greater Orange County area. The subject property is located on a quiet residential street of predominantly single-family homes and is walking distance to Cypress College, a well-known community college. Built in 1971, the property offers an attractive unit mix of single story cottages consisting of (1) three-bedroom/ one-bathroom unit, (3) two-bedroom/ one-bathroom units, and (1) one-bedroom/ one-bathroom unit totaling 4,887 square feet, situated over a large 17,815 square foot lot. The subject property has recently gone through an extensive remodel of the interiors and exterior. Some interior upgrades include but are not limited to new kitchens, new appliances, new flooring, new windows, new bathrooms, and new garage doors. Tenant amenities include large backyards, ample on-site parking including enclosed garages, and washer/dryer hookups inside units. This offering represents a rare opportunity for an investor to achieve a 4.8% CAP Rate / 6.2% total return on a stable, renovated, and well-located investment property in the solid rental market of Cypress, California.
Listing description from the October 2020 sale, as reported to CRMLS.
Sale history
