Multifamily Investment Offering
13392
Magnolia Street
Garden Grove, CA 92844 · Orange County
$6,350,000
15 Units
5.49% Current Cap
13392 Magnolia Street is a 15-unit multifamily community situated in the heart of Garden Grove, California. The property consists of a well-curated unit mix including five two-bedroom/one-bath apartments, eight two-bedroom/one-and-a-half-bath townhomes, one three-bedroom/two-bath home, and one four-bedroom/two-bath home. Three of the 15 units are newly constructed ADUs completed in 2022, representing a meaningful capital improvement that added both density and rental income to the asset.
Existing units have undergone substantial interior renovation, featuring dual-pane windows, vinyl flooring, recessed lighting, granite countertops, shaker cabinets, and stainless steel appliances. The ADUs were delivered with an elevated finish level, including quartz countertops, contemporary bathroom vanities, and individual mini-split or central HVAC systems. Residents have access to a central courtyard, private patios or yards on select units, on-site laundry, and a mix of garage, tuck-under, and surface parking.
The property is well-positioned within Garden Grove, surrounded by a strong concentration of retail and dining options, including Hanmi Plaza and an H Mart-anchored center at the intersection of Garden Grove Boulevard and Magnolia Street. Little Saigon's vibrant mix of restaurants, specialty retail, and cultural amenities is minutes to the south. State Route 22 provides direct regional connectivity, placing residents within easy reach of employment and entertainment corridors across Orange and Los Angeles Counties. The surrounding neighborhood is further supported by Garden Grove Park and proximity to Bolsa Grande High School, making the property well-suited for a broad renter demographic.
13392 Magnolia Street represents a stabilized, turn-key acquisition opportunity for investors seeking a well-located, fully renovated multifamily asset in a supply-constrained Orange County submarket.
| Purchase Price | $6,350,000 |
| Address | 13392 Magnolia St, Garden Grove, CA 92844 |
| Number of Units | 15 |
| Price / Unit | $423,333 |
| Price / Square Foot | $426.69 |
| Current Cap Rate | 5.49% |
| Pro Forma Cap Rate | 5.99% |
| Current GRM | 12.90 |
| Pro Forma GRM | 12.07 |
| Year Built | 1951 |
| Rentable Square Feet | 14,882 |
| Lot Square Footage | 27,443 |
| Avg. Unit Square Feet | 992.13 |
| Number of Buildings | 6 |
| Number of Floors | 2 |
| Parcel Numbers | 098-023-65 & 098-023-66 |
| Parking | Garage / Tuck-Under / Surface |
| Ownership | Fee Simple |
| # | Nearby |
|---|---|
| ★ | 13392 Magnolia St (Subject) |
| 1 | Anderson Elementary School |
| 2 | Alamitos Intermediate School |
| 3 | Bolsa Grande High School |
| 4 | Hanmi Plaza |
| 5 | Garden Grove Shopping Plaza |
| 6 | The Promenade |
| 7 | Little Saigon |
| 8 | Garden Amp |
| 9 | Bella Terra |
| 10 | Mile Square Park |
| 11 | Anaheim Convention Center |
| 12 | Disneyland |
| 13 | Outlets at Orange |
| 14 | UCI Medical Center |
| 15 | Angel Stadium |
| 16 | Platinum Triangle |
| 17 | Santa Ana College |
| 18 | Downtown Santa Ana Historic District |
| Purchase Price | $6,350,000 |
| Down Payment | $2,350,000 |
| Price / Unit | $423,333 |
| Price / Square Foot | $426.69 |
| Current Cap Rate | 5.49% |
| Pro Forma Cap Rate | 5.99% |
| Current GRM | 12.90 |
| Pro Forma GRM | 12.07 |
| Ownership | Fee Simple |
| Loan Amount | $4,000,000 |
| Interest Rate | 5.95% |
| Period | 5 years |
| Amortization | 30 years |
| Prepayment Schedule | 5-4-3-2-1% |
| Origination Fee | 1.00% |
| Income | Current | Market |
|---|---|---|
| Gross Potential Rent | $492,058 | $525,900 |
| Less: Vacancy/Deductions (3% GPR) | ($14,762) | ($15,777) |
| Total Effective Rent | $477,296 | $510,123 |
| Other Income | $11,358 | $11,358 |
| Effective Gross Income | $488,655 | $521,481 |
| Less: Expenses | ($140,135) | ($141,120) |
| Net Operating Income | $348,519 | $380,361 |
| Less: Debt Service | ($238,000) | ($238,000) |
| Net Cash After Debt Service | $110,519 | $142,361 |
| Expenses | Current | Market |
|---|---|---|
| Real Estate Taxes | $74,632 | $74,632 |
| Insurance | $11,039 | $11,039 |
| Utilities | $18,227 | $18,227 |
| Contract Services | $4,473 | $4,473 |
| Repairs & Maintenance | $9,442 | $9,442 |
| Special Assessments | $3,163 | $3,163 |
| General & Administrative | $2,250 | $2,250 |
| Operating Reserves | $2,250 | $2,250 |
| Management Fee | $14,660 | $15,644 |
| Total (% of EGI) | $140,135 (28.68%) | $141,120 (27.06%) |
| Unit Type | Units | ±SF | Rent Range | Avg Rent | Avg $/SF | Monthly Income | Market Rent | Market $/SF | Market Monthly |
|---|---|---|---|---|---|---|---|---|---|
| 2 BR / 1 BA | 1 | 407 | $2,075 | $2,075 | $5.10 | $2,075 | $2,295 | $5.64 | $2,295 |
| 2 BR / 1 BA | 1 | 562 | $2,410 | $2,410 | $4.29 | $2,410 | $2,595 | $4.62 | $2,595 |
| 2 BR / 1 BA | 3 | 920 | $2,495–$2,570 | $2,520 | $2.74 | $7,560 | $2,595 | $2.82 | $7,785 |
| 2 BR / 1.5 BA Twnhs | 8 | 1,016 | $2,595–$2,795 | $2,704 | $2.66 | $21,632 | $2,895 | $2.85 | $23,160 |
| 3 BR / 2 BA House | 1 | 1,209 | $3,595 | $3,595 | $2.97 | $3,595 | $3,795 | $3.14 | $3,795 |
| 4 BR / 2 BA House | 1 | 1,816 | $3,914 | $3,914 | $2.16 | $3,914 | $4,195 | $2.31 | $4,195 |
| Totals | 15 | 14,882 | $41,005 | $43,825 |
| Unit | Type | SF | Monthly Rent | Move-In | Market Rent |
|---|---|---|---|---|---|
| A | 2 BR / 1.5 BA Twnhs | 1,016 | $2,595 | 11/12/11 | $2,895 |
| B | 2 BR / 1.5 BA Twnhs | 1,016 | $2,695 | 1/3/26 | $2,895 |
| C | 2 BR / 1.5 BA Twnhs | 1,016 | $2,795 | 8/25/25 | $2,895 |
| D | 2 BR / 1.5 BA Twnhs | 1,016 | $2,616 | 3/1/21 | $2,895 |
| E | 2 BR / 1.5 BA Twnhs | 1,016 | $2,606 | 10/25/21 | $2,895 |
| F | 2 BR / 1.5 BA Twnhs | 1,016 | $2,776 | 3/1/24 | $2,895 |
| G | 2 BR / 1.5 BA Twnhs | 1,016 | $2,695 | 12/19/25 | $2,895 |
| H | 2 BR / 1.5 BA Twnhs | 1,016 | $2,673 | 3/23/13 | $2,895 |
| I | 2 BR / 1 BA | 920 | $2,570 | 3/19/24 | $2,595 |
| J | 2 BR / 1 BA | 920 | $2,495 | 10/1/24 | $2,595 |
| K | 2 BR / 1 BA | 920 | $2,495 | 4/20/24 | $2,595 |
| 13394 | 4 BR / 2 BA | 1,816 | $3,914 | 3/25/22 | $4,195 |
| 13396 | 3 BR / 2 BA | 1,209 | $3,595 | 7/17/25 | $3,795 |
| 13398 | 2 BR / 1 BA | 407 | $2,075 | 6/28/24 | $2,295 |
| 13400 | 2 BR / 1 BA | 562 | $2,410 | 2/13/23 | $2,595 |
| Totals | 14,882 | $41,005 | $43,825 | ||
| Total | 917 SF |
| Floor 1 | 461 SF |
| Floor 2 | 456 SF |
| Living Room | 14'5" × 19'11" |
| Kitchen | 7'8" × 6'3" |
| Primary Bedroom | 12'4" × 11'6" |
| Bedroom | 11'3" × 11'10" |
| Patio (excluded) | 15'1" × 7'9" |
Representative floor plan for the 2 BR / 1.5 BA townhome unit type. Measurements deemed reliable but not guaranteed.
Investment Thesis: Garden Grove offers investors a compelling combination of sub-4% vacancy, above-market rent growth (~4% YoY vs. 2% OC average), and a limited new-supply pipeline. These fundamentals support durable, in-place cash flow for stabilized assets. With 46% of households renter-occupied and a median home value of $814K — nearly 2.5x the national average — the city maintains a deep, structurally committed renter base that limits turnover risk and underscores long-term income stability. For investors seeking a fully renovated, income-producing asset in a supply-constrained Southern California submarket, Garden Grove delivers the demand foundation to sustain it.
| Metric | Garden Grove | Orange County | National Avg |
|---|---|---|---|
| Vacancy Rate | ~3.5% | 3.80% | 8.10% |
| Avg. Asking Rent / Unit | $2,500 | $2,679 | $1,761 |
| Rent Growth (YoY) | ~4.0% | 2.00% | 1.00% |
| Median HH Income | $92,174 | $112,000 | $78,538 |
| Renter-Occupied HH | 46% | 41% | 35% |
| Cap Rate (Value-Add) | 5.5%–6.5% | 4.4%–5.0% | 5.5%–6.5% |
| Median Home Value | $814,100 | $900,000+ | $332,700 |
| Income Growth (YoY) | 2.20% | 2.50% | 1.80% |
Sources: CoStar, Matthews Real Estate, Kidder Mathews, Northmarq, U.S. Census Bureau ACS, Redfin, Yardi Matrix, JP Morgan CRE. Garden Grove rent growth and vacancy estimated based on OC submarket trends and local listing data. 2026F figures are forecasts.
