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16-Unit Apt. Building Sells in Two Weeks

ANAHEIM, CA-The small apartment building with big potential for rent increases draws multiple offers. It is under contract in less than two weeks and sells after a 60-day escrow.

By Bob Howard | Updated on December 16, 2002

ANAHEIM, CA-A private investor bought a 16-unit apartment building at 608 N. Anna Drive from another private investor for $1.245 million, according to Sperry Van Ness.

Gary Pesner of Sperry Van Ness tells GlobeSt.com that the property was on the market for less than two weeks when it went under contract to a 10-31 exchange buyer who closed after a 60-day escrow. The building drew offers from a number of prospective buyers in the short time it was on the market, Pesner says. Pesner represented the buyer while Shawn Nejad of Sperry Van Ness represented the seller.

The apartment building, which was 94% occupied at the time of the sale, was constructed in 1970 and is of wood frame and stucco construction with copper plumbing. Pesner says it is one of the best-maintained buildings in the neighborhood and has substantial upside potential through increases in rents, which average $687 and are well below market.

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