| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Good |
| Demographics | 50th | Poor |
| Amenities | 66th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10621 Bolsa Ave, Garden Grove, CA, 92843, US |
| Region / Metro | Garden Grove |
| Year of Construction | 1977 |
| Units | 60 |
| Transaction Date | 2022-09-21 |
| Transaction Price | $20,000,000 |
| Buyer | BOLSA GARDENS APARTMENT HOMES LP |
| Seller | HUNG FAMILY TRUST |
10621 Bolsa Ave Garden Grove Multifamily Investment
This 60-unit property built in 1977 operates in a neighborhood with 97% occupancy rates and strong rental demand fundamentals. According to CRE market data from WDSuite, the area demonstrates consistent performance with NOI per unit averaging $14,090 among top-performing Orange County neighborhoods.
The property sits in an Urban Core neighborhood in Garden Grove that ranks in the top quartile nationally for housing performance, demonstrating strong fundamentals for multifamily investors. With 97% neighborhood-level occupancy and median contract rents of $2,052, the area shows rental market stability that supports consistent cash flow expectations.
Built in 1977, this property aligns with the neighborhood's average construction year of 1979, indicating potential value-add opportunities through strategic renovations and unit improvements. The surrounding area features high amenity density with 38.6 restaurants per square mile and 10.6 cafes per square mile, both ranking in the top tier nationally, which enhances tenant appeal and retention prospects.
Demographics within a 3-mile radius show 231,584 residents with a median household income of $86,461 that has grown 36.6% over five years. The area maintains a balanced 50.5% owner-occupied and 49.5% renter-occupied housing split, with forecasts projecting renter-occupied share to increase to 50.3% by 2028, supporting sustained rental demand.
Schools in the area average 4.0 out of 5 ratings, ranking in the 84th percentile nationally, which attracts family households and supports longer-term tenancy. The rent-to-income ratio of 0.26 indicates manageable affordability levels, though investors should monitor for potential retention considerations as household formation patterns evolve.
The neighborhood demonstrates moderate safety performance relative to the broader Anaheim-Santa Ana-Irvine metro area. Property crime rates have improved significantly with a 46.9% decrease year-over-year, ranking in the 86th percentile nationally for crime reduction trends, indicating positive momentum in community safety conditions.
Violent crime rates remain competitive among the 516 metro neighborhoods, with recent data showing a 15.4% decrease in violent offenses. While absolute crime levels require ongoing monitoring, the downward trend in both property and violent crime suggests improving conditions that can support tenant retention and property values over time.
The property benefits from proximity to major corporate employers and headquarters within Orange County, providing workforce housing opportunities for professional tenants seeking convenient commutes.
- First American Financial Corporation — financial services (5.7 miles)
- First American Financial — financial services headquarters (5.7 miles) — HQ
- Xerox — technology offices (5.9 miles)
- International Paper Cypress — manufacturing and packaging (6.0 miles)
- Microsoft Technology Center — technology services (7.7 miles)
This 60-unit Garden Grove property presents a compelling value-add opportunity in a neighborhood demonstrating strong rental fundamentals. The 1977 construction year positions the asset for strategic improvements while benefiting from an established location with 97% neighborhood occupancy rates and NOI per unit performance ranking in the 93rd percentile nationally. Commercial real estate analysis from WDSuite indicates the area's rental market resilience, supported by diverse employment within commuting distance and improving safety trends.
Demographic projections within the 3-mile radius show household income growth of 43.3% expected through 2028, with renter-occupied housing share increasing to 50.3%. The property's location near major employers like First American Financial and Microsoft Technology Center provides workforce housing appeal, while the neighborhood's high amenity density supports tenant retention strategies.
- Strong occupancy fundamentals with 97% neighborhood-level performance
- Value-add potential through strategic renovations of 1977-vintage units
- Proximity to major Orange County employers supporting workforce housing demand
- Risk consideration: Monitor rent-to-income ratios and potential affordability pressures as market evolves