Offering Memorandum: 10442 Lampson

10442

LAMPSON AVENUE

1

Exclusively Listed By John Allen

Rome Sutton

Brendon Guichet

JohnClydeAllen@gmail.com SevenGables.com

RomeASutton@gmail.com UnchartedCRE.com

Brendon@UnchartedCRE.com UnchartedCRE.com

714.651.9706 DRE #01939546

949.514.9787 DRE# 02316200

714.757.7262 DRE# 01931695

Seven Gables Real Estate DRE #00745605. Information deemed to be reliable although not guaranteed. This is not intended to be a solicitation of another broker’s listing. Any numerical statements regarding square footage, room dimensions and/or lot size are APPROXIMATIONS ONLY and have not been verified by Seller or Broker. Buyer is advised to investigate the condition and suitability of all aspects of the property, including but not limited to the foregoing.

2

Table of Contents 1

2

EXECUTIVE SUMMARY

FINANCIAL SUMMARY

3

4

COMPARABLE PROPERTIES

MARKET OVERVIEW

3

Executive Summary 33

1963

3

UNITS

YEAR BUILT

BUILDINGS

40,477

824

26,700

LOT SQUARE FOOTAGE

AVERAGE UNIT SIZE

RENTABLE SQUARE FEET

The Opportunity 10442 Lampson Avenue offers investors the opportunity to acquire a significantly upgraded and expanded multifamily community located in Garden Grove. The 33-unit property combines the stability of an established apartment community with the benefit of recently added construction, creating an attractive balance of dependable cash flow and modern product quality.

The asset is comprised entirely of two-bedroom, one-bathroom units, providing operational simplicity and much broader tenant appeal. The original units have been extensively renovated with contemporary interior finishes, while the six newly developed ADUs seamlessly integrate into the property with similar updated design elements and modern building systems that align with today’s renter expectations. Both interior layouts feature vinyl flooring, quartz countertops, recessed lighting, shaker-style cabinetry, stainless steel ranges with vent hoods, and modern bathroom vanities.

Current ownership has invested substantial capital into improving the property, resulting in a cohesive residential environment with upgraded interiors, improved functionality,

and minimized deferred maintenance concerns for future ownership. The community also features controlled access, on-site laundry, and a flexible mix of garage, carport, and surface parking to accommodate residents.

Positioned near major retail corridors and commuter routes, the property benefits from convenient access to shopping centers, restaurants, schools, parks, and regional employment hubs throughout Orange County. Nearby freeway access via State Route 22 further enhances connectivity to surrounding business districts and coastal markets, supporting long-term rental demand from a diverse tenant base.

With a recently completed expansion, consistent unit configuration, and extensive property improvements already in place, 10442 Lampson Avenue presents a compelling investment opportunity for buyers seeking a stabilized multifamily asset with strong fundamentals in a supply-constrained Southern California submarket.

4

Investment Summary INVESTMENT Purchase Price

Address

Number of Units

Unit Mix

PROPERTY $12,000,000 10442 Lampson Avenue Garden Grove, CA 92840 33

2 BR / 1 BA

Price / Unit

$363,636

Price / Square Foot

$449.44

Current Cap Rate

5.40%

Pro Forma Cap Rate

5.74%

Current GRM

12.51

Pro Forma GRM

11.97

Year Built

1963

Rentable Square Feet

26,700

Lot Square Footage

40,477

Avg. Unit Square Feet

824

Number of Buildings

3

Number of Floors

2

Parcel Numbers

089-064-09

Parking

Carport / Garage / Surface

5

Highlights FULLY RENOVATED IN 2022 6 NEWLY BUILT ADUS SPACIOUS COURTYARD MULTIPLE PARKING OPTIONS, INCLUDING BOTH GARAGE, COVERED, AND SURFACE SPACES TURNKEY INVESTMENT REROOF LAYER IN 2020 SB-721 INSPECTION COMPLETED JULY 31, 2025

Amenities ON-SITE LAUNDRY FACILITY GARAGE, TUCK-UNDER, AND SURFACE PARKING SECURITY DOORS SPACIOUS COURTYARD 6

VIRTUALLY STAGED

7

Location Maps LOCATION Subject ()

10442 Lampson Ave

1

Evans Elementary School

2

Ralston Intermediate School

3

Garden Grove 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

8

Exterior Renovations NEW PAINT LANDSCAPING PRIVATE PATIOS REROOF LAYER (COMPLETED IN 2020)

9

10

VIRTUALLY STAGED

11

Interior Renovations SCAN HERE FOR FULL GALLERY

FULLY UPDATED BATHROOMS

RECESSED LIGHTING

CEILING FANS

SHAKER-STYLE CABINETS

DUAL-PANE WINDOWS

STAINLESS STEEL APPLIANCES

QUARTZ COUNTERTOPS

VINYL FLOORING

MODERN FAUCETS

CENTRAL A/C SYSTEMS

12

13

Financial Summary FINANCIAL INDICATORS Purchase Price

$12,000,000

Down Payment

$4,750,000

Price / Unit

$363,636

Price / Square Foot

$449.44

Current Cap Rate

5.40%

Pro Forma Cap Rate

5.74%

Current GRM

12.51

Pro Forma GRM

11.97

Ownership

CURRENT

MARKET

INCOME

TOTAL

TOTAL

Gross Potential Rent

$959,001

$1,002,780

Less: Vacancy/Deductions (3% of GPR)

($28,770)

($30,083)

Total Effective Rent

$930,231

$972,697

Other Income

$22,250

$22,250

Effective Gross

$952,481

$994,947

Less: Expenses

($304,380)

($305,654)

Net Operating Income

$648,101

$689,293

Less: Debt Service

($431,375)

($431,375)

Net Cash After Debt Service

$216,726

$257,918

Total Return

$216,726

$257,918

CURRENT

MARKET

EXPENSES

TOTAL

TOTAL

Real Estate Taxes

$141,036

$141,036

Insurance

$16,699

$16,699

Utilities

$51,224

$51,224

Contract Services

$8,724

$8,724

Repairs & Maintenance

$23,839

$23,839

Special Assessments

$8,383

$8,383

Onsite Manager

$16,000

$16,000

General & Administrative

$4,950

$4,950

Operating Reserves

$4,950

$4,950

Management Fee (3%)

$28,574

$29,848

$304,380 / 31.96%

$305,654 / 30.72%

Fee Simple

FINANCING Loan Amount

$7,250,000

Interest Rate

5.95%

Period

5yrs

Amortization

30yrs

Prepay

54321%

Origination Fee

1.00%

Total / % of EGI

14

Rent Roll CURRENT

MARKET

#

UNIT TYPE

SF

MONTHLY RENT

MOVE-IN

MONTHLY RENT

1

2 BR / 1 BA

900

$2,495.00

6/5/25

$2,595.00

2

2 BR / 1 BA

900

$2,569.85

1/1/04

$2,595.00

3

2 BR / 1 BA

900

$2,459.64

1/13/23

$2,595.00

4

2 BR / 1 BA

900

$2,460.67

10/10/22

$2,595.00

5

2 BR / 1 BA

900

$2,345.00

5/5/23

$2,595.00

6

2 BR / 1 BA

900

$2,460.67

11/11/22

$2,595.00

7

2 BR / 1 BA

900

$2,580.15

9/16/22

$2,595.00

8

2 BR / 1 BA

900

$2,565.73

12/30/22

$2,595.00

9

2 BR / 1 BA

900

$2,495.00

8/1/24

$2,595.00

10

2 BR / 1 BA

900

$2,495.00

1/27/26

$2,595.00

11

2 BR / 1 BA

900

$2,515.26

2/17/23

$2,595.00

12

2 BR / 1 BA

900

$2,495.00

10/15/24

$2,595.00

13

2 BR / 1 BA

900

$2,460.67

11/11/22

$2,595.00

14

2 BR / 1 BA

900

$2,388.00

9/16/22

$2,595.00

15

2 BR / 1 BA

900

$2,495.00

7/27/25

$2,595.00

16

2 BR / 1 BA

900

$2,459.64

9/16/22

$2,595.00

17

2 BR / 1 BA

900

$2,595.00

10/4/25

$2,595.00

18

2 BR / 1 BA

900

$2,569.85

7/21/22

$2,595.00

19

2 BR / 1 BA

900

$2,495.00

8/10/24

$2,595.00

20

2 BR / 1 BA

900

$2,515.26

3/13/23

$2,595.00

21

2 BR / 1 BA

900

$2,460.67

11/11/22

$2,595.00

22

2 BR / 1 BA

900

$2,460.67

11/11/22

$2,595.00

23

2 BR / 1 BA

900

$2,495.00

24

2 BR / 1 BA

900

$2,495.00

12/1/25

$2,595.00

25

2 BR / 1 BA

900

$2,495.00

8/8/25

$2,595.00

26

2 BR / 1 BA

900

$2,495.00

27

2 BR / 1 BA

900

$2,495.00

9/2/25

$2,595.00

$2,595.00

$2,595.00

28

2 BR / 1 BA

400

$2,250.00

12/27/25

$2,250.00

29

2 BR / 1 BA

400

$2,095.00

9/12/24

$2,250.00

30

2 BR / 1 BA

400

$2,175.00

10/15/23

$2,250.00

31

2 BR / 1 BA

400

$1,895.00

32

2 BR / 1 BA

400

$2,095.00

8/15/23

$2,250.00

33

2 BR / 1 BA

400

$2,095.00

9/10/24

$2,250.00

Totals

$79,916.73

$2,250.00

$83,565.00

15

10442 Lampson Avenue $80,000

18%

Monthly Income by Unit Type

$50,000

Unit Mix • 2 BR / 1 BA • 2 BR / 1 BA (ADU)

$20,000

82%

$5,000

$0

CURRENT

MARKET

UNIT TYPE

UNITS

± SF

RENT RANGE

± RENT

± RENT / SF

MONTHLY INCOME

± RENT ± RENT / SF

MONTHLY INCOME

2 BR / 1 BA

27

900

$2,250-$2,595

$2,471

$2.75

$67,312

$2,595

$2.88

$70,065

2 BR / 1 BA ADU

6

400

$1,895-$2,250

$2,101

$5.25

$12,605

$2,250

$5.63

$13,500

Totals

33

26,700

$79,916.73

$83,565 16

Sales Comparables PROPERTY

BUILT

PRICE

CURRENT CAP

$ / UNIT

SALE DATE

10442 Lampson Ave

1963

33

26,700

$12,000,000

5.40%

$363,636

Subject

1

13882 Clinton St, Garden Grove

1979

33

43,788

$12,910,000

4.50%

$391,212

9/1/25

2

9151 Chapman Ave, Garden Grove

1969

28

23,425

$8,400,000

5.10%

$300,000

12/1/25

3

12341 S Lewis St, Garden Grove

1963

36

34,384

$12,770,000

4.52%

$354,722

9/1/25

4

14141-14151 Flower St, Garden Grove

1987

22

32,136

$8,200,000

3.90%

$372,727

7/1/24

5

2910 W Ball Rd, Anaheim

1986

34

24,796

$10,970,000

5.40%

$322,647

10/11/24

6

13812 La Pat Pl, Westminster

1961

30

21,416

$10,030,000

5.00%

$334,333

4/22/24

4.74%

$345,940

Subject

Averages

UNITS ± GROSS SF

17

Sales Comparables PROPERTY



10442 Lampson Ave

1

13882 Clinton St

2

9151 Chapman Ave

3

12341 S Lewis St

4

14141-14151 Flower St

5

2910 W Ball Rd

6

13812 La Pat Pl

18

Rent Comparables PROPERTY

BUILT UNITS

UNIT TYPE

± UNIT SF

RENT

NOTES

33

2 BR / 1 BA 2 BR / 1 BA ADU

900 400

$2,100.83-$2,493.03

Renovated & new construction (flooring, cabinets, appliances, HVAC, bathrooms, lighting & more); Spacious common courtyard; Private patios & yards (select units); On-site laundry & in-unit laundry (select units); Garage, tuck-under, & surface parking

1

8346 Westminster Blvd, Westminster

2 Bed/1 Bath

625

$2,195

On-site laundry, uncovered parking, new appliances, granite countertops, recent renovation

2

12221 Beach Blvd, Garden Grove

2 Bed/1 Bath

950

$2,615

Older, outdated interiors, carpeting. Back patios for select units. On-site gym and BBQ stations.

3

12162 Jentges Ave, Garden Grove

2 Bed/1 Bath

908

$2,545

Older interiors. Carpet floors. Community pool.

4

11930 Banner Dr, Garden Grove

2 Bed/1 Bath

930

$2,595

Community pool and gym.

Outdated interiors. Carpet floors.

5

401 W Orangewood Ave, Anaheim

2 Bed/1 Bath

966

$2,840

Community pool and gym. Dated property, no recent renovations.

Subject

10442 Lampson Ave

1963

19

Rent Comparables PROPERTY



10442 Lampson Ave

1

8346 Westminster Blvd

2

12221 Beach Blvd

3

12162 Jentges Ave

4

11930 Banner Dr

5

401 W Orangewood Ave

20

Garden Grove's Market IS RIPE FOR INVESTMENT

Investment Thesis: Garden Grove offers investors a compelling combination of sub-4% vacancy, above-market rent growth (~4% YoY vs. 2% OC avg), 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.

21

Market Overview ~3.5%

$2,500

VACANCY RATE

AVG 2BR RENT

VS. 8.1% NATIONAL

EST. +4% YOY

8

POPULATION

30

TH

MEDIAN HOME VALUE

+2.2% YOY

VS. 35% NATIONAL

+6.4% YOY

LARGEST IN CA

3.5%

3.8%

8.1%

GARDEN GROVE

ORANGE COUNTY

NATIONAL AVG

4

Orange County National

2 0

1

$1,000

$2,500

$2,679

$1,761

GARDEN GROVE

ORANGE COUNTY AVG

NATIONAL AVG

Side-by-Side Metrics: Garden Grove vs. OC vs. National 3 Garden Grove

2025E

$1,500

(2BR AVG)

6

2024

$2,000

$0

8

2023

$2,500

$500

Rent Growth Trend (%) 2

2022

Average Rent Per Unit 1

$3,000

4

(EST)

$814K

RENTER-OCCUPIED

6

2

46%

MEDIAN HH INCOME

Vacancy Rate Comparison 1

0

RENT GROWTH (%)

$92,174

MONTHLY RENT

VACANCY RATE (%)

10

170,964

2026F

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, U.S. Census Bureau ACS, Redfin, Yardi Matrix. 2 Garden Grove rent growth and vacancy estimated based on OC submarket trends and local listing data. 2026F = forecast.

3 Sources: CoStar, Matthews Real Estate, Kidder Mathews, Northmarq, U.S. Census Bureau ACS, Redfin, Yardi Matrix, JP Morgan CRE | Page 2 of 2 | Uncharted Real Estate – Costa Mesa, CA

22

Exclusively Listed By Brendon Guichet

Rome Sutton

John Allen

Brendon@UnchartedCRE.com UnchartedCRE.com

RomeASutton@gmail.com UnchartedCRE.com

JohnClydeAllen@gmail.com SevenGables.com

714.757.7262

DRE# 01931695

949.514.9787 DRE# 02316200

714.651.9706 DRE #01939546

23