5582 Newman St

Cypress, CA 90630

$1,885,000
Last Sold Price
10
Beds
5
Baths
4,887 Sq. Ft.
$386 / Sq. Ft.
4,887
Sq. Ft.
$386
per Sq. Ft.
Get preapproved with Rocket Mortgage1
Closed 10/19/20
Closed 10/19/20

Description

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)...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.
  1. Listed by Greg Bassirpou • DRE #01365951 • Marcus & Millichap RE Invest

Property Details for 5582 Newman Street

Parking Spaces Total
3
Private Pool
No
Total Units
5.0
Building Type
Detached
Living Area
4887
Assessor Parcel Number
244-511-46
Property Attached YN
false
Common Walls
No Common Walls
LISTING UPDATED: 10/19/2020 09:51 AM

Property Details for 5582 Newman Street

StatusClosed
MLS #OC20116272
Days on Market76
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1971
Lot Size0.41 AC / 17,816 SF
CountyOrange County
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Location

Listing Courtesy of Marcus & Millichap RE Invest, Greg Bassirpou, DRE #01365951

Sold By Transglobal Realty, Katharine Hou, DRE #02017149

Add your commute

Building Information for 5582 Newman Street

Stories1Residences-Year Built1971Building Size-Lot Size0.41 AC / 17,816 SF

Payment Calculator

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$11,195 per month

30 year fixed, 6.15% Interest

Principal and Interest

$9,187

Property Taxes

$2,008

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

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Property Information for 5582 Newman Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $0
  • Gross Scheduled Income: $127,200
  • Vacancy Allowance: 3816
  • Vacancy Allowance Rate: 3
  • Net Operating Income: $91,375
  • Gross Multiplier: 14.94
  • Cap Rate: 4.81
  • Financing: Conventional
Expense Details
  • Operating Expense: $32,009
  • New Taxes Expense: $22,063
  • Fuel Expense: $750
  • Electric Expense: $750
  • Insurance Expense: $1,746
  • Professional Management Expense: $0
  • Trash Expense: $750
  • Water Sewer Expense: $750
  • Total Expenses: $32,009
Tax / Assessment Info
  • Tax Tract Number: 511
  • Tax Census Tract: 1101.10
  • Tax Lot: 46
Community / Development
Community / Development
  • Community Features: Curbs, Sidewalks, Street Lights
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Gas & Electric Dryer Hookup, Washer Hookup
Exterior Features
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: Front Yard, Landscaped, Near Public Transit
  • Number Of Units: 5
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: One
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 3
  • Parking Garage Spaces: 3
  • Carport Spaces: 0
Unit Information
Unit 1
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,550
  • Unit Type Total Rent: $2,550
  • Unit Type Pro Forma: 2650
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 3
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $6,250
  • Unit Type Total Rent: $6,250
  • Unit Type Pro Forma: 6600
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,800
  • Unit Type Total Rent: $1,800
  • Unit Type Pro Forma: 2000
  • Unit Type Type: 3
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 3
  • Number Of Separate Electric Meters: 5
  • Number Of Separate Gas Meters: 5
  • Number Of Separate Water Meters: 1

Property History for 5582 Newman Street

DateEvent & SourcePriceAppreciation
Oct 19, 2020

Sold

SDMLS #OC20116272

$1,885,000—
Oct 19, 2020

Sold

CLAW #OC20116272MR

$1,885,000—
Oct 19, 2020

Sold

CRMLS #OC20116272

$1,885,000—
Aug 31, 2020

Pending

CLAW #OC20116272MR

—
Aug 31, 2020

Pending

CRMLS #OC20116272

—
Aug 31, 2020

Pending

SDMLS #OC20116272

—
Aug 25, 2020

Sold (Public Record)

Public Record #680399183

$1,885,000

+12.8% / yr

Jun 16, 2020

Listed (Active)

SDMLS #OC20116272

$1,899,990—
Jun 16, 2020

Listed (Active)

CRMLS #OC20116272

$1,899,990—
Jun 16, 2020

Listed (Active)

CLAW #OC20116272MR

$1,899,990—
Jan 29, 2019

Sold (Public Record)

Public Record #639223533

$1,559,000—
Oct 22, 2018

Sold

SDMLS #SR18175557

$1,559,000—
Oct 22, 2018

Sold

CLAW #SR18175557CN

$1,559,000—
Oct 22, 2018

Sold

CRMLS #SR18175557

$1,559,000—
Aug 17, 2018

Pending

CLAW #SR18175557CN

—
Aug 17, 2018

Pending

CRMLS #SR18175557

—
Jul 20, 2018

Listed (Active)

CLAW #SR18175557CN

$1,599,500—
Jul 20, 2018

Listed (Active)

SDMLS #SR18175557

$1,599,500—
Jul 20, 2018

Listed (Active)

CRMLS #SR18175557

$1,599,500—
Jan 8, 2013

Expired

CRMLS #P480974

$1,490,000—
Mar 5, 2009

Expired

CRMLS #P559270

$1,250,000—
Mar 5, 2009

Expired

CLAW #P559270MR

—
Feb 6, 2008

Expired

CRMLS #Z942450

$1,250,000—
Feb 6, 2008

Expired

CLAW #Z942450MR

—
Feb 5, 2008

Expired

CLAW #07-166059

$1,250,000—
Feb 5, 2007

Listed (Active)

CLAW #Z942450MR

$1,250,000—
Feb 5, 2007

Listed (Active)

CLAW #07-166059

$1,250,000—
Feb 5, 2007

Listed (Active)

CRMLS #Z942450

$1,250,000—
Feb 2, 2007

Listed (Active)

CRMLS #CC221056

$1,250,000—
Feb 2, 2007

Listed (Active)

CRMLS #P559270

$1,250,000—
Feb 2, 2007

Listed (Active)

CLAW #P559270MR

$1,250,000—
Oct 3, 2006

Expired

CLAW #P480974MR

—
Nov 10, 2005

Listed (Active)

CRMLS #P480974

$1,490,000—
Nov 10, 2005

Listed (Active)

CLAW #P480974MR

$1,490,000—
Nov 10, 2005

Listed (Active)

CRMLS #CC218483

$1,490,000—
DateEvent & SourcePrice
10/19/2020

Sold

SDMLS #OC20116272

$1,885,000
10/19/2020

Sold

CLAW #OC20116272MR

$1,885,000
10/19/2020

Sold

CRMLS #OC20116272

$1,885,000
08/31/2020

Pending

CLAW #OC20116272MR

—
08/31/2020

Pending

CRMLS #OC20116272

—
08/31/2020

Pending

SDMLS #OC20116272

—
08/25/2020

Sold (Public Record)

Public Record #680399183

$1,885,000

+12.8% / yr

06/16/2020

Listed (Active)

SDMLS #OC20116272

$1,899,990
06/16/2020

Listed (Active)

CRMLS #OC20116272

$1,899,990
06/16/2020

Listed (Active)

CLAW #OC20116272MR

$1,899,990
01/29/2019

Sold (Public Record)

Public Record #639223533

$1,559,000
10/22/2018

Sold

SDMLS #SR18175557

$1,559,000
10/22/2018

Sold

CLAW #SR18175557CN

$1,559,000
10/22/2018

Sold

CRMLS #SR18175557

$1,559,000
08/17/2018

Pending

CLAW #SR18175557CN

—
08/17/2018

Pending

CRMLS #SR18175557

—
07/20/2018

Listed (Active)

CLAW #SR18175557CN

$1,599,500
07/20/2018

Listed (Active)

SDMLS #SR18175557

$1,599,500
07/20/2018

Listed (Active)

CRMLS #SR18175557

$1,599,500
01/08/2013

Expired

CRMLS #P480974

$1,490,000
03/05/2009

Expired

CRMLS #P559270

$1,250,000
03/05/2009

Expired

CLAW #P559270MR

—
02/06/2008

Expired

CRMLS #Z942450

$1,250,000
02/06/2008

Expired

CLAW #Z942450MR

—
02/05/2008

Expired

CLAW #07-166059

$1,250,000
02/05/2007

Listed (Active)

CLAW #Z942450MR

$1,250,000
02/05/2007

Listed (Active)

CLAW #07-166059

$1,250,000
02/05/2007

Listed (Active)

CRMLS #Z942450

$1,250,000
02/02/2007

Listed (Active)

CRMLS #CC221056

$1,250,000
02/02/2007

Listed (Active)

CRMLS #P559270

$1,250,000
02/02/2007

Listed (Active)

CLAW #P559270MR

$1,250,000
10/03/2006

Expired

CLAW #P480974MR

—
11/10/2005

Listed (Active)

CRMLS #P480974

$1,490,000
11/10/2005

Listed (Active)

CLAW #P480974MR

$1,490,000
11/10/2005

Listed (Active)

CRMLS #CC218483

$1,490,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 5582 Newman Street

Taxable ValueLand$1,819,570Additions$220,814Total$2,040,384
Tax Record2025$24,099 ($2,008 / month)
Home Facts
Total Finished SqFt861 SqFtAbove Grade Finished SqFt861 SqFtStories1Lot Size17,753 SqFtStyleMulti-Family Res (5+ Units)Year Built1971CountyORANGEAPN244-511-46

Schools near 5582 Newman Street

This home is within Cypress Elementary School District.
Rating
School
Type
Grades
Distance
Juliet Morris Elementary School
Public - K to 6
Lexington Junior High School
Public - 7 to 8
Cypress High School
Public - 9 to 12
Oxford Academy
Public - 7 to 12
Rating
School
Distance
Juliet Morris Elementary School
PublicK to 6

Lexington Junior High School
Public7 to 8

Cypress High School
Public9 to 12

Oxford Academy
Public7 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap RE Invest, Greg Bassirpou, DRE #01365951

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.