The city of Buena Park is located in the northwest portion of California’s Orange County. It is to the northwest of Santa, which is the county seat. In 2010, it had 80,530 residents. Interestingly, although this relatively small city is part of Orange County, it is within the Los Angeles metropolitan area. Buena Park has a lot of tourists, with the primary reason being Knott’s Berry Farm. This amusement park is also the city’s largest employer, with some 5,071 people working there. Other top companies in the city include Prologis, Leach, the Access Business Group, PepsiCo, J.C. Penney, ADP, Yamaha, the RIA Financial Services, and the City of Buena Park. Buena Park was incorporated on January 27, 1953 when it was then an agricultural center, with its economy focused on citrus products just like the other places in Orange County. Aside from citrus products, it was also into wine and dairy. At the present time, practically all traces of its agricultural past have been erased as the city has become a residential community and a commercial hub.
Interestingly, it also has a bit of a grim history. In 1992, Stuart Tay was murdered in the city, which was a high profile case. And in 2009, Jasmine Fiore’s body was found in a dumpster outside of Franklin Street, stuffed inside a suitcase. Fiore was a famous reality TV star and swimsuit model. She is believed to have been murdered by her husband, who later committed suicide. She was identified by the serial numbers on her breast implants.
Buena Park Multifamily Building for Sale & Lease – Should You Buy or Lease?
If you are interested in multifamily building in Buena Park,you can either buy or lease the property. There are pros and cons to both of these choices.
For instance, buying multifamily space has a number of advantages:
- Your monthly expenses are basically constant. This is because the monthly amortizations won’t change.
- You can take advantage of a number of tax deductions, including property taxes and mortgage interest.
- You can rent out some of the space out in the event that you need more cash inflow.
- You can amass some funds, as the property is likely to increase in price over time.
Let us now take a look at the different disadvantages:
- Real property is not liquid. This means that it is not that easy to convert your asset into cash. If you want to move to another city for any reason, your plans will be delayed because it will take several months to complete the sale.
- Buying will require a hefty down payment, so you will need a much large amount of funds at the start, compared to when you simply lease the property.
Your other option is to lease multifamily space, which has a number of benefits:
- There is an opportunity to lease prime property, which is important for your public image.
- You need less funds because there is no large down payment to take care of.
- You need not be bothered by the usual issues that crop up with property ownership.
Naturally, there are disadvantages when you lease a multifamily property:
- Rent tends to increase so monthly costs may gradually rise, depending on the lease contract.
- You cannot build up any equity in the property.
To help choose between the two alternatives, it can be helpful to look at the trends and statistics in terms of prices, supply, and demand for multifamily properties in Buena Park.
Buena Park Multifamily Property for Sale – Trends and Statistics
- The asking price for multifamily properties in Buena Park is $314,841.90, which is a 0.7% increase over the past three months, and a 10.5% increase year on year. This is higher than the state ($206,014) and the metro ($254,071.41) area.
- The index of total available multifamily properties for sale in Los Angeles-Long Beach-Buena Park is 29, which represents a 13.4% increase over the past three months but a 2.5% decrease year on year.
- The index of total number of listings of multifamily properties available in Los Angeles-Long Beach-Buena Park is 24, which is a 8.9% increase over the past three months, but a 1.3% decrease year on year.
- The profile view index of multifamily property for sale in the Los Angeles-Long Beach-Buena Park metro area is 97, which is a 24.9% increase over the past three months, and a 22.5% increase year on year.
- The index of total number of units of multifamily property for sale in the Los Angeles-Long Beach-Buena Park area is 21, which is a 12.2% increase over the past three months, but an 11% decrease year on year.
Buena Park Multifamily Property for Lease – Trends and Statistics
There are currently no Buena Park multifamily properties for lease. This is in all likelihood due to the fact that multifamily properties for lease would fall outside of the realms of commercial real estate. Rather, they would form part of residential real estate, meaning they become occupied either by the owner or by a tenant.