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Listed by Greg Bassirpou • Marcus & Millichap RE Invest
$9,700,000
Est. payment /mo
26,707 SqFt
Active
511 East Washington Avenue Santa Ana, CA 92701
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Key Details
Property Type Other Types
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 26,707 sqft
Price per Sqft $363
MLS Listing ID OC-24202271
Year Built 1964
Lot Size 1.067 Acres
Property Sub-Type Apartment
Property Description
The Washington Avenue Apartments is a 30-unit apartment community located in the very desirable French Court neighborhood of Santa Ana, one of the strongest rental markets in Southern California. The City of Santa Ana is a historic city with a vibrant downtown located in Orange County. Built in 1964, the subject property offers a very attractive unit mix comprised of one-, two-, and three-bedroom units totaling 26,707 square feet situated on just over one acre of land. Approximately 75% of the unit mix consists of two- and three-bedroom units. Some amenities include gated entry with a large courtyard, ample on-site parking including carports, BBQ area, patios/balconies, and an on-site laundry facility. Some recent renovations and upgrades of interiors and exterior include granite countertops, vinyl/plank flooring, new tubs and showers, new appliances, new windows and sliders, new railings, a substantial deck replacement/resurfacing, new A/C units, some new bathrooms and kitchens, and the bulk of the individual water heaters have been replaced. This offering represents an opportunity for an investor to achieve a 5.88% CAP Rate and 6.14% Cash-on-Cash return, on current income, for a well-located and stable/turnkey investment property in the desirable rental market of Santa Ana, California. Additionally, The Washington Avenue Apartments are well suited to provide investors with strong returns and value appreciation over the long-term investment horizon.
Location
State CA
County Orange
Zoning R3
Interior
Laundry Community
Exterior
Parking Features Gated
Pool None
Community Features Curbs, Sidewalks, Storm Drains, Street Lights
Building
Lot Description Landscaped, Near Public Transit
Sewer Public Sewer
Others
Virtual Tour https://www.wellcomemat.com/mls/589gb9f9e2cb1lrn0