$9,700,000
511 E Washington Avenue Santa Ana, CA 92701
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Listed by Greg Bassirpou • Marcus & Millichap RE Invest
$9,700,000
Est. payment /mo
26,707 SqFt
UPDATED:
10/03/2024 02:37 AM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 26,707 sqft
Price per Sqft $363
MLS Listing ID CROC24202271
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1964
Lot Size 1.067 Acres
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, Cal
Location
State CA
County Orange
Interior
Fireplace No
Laundry Community Facility
Building
Lot Description Other
Water Public
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