23
See all 23 photos
$9,700,000
Est. payment /mo
1.07 Acres Lot
Active
511 E Washington AVE Santa Ana, CA 92701
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UPDATED:
10/02/2024 06:38 PM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CROC24202271
Originating Board California Regional MLS
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 Sant
Location
State CA
County Orange
Area 699 - Not Defined
Interior
Laundry Community Facility
Exterior
Garage Spaces 56.0
Pool None
Building
Water District - Public
Others
Tax ID 39815118
Special Listing Condition Not Applicable
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Listed by Greg Bassirpou • Marcus & Millichap RE Invest
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