511 E Washington Avenue, Santa Ana, CA 92701

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Kobe Zimmerman

Berkshire Hathaway Home Services California Properties

kobezimmerman@bhhscal.com +1(858) 753-3353

$9,600,000

Est. payment - /mo

6 Beds

5 Baths

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UPDATED:

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID OC24202271

Bedrooms 6

Property Sub-Type Res Income 2-4 Units

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 6.02% CAP Rate and 6.51% 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 Public Rec

Direction Please do not disturb tenants. Make all offers subject to inspection.

Interior

Fireplace No

Exterior

View Y/N No

Building

Story 2

Level or Stories 2

Others

Tax ID 39815118

Virtual Tour https://www.wellcomemat.com/video/589gb9f9e2cb1lrn0/SA/CA/92701/E-Washington/OC24202271/

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Listed by Greg Bassirpou Marcus & Millichap RE Invest

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511 E Washington Avenue Santa Ana, CA 92701