Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 1003 West Bishop Street, a 23-unit multifamily investment property located in Santa Ana, CA. 1003 West Bishop Street features an attractive mix of 19, one-bedroom units and 4, two-bedroom units. Built in 1965, the property offers a competitive amenity package for the area including ample tuck-under parking, security doors, and an on-site laundry facility. Approximately 80% of the property’s units have been renovated with upgrades including new tankless water heaters, hardwood flooring, cabinetry, granite countertops, and more (see OM for more details). Situated less than a mile from Downtown Santa Ana and the bustling 4th Street Market, which grants residents easy access to the City’s civic center as well as a trendy, local culinary hub. Additionally, the property is blocks away from Santa Ana High School, Lowell Elementary School, and Lathrop Intermediate School, all of which have a combined annual enrollment of over 4,300 students. 1003 West Bishop Street is in close proximity to Bristol Street and 1st Street, main retail thoroughfares for the region, providing residents with convenient access to their everyday needs. Named the county seat in 1889, Santa Ana is also known as the financial and governmental center of Orange County. It’s been in recent competition with its fast growing neighbor, the city of Irvine in regards to commercial growth. Santa Ana has an average occupancy of 97.0 percent (1Q 2022) and an average yearly rent growth of 5.1 percent from 2013 to 2021, thus demonstrating the strong demand for rental housing. Given the strong market dynamics and fantastic location of the subject property, 1003 West Bishop Street is well suited to provide investors with strong returns.