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Multifamily

Washington Avenue Apartments

511 E Washington Ave, Santa Ana, CA 92701

Listing Price: $9,600,000

Cap Rate
6.02%
Number of Units
30
GRM
12.38
Price/Unit
$320,000
Price/Gross SF
$359.46
Gross SF
26,707

Investment Overview

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. 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.

Investment Highlights

  • Excellent Location Across From Historic French Park Community & Vibrant Downtown Santa Ana / Very Attractive Unit Mix Consisting of One-, Two-, & Three-Bedroom Units
  • 6.02% CAP Rate and 6.51% Cash-on-Cash Return on Current Income / Extensive Recent Renovations & Upgrades of Interiors & Exterior
  • Value-Add Opportunity: Substantial Rental Upside / Opportunity to Add ADU's to Property to Further Maximize Cash Flow
  • Ample On-Site Parking Including (34) Carports & (22) Open Spaces / Secured Gated-Entry with Large Garden-Style Courtyard, BBQ Area, Patios, & Balconies
  • RUBS (Utility Billing) System Already in Place / Building Owned On-Site Laundry Facility
  • Easy Access to Freeways and Close to Schools, Retail, Employment, & Entertainment

Exclusively Listed By

Financing By

Multifamily

Washington Avenue Apartments

Listing Price: $9,600,000

Cap Rate
6.02%
Number of Units
30
GRM
12.38
Price/Unit
$320,000
Price/Gross SF
$359.46
Gross SF
26,707

Investment Highlights

  • Excellent Location Across From Historic French Park Community & Vibrant Downtown Santa Ana / Very Attractive Unit Mix Consisting of One-, Two-, & Three-Bedroom Units
  • 6.02% CAP Rate and 6.51% Cash-on-Cash Return on Current Income / Extensive Recent Renovations & Upgrades of Interiors & Exterior
  • Value-Add Opportunity: Substantial Rental Upside / Opportunity to Add ADU's to Property to Further Maximize Cash Flow
  • Ample On-Site Parking Including (34) Carports & (22) Open Spaces / Secured Gated-Entry with Large Garden-Style Courtyard, BBQ Area, Patios, & Balconies
  • RUBS (Utility Billing) System Already in Place / Building Owned On-Site Laundry Facility
  • Easy Access to Freeways and Close to Schools, Retail, Employment, & Entertainment

Investment Overview

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. 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.

Exclusively Listed By

Financing By

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