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Multifamily

902 17th St

902 17th St, Santa Ana, CA 92701

Listing Price: $4,200,000

Cap Rate
3.69%
Number of Units
18
Price/Unit
$233,333
Price/Gross SF
$382.17
Gross SF
10,990

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 902 East 17th Street, an 18-unit multifamily asset in Santa Ana, which is a core market in Orange County. Santa Ana is adjacent to Tustin to its East, Costa Mesa to its South, Irvine to its South East, Westminster to its West and Anaheim to its North. The property is strategically bound by the intersection of the 5 Freeway to its South West, the 55 Freeway to its East and the 22 Freeway to its North. The asset is 1.4 miles from Downtown Santa Ana, 1.2 miles from Orange County School of the Arts, and 10 minutes to South Coast Plaza. This uniquely positioned, two-story property was built in 1954 and consists of 3 two-bedroom/one-bathroom units and 15 one-bedroom/one-bathroom units. It offers sixteen dedicated covered parking spaces with space for additional parking and ample street parking. The building was repainted within the past 5 years. Some of the rear parking spots benefit from having their support columns newly reinforced, which saves a new investor thousands in capital expenditures. Rent collections have been 100% throughout COVID-19. The asset is well-maintained yet positioned for future renovations to unlock its 37% rental upside potential.Santa Ana is a growing city in Orange County with high density. It is the second most populated city in Orange County with an estimated population of 340,599. Moreover, the average household income is projected to grow to $89,467 by 2023. The asset’s desirable location fundamentals minimize lease-up time and offer a new investor high rental potential with a stable resident profile. This is a rare opportunity for an investor to acquire a true value-add property with strong location fundamentals in a high-density and high-demand submarket.

Investment Highlights

  • Santa Ana is the second most populated city in Orange County and Average Household Income is Projected to Grow to $89,467 by 2023
  • Convenient Access to the 5, 55, and 22 Freeways. Proximate to Downtown Santa Ana, Orange County School of Arts, South Coast Plaza, Santa Ana Zoo and more
  • Well-Maintained Yet Positioned for Future Renovation: 37% Rental Upside Potential
  • Secure Resident Profile that has had 100% Rental Collections During COVID-19
  • 16 Covered Parking Spots with Additional Space for Parking and Ample Street Parking
  • One Bedroom Units Lease Out Especially Quickly in High-Density Markets Like Santa Ana. A New Investor Can Be Confident that They Will Have Minimal Lease-up Times

Exclusively Listed By

Multifamily

902 17th St

Listing Price: $4,200,000

Cap Rate
3.69%
Number of Units
18
Price/Unit
$233,333
Price/Gross SF
$382.17
Gross SF
10,990

Investment Highlights

  • Santa Ana is the second most populated city in Orange County and Average Household Income is Projected to Grow to $89,467 by 2023
  • Convenient Access to the 5, 55, and 22 Freeways. Proximate to Downtown Santa Ana, Orange County School of Arts, South Coast Plaza, Santa Ana Zoo and more
  • Well-Maintained Yet Positioned for Future Renovation: 37% Rental Upside Potential
  • Secure Resident Profile that has had 100% Rental Collections During COVID-19
  • 16 Covered Parking Spots with Additional Space for Parking and Ample Street Parking
  • One Bedroom Units Lease Out Especially Quickly in High-Density Markets Like Santa Ana. A New Investor Can Be Confident that They Will Have Minimal Lease-up Times

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 902 East 17th Street, an 18-unit multifamily asset in Santa Ana, which is a core market in Orange County. Santa Ana is adjacent to Tustin to its East, Costa Mesa to its South, Irvine to its South East, Westminster to its West and Anaheim to its North. The property is strategically bound by the intersection of the 5 Freeway to its South West, the 55 Freeway to its East and the 22 Freeway to its North. The asset is 1.4 miles from Downtown Santa Ana, 1.2 miles from Orange County School of the Arts, and 10 minutes to South Coast Plaza. This uniquely positioned, two-story property was built in 1954 and consists of 3 two-bedroom/one-bathroom units and 15 one-bedroom/one-bathroom units. It offers sixteen dedicated covered parking spaces with space for additional parking and ample street parking. The building was repainted within the past 5 years. Some of the rear parking spots benefit from having their support columns newly reinforced, which saves a new investor thousands in capital expenditures. Rent collections have been 100% throughout COVID-19. The asset is well-maintained yet positioned for future renovations to unlock its 37% rental upside potential.Santa Ana is a growing city in Orange County with high density. It is the second most populated city in Orange County with an estimated population of 340,599. Moreover, the average household income is projected to grow to $89,467 by 2023. The asset’s desirable location fundamentals minimize lease-up time and offer a new investor high rental potential with a stable resident profile. This is a rare opportunity for an investor to acquire a true value-add property with strong location fundamentals in a high-density and high-demand submarket.

Exclusively Listed By

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