For Sale
$1,300,000

315 Garnsey StSanta Ana, CA 92701

Value-add multifamily investment opportunity

Overview

Added:
Dec 11, 2024
Days on market:
115
This 5-unit apartment building in Santa Ana, CA, presents a compelling value-add opportunity. Built in 1964, the property comprises 3,036 square feet on a 6,098 square foot lot and features five one-bedroom units, three garage spaces, four open parking spaces, and an on-site laundry facility. Currently generating a NOI of $41,344 and a 3.18% cap rate, the property offers significant upside potential. Pro-forma NOI is projected at $77,952, resulting in a 6.00% pro-forma cap rate. The asking price is $1,300,000, or $260,000 per unit. The property's location in the Heninger Park neighborhood offers convenient access to Downtown Santa Ana (1.1 miles), the 4th Street Market, Santa Ana College (1.8 miles), and the 5 Interstate. The potential for converting garages into an additional dwelling unit (ADU) further enhances the investment potential, though verification with the City of Santa Ana is required. This property is ideal for investors seeking to capitalize on rental upside in a thriving area with strong tenant demand. Drive-by only

Highlights

  • Value-add investment opportunity in Santa Ana, CA.
  • Five one-bedroom units.
  • Projected 51% rental upside.
  • Potential for ADU conversion (City of Santa Ana verification required).
  • Amenities include three garage spaces, four open parking spaces, and on-site laundry.
  • Projected 6.0% cap rate, 5.2% cash-on-cash return, and 5.8% total return.

Property Details for 315 Garnsey St

Property type
Apartment buildings
Class
C
Year Built
1964
Buildings
1
Stories
2
Units
5

Location Insight

City
Santa Ana
County
Orange
State
California
Latitude
33.7426683
Longitude
-117.8751807
315 Garnsey St, Santa Ana, California

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315 Garnsey St
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