For Sale
$11,000,000

1212 BroadwaySanta Ana, CA 92701

30-Unit Multifamily, Prime Location

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional 30-unit apartment building in Santa Ana, California presents a compelling investment opportunity. The property, located at 1212 N Broadway, boasts 20,780 square feet and sits on a 59,497 square foot lot. The two-story building, constructed in 1976, features a mix of 20 one-bedroom/one-bathroom and 10 two-bedroom/two-bathroom units, all meticulously updated with modern finishes including mini-splits, new appliances, in-unit laundry, and upgraded bathrooms. A 500-square-foot office and a charming courtyard enhance the property's appeal. Currently operating as short-term rentals, this asset offers flexibility for a new owner. The asking price is $11,000,000, representing a price per unit of $366,666.67 and a price per square foot of $529.36. The property also includes a separate 0.48-acre parcel (APN 398-541-13 & 398-541-10) at 300 West Washington Boulevard, a large parking lot partially leased to a neighboring school, generating substantial additional income. This turnkey investment boasts a 6.91% cap rate and a net operating income (NOI) of $760,016. Its prime downtown location, near the OC School of the Arts, the One Broadway Plaza development, and the future OC Streetcar line (opening in 2025), ensures strong tenant demand and future appreciation. Importantly, this property is not subject to Santa Ana rent control. This is a rare opportunity to acquire a high-performing multifamily asset in a rapidly developing area.

Highlights

  • Turnkey 30-unit apartment building in prime Downtown Santa Ana, currently operating as VRBO short-term rentals.
  • Not subject to Santa Ana rent control.
  • Includes a 0.48-acre parking lot with supplemental income from a partial lease to a neighboring school.
  • Features 20 one-bedroom/one-bathroom units, 10 two-bedroom/two-bathroom units, a 500 sq ft office, and a courtyard.
  • Units feature upgraded finishes, mini-splits, new appliances, in-unit laundry, and modern baths.
  • Excellent Downtown Santa Ana location near schools, the One Broadway Plaza development, and the future OC Street Car line (opening 2025).

Property Details for 1212 Broadway

Property type
Apartment buildings
Square Feet
20,780 SF
Year Built
1976
Buildings
1
Stories
2
Units
30

Location Insight

City
Santa Ana
County
Orange
State
California
Latitude
33.754950270943
Longitude
-117.86963392345
1212 Broadway, Santa Ana, California

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1212 Broadway
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