For Sale
$9,700,000

511 Washington AveSanta Ana, CA 92701

30-unit multifamily, strong ROI.

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional 30-unit apartment building, located at 511 E Washington Ave, Santa Ana, CA 92701, presents a compelling investment opportunity. Boasting 26,707 square feet on a 46,479 square foot lot, this Class C property features a mix of one-, two-, and three-bedroom units. Built in 1964 and situated in the desirable French Court neighborhood, the property benefits from a 100% occupancy rate, generating a current NOI of $570,129 and a 5.88% cap rate. A pro-forma NOI of $775,633 projects an 8.00% cap rate, highlighting significant upside potential. Recent renovations include granite countertops, new appliances, updated bathrooms and kitchens, new windows and sliders, and substantial deck resurfacing. Amenities include a gated entry, large courtyard, 56 parking spaces (including carports), BBQ area, patios/balconies, and an on-site laundry facility. The property is zoned R3 and offers a fee simple ownership with a 1031 exchange option. This turnkey investment provides strong returns and value appreciation potential in a prime Santa Ana location, close to freeways, schools, retail, and entertainment. The current asking price is $9,700,000, or $323,333 per unit.

Highlights

  • Prime location across from French Park & vibrant Downtown Santa Ana.
  • 5.88% CAP rate, 6.14% cash-on-cash return.
  • Desirable unit mix of one-, two-, and three-bedroom apartments.
  • Recently renovated interiors and exteriors.
  • Significant rental upside potential.
  • Potential for ADU development to increase cash flow.

Property Details for 511 Washington Ave

Property type
Apartment buildings
Square Feet
26,707 SF
Class
C
Year Built
1964
Buildings
1
Stories
2
Units
30

Location Insight

City
Santa Ana
County
Orange
State
California
Latitude
33.756730526105
Longitude
-117.8630411818
511 Washington Ave, Santa Ana, California

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511 Washington Ave
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