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.
How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
Contacts
Alex Mobin
Greg Bassirpou
Visit Broker Website
Learn more
Useful Information
Request information
511 Washington Ave, Santa Ana, California, 92701
Message sent successfully
Error
Email this Information
Message sent successfully
Error
Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
511 Washington Ave
Sign Up
Already a member?
Just one more step, let’s verify your email
We have sent a verification link to
Please check your inbox to complete the process.
Just click on the link in that email to complete your Sign up.
If you don’t see it, you may need to check your spam folder.
Email verification link expired
It seems that the verification link has expired.
No worries! We can send you a new link to email
Log In
Don't have an account?
Reset your password
New to Paperhouses?
Paperhouses
Reset your password
Enter the email address associated with your account and we'll send you a link to reset your password.
Check your email
We've resent password reset instructions to if it is an email on file.
Thanks! If matches an email we have on file, then we've sent you an email containing further instructions for resetting your password.
If you haven't received an email in 5 minutes, check your spam, resend, or try a different email.