317 Flower StSanta Ana, CA 92703

Property Details for 317 Flower St

Year built

1985

Lot size

0.28 AC

Property size (Sq ft)

10,350 SF

Property type

Apartment buildings

Description

This exceptional 20-unit apartment building in Santa Ana, California presents a compelling investment opportunity. Boasting a 6.20% cap rate (actual, not pro forma), this turnkey property offers significant potential for passive income. The 10,350 square foot building, constructed in 1985 and extensively renovated in 2021, sits on a 0.28-acre lot and features a desirable SD40 zoning designation. All 20 units are currently 100% occupied, each equipped with a private balcony or patio, individually metered gas and electric, and updated interiors. Recent renovations, totaling approximately $500,000, encompass new kitchens with quartz countertops and stainless steel appliances, updated bathrooms with new vanities and tile shower walls, high-efficiency toilets, LED recessed lighting, and new windows. Exterior improvements include fresh paint, new staircases and decking, a security camera system, upgraded exterior lighting, and refreshed landscaping. The property also includes a laundry room with owned equipment, generating additional income. The building is equipped with a fire sprinkler system. Parking is provided at a ratio of one space per 1,000 square feet. While current rents are strong, there's potential for further increases, enhancing cash flow. The asking price is $5,095,000, or $254,750 per unit. All information is deemed reliable, but buyers are encouraged to verify details and conduct their own due diligence.

Location Insight

City

Santa Ana

County

Orange

State

California

Latitude

33.7427

Longitude

-117.876

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