520 Walnut StSanta Ana, CA 92701

Property Details for 520 Walnut St

Year built

1983

Lot size

0.48 AC

Property size (Sq ft)

15,552 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 16-unit apartment building in Santa Ana, CA, presents a compelling investment opportunity. Boasting 15,552 square feet across three, two-story buildings on a 0.48-acre lot (APN 404-081-01), the property offers exclusively two-bedroom townhouses, each featuring private patios and in-unit laundry hookups. Twelve units have undergone renovations or partial renovations, incorporating high-quality upgrades such as shaker-style cabinets, quartz countertops, and updated appliances. The property includes a gated subterranean parking garage with approximately 40 spaces. Currently generating a NOI of $319,481 (5.44% cap rate), a pro-forma NOI of $393,885 (6.70% cap rate) is projected. The asking price is $5,875,000 ($377.76/sq ft and $367,187.50/unit). Its prime location, just south of Downtown Santa Ana's vibrant 4th Street, offers residents easy access to retail, dining, and entertainment. Proximity to Downtown Plaza, Santa Ana College, and major freeways (I-5 and SR-55) further enhances its appeal. The property also presents potential for increased rental income through the conversion of existing space into an accessory dwelling unit (ADU). Built in 1983, this fee-simple ownership opportunity is ideal for investors seeking strong returns. Drive-by only; do not disturb residents.

Location Insight

City

Santa Ana

County

Orange

State

California

Latitude

33.7444

Longitude

-117.861

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