315 Garnsey StSanta Ana, CA 92701

Property Details for 315 Garnsey St

Year built

1964

Lot size

0.14 AC

Property size (Sq ft)

3,036 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

008-202-17

APU

820217

Description

This 5-unit apartment building in Santa Ana, CA, presents a compelling value-add opportunity. Built in 1964, the property comprises 3,036 square feet on a 6,098 square foot lot and features five one-bedroom units, three garage spaces, four open parking spaces, and an on-site laundry facility. Currently generating a NOI of $41,344 and a 3.18% cap rate, the property offers significant upside potential. Pro-forma NOI is projected at $77,952, resulting in a 6.00% pro-forma cap rate. The asking price is $1,300,000, or $260,000 per unit. The property's location in the Heninger Park neighborhood offers convenient access to Downtown Santa Ana (1.1 miles), the 4th Street Market, Santa Ana College (1.8 miles), and the 5 Interstate. The potential for converting garages into an additional dwelling unit (ADU) further enhances the investment potential, though verification with the City of Santa Ana is required. This property is ideal for investors seeking to capitalize on rental upside in a thriving area with strong tenant demand. Drive-by only

• CAP approach

  CAP return

  Valuation

  6%

  $1,035,460

  6.5%

  $955,809

  7%

  $887,537

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,656,300

  Geo Method

  $1,656,300

• Alternative Use

  Use

  Valuation

  Residential

  $955,809

  Hospitality

  $875,516

  Educational

  $728,419

  Medical

  $753,470

  Retail

  $1,133,096

Location Insight

City

Santa Ana

County

Orange

State

California

Latitude

33.7426

Longitude

-117.875

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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