511 Washington AveSanta Ana, CA 92701

Property Details for 511 Washington Ave

Year built

1964

Lot size

1.07 AC

Property size (Sq ft)

26,207 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

398-151-18

APU

39815118

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $6,271,752

  6.5%

  $5,789,310

  7%

  $5,375,788

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,108,322

  Geo Method

  $14,297,321

• Alternative Use

  Use

  Valuation

  Residential

  $5,789,310

  Hospitality

  $5,302,977

  Educational

  $4,412,014

  Medical

  $4,563,750

  Retail

  $6,863,134

Location Insight

City

Santa Ana

County

Orange

State

California

Latitude

33.7562

Longitude

-117.863

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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