Homes for sale - 511 E Washington AVE, Santa Ana, CA 92701

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The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$9,700,000

Est. payment - /mo

1.07 Acres Lot

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UPDATED:

12/05/2024 05:23 AM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID OC24202271

HOA Y/N No

Year Built 1964

Lot Size 1.067 Acres

Property Sub-Type Apartment

Property Description

The Washington Avenue Apartments is a 30-unit apartment community located in the very desirable French Court neighborhood of Santa Ana, one
of the strongest rental markets in Southern California. The City of Santa Ana is a historic city with a vibrant downtown located in Orange County.

Built in 1964, the subject property offers a very attractive unit mix comprised of one-, two-, and three-bedroom units totaling 26,707 square feet
situated on just over one acre of land. Approximately 75% of the unit mix consists of two- and three-bedroom units. Some amenities include gated entry with a large courtyard, ample on-site parking including carports, BBQ area, patios/balconies, and an on-site laundry facility. Some recent renovations and upgrades of interiors and exterior include granite countertops, vinyl/plank flooring, new tubs and showers, new appliances, new windows and sliders, new railings, a substantial deck replacement/resurfacing, new A/C units, some new bathrooms and kitchens, and the bulk of the individual water heaters have been replaced.

This offering represents an opportunity for an investor to achieve a 5.88% CAP Rate and 6.14% Cash-on-Cash return, on current income, for a well-located and stable/turnkey investment property in the desirable rental market of Santa Ana, California. Additionally, The Washington Avenue
Apartments are well suited to provide investors with strong returns and value appreciation over the long-term investment horizon.

Location

State CA

County Orange

Area 699 - Not Defined

Zoning R3

Interior

Fireplace No

Laundry Common Area

Exterior

Carport Spaces 34

Pool None

Community Features Curbs, Storm Drain(s), Street Lights, Sidewalks

Total Parking Spaces 56

Private Pool No

Building

Lot Description Landscaped, Near Public Transit

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 39815118

Energy Description 8105.0

Acceptable Financing Cash, Cash to New Loan, 1031 Exchange

Listing Terms Cash, Cash to New Loan, 1031 Exchange

Special Listing Condition Standard

Virtual Tour https://www.wellcomemat.com/video/589gb9f9e2cb1lrn0/SA/CA/92701/E-Washington/OC24202271/

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Listed by Greg Bassirpou • Marcus & Millichap RE Invest • gbassirpou@marcusmillichap.com

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Serving Southern California

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