Thank you
Rick Applebaum
Morgan Skenderian
949-251-8800
Pleased to present 709 East Chestnut Avenue, an immaculate turn-key 12-unit apartment building. Built in 1983 and nestled in the heart of Santa Ana, just minutes away from the Historical Downtown District, this property stands as one of the most attractive multifamily investments in the entire county, boasting a compelling 6.2% Capitalization Rate (CAP rate) on current rental income. A rare opportunity to take advantage of positive leverage, allowing the investor to place a smaller down payment and increase the cash-on-cash return. 709 Chestnut redefines urban living with spacious studio apartment, each generously proportioned to function as complete one-bedroom units. Enhancing the living experience, every unit is equipped with its own washer and dryer, offering tenants the convenience of in-home laundry facilities. Recent extensive interior renovations elevate the property to new heights, featuring luxurious materials, contemporary kitchens, stainless steel appliances, vinyl/plank flooring, upgraded bathrooms, and a range of other enhancements. The exterior of the property has undergone a fresh transformation with new paint and state-of-the-art exterior lighting, adding to the overall appeal. A noteworthy aspect of the Chestnut Apartments is the Planning Department Approval secured by the current ownership for the addition of three Accessory Dwelling Units (ADUs). With building approval expected imminently, the new owner stands to benefit from the construction of three additional units, translating to a projected 28.5% increase in gross income.
Sell a home like this and save $208,301 Find Out How
Water Source : Public
Sewer : Public Sewer
Property Appliances: Dryer,Washer
Fireplace: None
Fireplace Features: None
Has Fireplace: 0
Year Built: 1983
Building Area Total: 7,032
None
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.1572
Lot Size Source: Assessor
Lot Size Square Feet: 6848
Original List Price: 3,480,000
Listing Contract Date: 2024-01-31
Listing Agreement: Exclusive Right To Sell
Parcel Number: 40407212
Annual Tax: 38558
Garage Description: Controlled Entrance
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: 699 - Not Defined
Postal Code Plus 4: 6164
Directions: South of 1st Street and East of Main Street
Zoning: R3
Source Property Type: Residential Income
Area: 699 - Not Defined
Property SubType: Apartment
Property Age: 41
Common Walls: 2+ Common Walls
Structure Type: Apartment
Year Built Source: Assessor
Entry Level: 1
Entry Location: 1
Property Attached: Yes
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
918 French Street, Santa Ana, CA,92701 | $1,495,000 | 8 | 2 | 3,417 | 7841 Sqft |
301 N Mcclay Street, Santa Ana, CA,92701 | $1,025,000 | 2 | 1 | 960 | 12281 Sqft |
203 E Bishop Street, Santa Ana, CA,92701 | $695,000 | 2 | 2 | 1,294 | 7414 Sqft |
408 E Civic Center Driv.., Santa Ana, CA,92701 | $420,000 | 2 | 2 | 773 | -- |
406 E Myrtle Street, Santa Ana, CA,92701 | $1,225,000 | 4 | 2 | 1,728 | 7500 Sqft |
902 E 17th Street, Santa Ana, CA,92701 | $3,850,000 | -- | -- | 10,990 | 11547 Sqft |
600 W 3rd Street #B114, Santa Ana, CA,92701 | $299,900 | 1 | 1 | 754 | -- |
723 N Poinsettia Street, Santa Ana, CA,92701 | $850,000 | 2 | 2 | 1,885 | -- |
190 W 3rd Street, Santa Ana, CA,92701 | $1,140,000 | 3 | 2 | 2,391 | -- |
302 E Chestnut Avenue #F, Santa Ana, CA,92701 | $455,000 | 2 | 2 | 1,087 | -- |
Copyright © 2024 by the Multiple Listing Service of the California Regional MLS®. This information is believed to be accurate but is not guaranteed. Subject to verification by all parties. This data is copyrighted and may not be transmitted, retransmitted, copied, framed, repurposed, or altered in any way for any other site, individual and/or purpose without the express written permission of the Multiple Listing Service of the California Regional MLS®. Information Deemed Reliable But Not Guaranteed. Any use of search facilities of data on this site, other than by a consumer looking to purchase real estate, is prohibited.
ByOwner last updated this listing 05/12/2024 @ 12:40
MLS: PW24022552
LISTED BY: Rick Applebaum, Morgan Skenderian
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.