1001 Van Ness Ave

The subject consists of a two-story, nine unit wood frame and stucco apartment building constructed in 1964 and last renovated in 2024, when the owners painted the exterior stucco and trim, replaced the roof, windows, many of the HVAC units, bathroom sinks and light fixtures. There are eight one bedroom/one bath units, each approximately 625 square feet in size and one two bedroom/one and one-half bath two-story townhouse approximately 900 square feet in size. The property has an outstanding location just two short blocks directly north of the main portion of the Santa Ana Civic Center. Santa Ana is the county seat, and is the location of most of the major city, county state and federal government buildings in Orange County. Parking in the Civic Center area is scarce and expensive, so the ability to walk to the Civic Center is a major attraction of this location. The property includes six covered carport spaces plus six uncovered spaces. Many similar-sized apartment buildings have been renovated or have been newly-constructed in the neighborhood. Rental rates are low and there are very rarely vacancies in the building. Most apartment buildings within the city of Santa Ana, including the subject, are subject to city and state rent stabilization regulations. The rental rates specified herein are effective October 1, 2024, however, the property may qualify for a capital improvement adjustment in the allowed rental rates which, when approved, may allow the owner to significantly increase the annual net operating income. The subject is located in a federal Opportunity Zone, which affords an investor the potential for some additional income tax benefits. The subject is located on a corner parcel. Although eight of the apartment units front on North Van Ness Avenue, the one, two bedroom apartment unit fronts on 10th Street and the public record for this this parcel uses the address of 519 West 10th Street.
This property is co-listed with Ritu Dewan of Century-21 Affiliated Realty, Irvine, CA.