1426 Minnie St
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1426 Minnie St
20 Unit Apartment Building $4,720,000 ($236,000/Unit) 6% Cap Rate Santa Ana, CA 92707
Investment Highlights
- Cash flow! Large Potential Proforma CAP Rate is 8.24%. Market rent is $508,800.
- The rent is below market.
- High demand rental units
- Convenient access to a plethora of retail, dining, and entertainment options
- located within 0.75 miles to Kennedy Elementary School, Lathrop Intermediate School, and Century High School
- 2 APN numbers, buyer does not need on-site manager
Executive Summary
Great cashflow! Market CAP Rate is 8.24%. Current CAP is 6%. 20 high demand rental units located in the heart of Orange County. Separate APN numbers so buyer does not need on-site manager. Amenities include a spacious and quiet central courtyard, security doors, on-site laundry, and ample surface parking. Minnie Street is located just south of Santa Ana’s Downtown and is within the Pacific Park neighborhood. The property is within 1 mile of the bustling retail corridor of Downtown Santa Ana which provides residents with convenient access to a plethora of retail, dining, and entertainment options. The property is conveniently located within 0.75 miles to Kennedy Elementary School, Lathrop Intermediate School, and Century High School. Convenient excess to I-5 freeway. Separate electric meters paid by tenants. The landlord pays for water, trash, gas, and sewer. 8-2 bedrooms and 12-1 bedroom. The rent is below market bringing upside opportunity to increase rents by new buyer. Current actual income is $403,404 with 6% CAP. Market rent is $508,800.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $4,720,000 | Building Class | C |
| Price Per Unit | $236,000 | Lot Size | 0.48 AC |
| Sale Type | Investment | Building Size | 14,268 SF |
| Cap Rate | 6% | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1961 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Price | $4,720,000 |
| Price Per Unit | $236,000 |
| Sale Type | Investment |
| Cap Rate | 6% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.48 AC |
| Building Size | 14,268 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Office
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | $1,676 | 500 - 700 |
| 2+1 | 8 | $1,866 | 700 - 950 |
1 of 1
Walk Score ®
Very Walkable (71)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $624,240 | |
| Land Assessment | $4,161,600 | Total Assessment | $4,785,840 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$4,161,600
Improvements Assessment
$624,240
Total Assessment
$4,785,840
zoning
| Zoning Code | R3, Santa Ana |
| R3, Santa Ana |
-
Benjamin Lin -
1000 Realty Corp
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1426 Minnie St
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