335 E Chestnut Ave
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335 E Chestnut Ave
22 Unit Apartment Building $5,350,000 ($243,182/Unit) 5.17% Cap Rate Santa Ana, CA 92701
Investment Highlights
- 1985 Construction with Copper Plumbing and Individual Gas & Electric Meters
- Over 1.5:1 Covered Parking
- Situated in Strong Rental Location Within Santa Ana
- Desirable Mix of 1 Bed & 2 Bed/2 Bath Units
- 5.1% Cap Rate on Current Income, Approximate 8% on Market
Executive Summary
We are pleased to present the Chestnut Avenue Property in Santa Ana, CA. Constructed in 1985, this property features copper plumbing and offers an over 1.5:1 parking ratio with 34 covered parking spaces. The property consists of 14 one-bed units and 8 two-bed, two-bath units. Over half of the units have balconies, and the amenities include two on-site laundry facilities, an elevator, individual water heaters, and individual gas and electric meters. The property boasts a 5.1% cap rate on current income, with the potential to achieve nearly 8% on market rents. With the potential for a 35% increase in rental income, investors can expect strong in-place cash flow while strategically implementing a plan to maximize their investment returns.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$431,914
|
$31.43
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$155,383
|
$11.31
|
| Net Operating Income |
$276,531
|
$20.12
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $431,914 |
| Annual Per SF | $31.43 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $155,383 |
| Annual Per SF | $11.31 |
| Net Operating Income | |
|---|---|
| Annual | $276,531 |
| Annual Per SF | $20.12 |
Property Facts
| Price | $5,350,000 | Apartment Style | Low Rise |
| Price Per Unit | $243,182 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.40 AC |
| Cap Rate | 5.17% | Building Size | 13,742 SF |
| Gross Rent Multiplier | 12.13 | No. Stories | 2 |
| No. Units | 22 | Year Built | 1985 |
| Property Type | Multifamily | Parking Ratio | 2.47/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $5,350,000 |
| Price Per Unit | $243,182 |
| Sale Type | Investment |
| Cap Rate | 5.17% |
| Gross Rent Multiplier | 12.13 |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.40 AC |
| Building Size | 13,742 SF |
| No. Stories | 2 |
| Year Built | 1985 |
| Parking Ratio | 2.47/1,000 SF |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 14 | $1,524 | 530 |
| 2+2 | 8 | $1,903 | 790 |
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Walk Score ®
Very Walkable (87)
Bike Score ®
Very Bikeable (71)
PROPERTY TAXES
| Parcel Number | 404-094-17 | Improvements Assessment | $2,187,292 |
| Land Assessment | $3,280,937 | Total Assessment | $5,468,229 |
PROPERTY TAXES
Parcel Number
404-094-17
Land Assessment
$3,280,937
Improvements Assessment
$2,187,292
Total Assessment
$5,468,229
zoning
| Zoning Code | R3 |
| R3 |
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335 E Chestnut Ave
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