511 E Washington Ave
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511 E Washington Ave
30 Unit Apartment Building $9,700,000 ($323,333/Unit) 5.88% Cap Rate Santa Ana, CA 92701
Investment Highlights
- Excellent Location Across From Historic French Park Community & Vibrant Downtown Santa Ana
- Very Attractive Unit Mix Consisting of One-, Two-, & Three-Bedroom Units / Extensive Recent Renovations & Upgrades of Interiors & Exterior
- Secured Gated-Entry with Large Garden-Style Courtyard, BBQ Area, Patios, & Balconies / RUBS (Utility Billing) System Already in Place
- 5.88% CAP Rate and 6.14% Cash-on-Cash Return on Current Income / Value-Add Opportunity: Substantial Rental Upside
- Opportunity to Add ADU’s to Property to Further Maximize Cash Flow / Ample On-Site Parking Including (34) Carports & (22) Open Spaces
- Building Owned On-Site Laundry Facility / Easy Access to Freeways and Close to Schools, Retail, Employment, & Entertainment
Executive Summary
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. 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.
**Call, Text, or Email for Marketing Package**
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. 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.
**Call, Text, or Email for Marketing Package**
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$767,940
|
$28.75
|
| Other Income |
$43,800
|
$1.64
|
| Vacancy Loss |
$24,352
|
$0.91
|
| Effective Gross Income |
$787,388
|
$29.48
|
| Taxes |
$108,656
|
$4.07
|
| Operating Expenses |
$108,603
|
$4.07
|
| Total Expenses |
$217,259
|
$8.13
|
| Net Operating Income |
$570,129
|
$21.35
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $767,940 |
| Annual Per SF | $28.75 |
| Other Income | |
|---|---|
| Annual | $43,800 |
| Annual Per SF | $1.64 |
| Vacancy Loss | |
|---|---|
| Annual | $24,352 |
| Annual Per SF | $0.91 |
| Effective Gross Income | |
|---|---|
| Annual | $787,388 |
| Annual Per SF | $29.48 |
| Taxes | |
|---|---|
| Annual | $108,656 |
| Annual Per SF | $4.07 |
| Operating Expenses | |
|---|---|
| Annual | $108,603 |
| Annual Per SF | $4.07 |
| Total Expenses | |
|---|---|
| Annual | $217,259 |
| Annual Per SF | $8.13 |
| Net Operating Income | |
|---|---|
| Annual | $570,129 |
| Annual Per SF | $21.35 |
Property Facts
| Price | $9,700,000 | Building Class | C |
| Price Per Unit | $323,333 | Lot Size | 1.07 AC |
| Sale Type | Investment | Building Size | 26,707 SF |
| Cap Rate | 5.88% | Average Occupancy | 100% |
| Gross Rent Multiplier | 11.95 | No. Stories | 2 |
| No. Units | 30 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 2.1/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden |
| Price | $9,700,000 |
| Price Per Unit | $323,333 |
| Sale Type | Investment |
| Cap Rate | 5.88% |
| Gross Rent Multiplier | 11.95 |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.07 AC |
| Building Size | 26,707 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 2.1/1,000 SF |
| Opportunity Zone |
Yes |
Site Amenities
- Controlled Access
- Courtyard
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $1,818 | 500 - 550 |
| 2+1 | 10 | $2,233 | 875 |
| 2+2 | 1 | $2,052 | 1,120 |
| 3+2 | 11 | $2,661 | 1,135 |
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Walk Score ®
Very Walkable (86)
PROPERTY TAXES
| Parcel Number | 398-151-18 | Total Assessment | $9,384,000 |
| Land Assessment | $8,160,000 | Annual Taxes | $108,656 ($4.07/SF) |
| Improvements Assessment | $1,224,000 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
398-151-18
Land Assessment
$8,160,000
Improvements Assessment
$1,224,000
Total Assessment
$9,384,000
Annual Taxes
$108,656 ($4.07/SF)
Tax Year
2023
zoning
| Zoning Code | R3 |
| R3 |
-
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Marcus & Millichap
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