520 E Walnut St
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520 E Walnut St
16 Unit Apartment Building $5,875,000 ($367,188/Unit) 5.44% Cap Rate Santa Ana, CA 92701
Investment Highlights
- Offers Exclusively Two-Bedroom Townhouse Units with Private Patios & In-Unit Laundry Hookups
- Potential to Increase Rental Income Through the Conversion of Existing Space into an Accessory Dwelling Unit (ADU)
- Just South of a Plethora of Retail, Dining, & Entertainment Options in Downtown Santa Ana
- Twelve Renovated or Partially Renovated Units with High-Quality Upgrades
- Gated Subterranean Parking Garage: Approximately 40 Spaces
- Within Walking Distance to Everyday Needs at Downtown Plaza, a Food 4 Less Anchored Retail Center
Executive Summary
The Leeson Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 520 East Walnut Street, a 16-unit multifamily investment property located in Santa Ana, CA.
Built in 1983, 520 East Walnut Street offers exclusively two-bedroom townhomes with private patios. The property features highly desirable amenities including in-unit laundry hookups, central A/C and heating, controlled pedestrian access, and a gated subterranean parking garage. Currently, there are 12 renovated or partially renovated units that feature high-quality upgrades including appliances, shaker-style cabinets, quartz countertops, plumbing fixtures, recessed lighting, and more. These improvements have allowed ownership to charge a significant rental premium over non-renovated units, with an average rent of $2,795 for the renovated units. Furthermore, current ownership has identified under-utilized community space that could further increase rental income and diversify the overall unit mix through the conversion of a storage room into an accessory dwelling unit (ADU).
520 East Walnut Street benefits from its excellent central Santa Ana location just south of Downtown Santa Ana and its bustling 4th Street, providing residents with convenient access to a plethora of retail, dining, and entertainment options. Additionally, the property is within walking distance of Downtown Plaza, granting residents easy access to everyday needs. 520 East Walnut Street is located within a 1-mile radius of all three levels of schooling, including Lowell Elementary School, Lathrop Intermediate School, and Santa Ana High School. Furthermore, the property is just over 1.50 miles from Santa Ana College, the 3rd top employer within the city per Santa Ana’s 2023 Annual Comprehensive Financial Report. Residents enjoy 520 East Walnut Street’s close proximity to Interstate 5 and State Route 55 as they connect residents to employment hubs throughout Southern California.
Given the property’s high-quality unit finishes and close proximity to Santa Ana’s most popular destinations, 520 East Walnut Street is well suited to provide investors with strong returns over the long-term investment horizon.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Built in 1983, 520 East Walnut Street offers exclusively two-bedroom townhomes with private patios. The property features highly desirable amenities including in-unit laundry hookups, central A/C and heating, controlled pedestrian access, and a gated subterranean parking garage. Currently, there are 12 renovated or partially renovated units that feature high-quality upgrades including appliances, shaker-style cabinets, quartz countertops, plumbing fixtures, recessed lighting, and more. These improvements have allowed ownership to charge a significant rental premium over non-renovated units, with an average rent of $2,795 for the renovated units. Furthermore, current ownership has identified under-utilized community space that could further increase rental income and diversify the overall unit mix through the conversion of a storage room into an accessory dwelling unit (ADU).
520 East Walnut Street benefits from its excellent central Santa Ana location just south of Downtown Santa Ana and its bustling 4th Street, providing residents with convenient access to a plethora of retail, dining, and entertainment options. Additionally, the property is within walking distance of Downtown Plaza, granting residents easy access to everyday needs. 520 East Walnut Street is located within a 1-mile radius of all three levels of schooling, including Lowell Elementary School, Lathrop Intermediate School, and Santa Ana High School. Furthermore, the property is just over 1.50 miles from Santa Ana College, the 3rd top employer within the city per Santa Ana’s 2023 Annual Comprehensive Financial Report. Residents enjoy 520 East Walnut Street’s close proximity to Interstate 5 and State Route 55 as they connect residents to employment hubs throughout Southern California.
Given the property’s high-quality unit finishes and close proximity to Santa Ana’s most popular destinations, 520 East Walnut Street is well suited to provide investors with strong returns over the long-term investment horizon.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$485,712
|
$31.23
|
| Other Income |
$6,000
|
$0.39
|
| Vacancy Loss |
$14,571
|
$0.94
|
| Effective Gross Income |
$477,141
|
$30.68
|
| Taxes |
$65,380
|
$4.20
|
| Operating Expenses |
$92,280
|
$5.93
|
| Total Expenses |
$157,660
|
$10.14
|
| Net Operating Income |
$319,481
|
$20.54
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $485,712 |
| Annual Per SF | $31.23 |
| Other Income | |
|---|---|
| Annual | $6,000 |
| Annual Per SF | $0.39 |
| Vacancy Loss | |
|---|---|
| Annual | $14,571 |
| Annual Per SF | $0.94 |
| Effective Gross Income | |
|---|---|
| Annual | $477,141 |
| Annual Per SF | $30.68 |
| Taxes | |
|---|---|
| Annual | $65,380 |
| Annual Per SF | $4.20 |
| Operating Expenses | |
|---|---|
| Annual | $92,280 |
| Annual Per SF | $5.93 |
| Total Expenses | |
|---|---|
| Annual | $157,660 |
| Annual Per SF | $10.14 |
| Net Operating Income | |
|---|---|
| Annual | $319,481 |
| Annual Per SF | $20.54 |
Property Facts
| Price | $5,875,000 | Building Class | C |
| Price Per Unit | $367,188 | Lot Size | 0.48 AC |
| Sale Type | Investment | Building Size | 15,552 SF |
| Cap Rate | 5.44% | Average Occupancy | 100% |
| Gross Rent Multiplier | 11.95 | No. Stories | 2 |
| No. Units | 16 | Year Built | 1983 |
| Property Type | Multifamily | Parking Ratio | 2.57/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $5,875,000 |
| Price Per Unit | $367,188 |
| Sale Type | Investment |
| Cap Rate | 5.44% |
| Gross Rent Multiplier | 11.95 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.48 AC |
| Building Size | 15,552 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1983 |
| Parking Ratio | 2.57/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Ceiling Fans
- Vaulted Ceiling
- Vinyl Flooring
Site Amenities
- Controlled Access
- Courtyard
- Laundry Facilities
- Gated
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 16 | - | 972 |
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Walk Score ®
Very Walkable (85)
PROPERTY TAXES
| Parcel Number | 404-081-01 | Total Assessment | $4,975,000 (2023) |
| Land Assessment | $3,800,000 (2023) | Annual Taxes | $65,380 ($4.20/SF) |
| Improvements Assessment | $1,175,000 (2023) | Tax Year | 2024 Payable 2024 |
PROPERTY TAXES
Parcel Number
404-081-01
Land Assessment
$3,800,000 (2023)
Improvements Assessment
$1,175,000 (2023)
Total Assessment
$4,975,000 (2023)
Annual Taxes
$65,380 ($4.20/SF)
Tax Year
2024 Payable 2024
zoning
| Zoning Code | R3, Santa Ana (multiple-family residential) |
| R3, Santa Ana (multiple-family residential) |
-
Tyler Leeson -
Anthony Brown -
Matthew Kipp -
Marcus & Millichap
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520 E Walnut St
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