511 Washington Avenue, Santa Ana

$9,700,000

Previous Next

9

Beds

7

Baths

1.07

Acres

About 511 Washington Avenue

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. Approximately 75% of the unit mix consists of two- and three-bedroom units. 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.

Features of 511 Washington Avenue

MLS® # OC24202271
Price $9,700,000
Bedrooms 9
Bathrooms 7.00
Acres 1.07
Year Built 1964
Type Residential Income
Sub-Type Apartment
Status Active

Community Information

Address 511 Washington Avenue
Area 699 - Not Defined
City Santa Ana
County Orange
Zip Code 92701

Amenities

Parking Spaces 56
Is Waterfront No
Has Pool No
Pool None

Interior

Has Basement No
Fireplace No
# of Stories 2
Stories Two

Exterior

Lot Description Landscaped, Near Public Transit

Additional Information

Date Listed September 30th, 2024
Days on Market 132
Zoning R3
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

AgentGreg Bassirpou
OfficeMarcus & Millichap RE Invest

Listing Map

Request a Showing

Provide a valid email address.
When would you like to view this property?