511 E Washington AVE Active Save Request In-Person Tour Request Virtual Tour
Santa Ana,CA 92701
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC24202271
HOA Y/N No
Year Built 1964
Lot Size 1.067 Acres
Property Description
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.
Location
State CA
County Orange
Area 699 - Not Defined
Zoning R3
Interior
Fireplace No
Laundry Common Area
Exterior
Carport Spaces 34
Pool None
Community Features Curbs,Storm Drain(s),Street Lights,Sidewalks
Total Parking Spaces 56
Private Pool No
Building
Lot Description Landscaped,Near Public Transit
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 39815118
Energy Description 8105.0
Acceptable Financing Cash,Cash to New Loan,1031 Exchange
Listing Terms Cash,Cash to New Loan,1031 Exchange
Special Listing Condition Standard