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202 E Walnut Street

Santa Ana, CA 92701
  • $3,195,000
  • STATUS: Active
  • ON SITE: 29 Days
  • ID#: PW24022495
$3,195,000
  • 0
    BEDS
  • 0.26
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1937
County:

School Ratings & Info

Listing Agent(s): Rick Applebaum of Morgan Skenderian (949-251-8800) and Paul Espinosa of Morgan Skenderian(949-251-8800)


Description

Pleased to present 202 E. Walnut Street, a garden style, 10-unit apartment complex overflowing with curb appeal, consisting of (9) Large 1-Bedroom units and (1) Studio averaging 763 SF each. Beautifully maintained with lush landscaping and a heavily upgraded property, the units are situated on a sizeable corner lot of a quiet, treelined street. Residents of the property enjoy the proximity to the Historic Downtown District (walking distance) known for its vibrant artistic & cultural scene, trendy dining establishments and various other entertainment related venues. All units of the property have been meticulously cared for and fully upgraded with washer and dryer machines included in each unit, all new kitchens with stainless steel appliance, interior paint, fixture throughout the units, and dual pane windows. Priced at a 6.3% CAP rate on the current rents makes this investment one the most attractive multifamily investments in the entire county. A rare opportunity to take advantage of positive leverage, allowing the investor to place a smaller down payment and increase the cash-on-cash return. Additionally, current ownership is in the process of obtaining approval for (2) ADU (Accessory Dwelling Units) which is expected to receive planning approval shortly. The additional income generate from this unit is expected to increase gross income by 23%.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-03-01T00:31:17.237. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
www.legacy15.com/homes/147135118
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202 E Walnut Street Santa Ana, CA 92701

  • Price: $3,195,000
  • Status: Active
  • On Site: 29 Days
  • ID#: PW24022495
0
Beds
0
Baths
0
½ Baths
0.26
Acres
1937
Built
Neighborhood:
699 - Not Defined
County:
Orange
Area:
699 - Not Defined
Property Description
Pleased to present 202 E. Walnut Street, a garden style, 10-unit apartment complex overflowing with curb appeal, consisting of (9) Large 1-Bedroom units and (1) Studio averaging 763 SF each. Beautifully maintained with lush landscaping and a heavily upgraded property, the units are situated on a sizeable corner lot of a quiet, treelined street. Residents of the property enjoy the proximity to the Historic Downtown District (walking distance) known for its vibrant artistic & cultural scene, trendy dining establishments and various other entertainment related venues. All units of the property have been meticulously cared for and fully upgraded with washer and dryer machines included in each unit, all new kitchens with stainless steel appliance, interior paint, fixture throughout the units, and dual pane windows. Priced at a 6.3% CAP rate on the current rents makes this investment one the most attractive multifamily investments in the entire county. A rare opportunity to take advantage of positive leverage, allowing the investor to place a smaller down payment and increase the cash-on-cash return. Additionally, current ownership is in the process of obtaining approval for (2) ADU (Accessory Dwelling Units) which is expected to receive planning approval shortly. The additional income generate from this unit is expected to increase gross income by 23%.
Exterior Features

Entry Level 1 Entry Location 1 Number Of Separate Electric Meters 11 Parking Total 5 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Appliances DryerWasher Common Walls 2+ Common Walls Fireplace Features None Fireplace YN No

Property Features

Additional Parcels YN No Cap Rate 6.3 Common Interest Community Apartment Community Features CurbsGutter(s)Sidewalks Electric Expense 3000 Fuel Expense 3000 Garage YN Yes Gross Income 6000 Gross Scheduled Income 277800 Insurance Expense 5347 Land Lease YN No Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Conventional1031 Exchange Maintenance Expense 8084 Net Operating Income 202025 New Construction YN No New Taxes Expense 37965 Number Of Separate Gas Meters 10 Number Of Separate Water Meters 1 Operating Expense 67441 Other Expense 2695 Property Sub Type Apartment Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tax Annual Amount 35400 Total Actual Rent 22650 Trash Expense 3000 Vacancy Allowance 8334 Water Sewer Expense 3000 Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-03-01T00:31:17.237. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
 
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Legacy 15 Real Estate Brokers
22521 Avenida Empresa Suites 100 & 102
Rancho Santa Margarita CA, 92688
Listing Agent(s): Rick Applebaum of Morgan Skenderian (949-251-8800) and Paul Espinosa of Morgan Skenderian(949-251-8800)