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Case De Los Amigos 2221 E Lenita Ln 22 Unit Apartment Building $5,775,000 ($262,500/Unit) 5.56% Cap Rate Santa Ana, CA 92705
INVESTMENT HIGHLIGHTS
- Excellent North Santa Ana Location Near Orange and Tustin - Within The Highly Rated Tustin School District
- Well-Maintained and Professionally Managed Throughout Ownership
- Property Has Been Individually Parceled As Condos, Operates as Apartments
- 5.6% Cap Rate with Current Rents, 8.0% with Market Rents
EXECUTIVE SUMMARY
We are pleased to present Casa Los Amigos, a 22-Unit condo community, currently being operated as apartments, in the city of Santa Ana, CA. The property features a mix of spacious 1 and 2-bedroom units, equipped with laminate wood flooring, balconies/patios, stainless steel sinks, gas wall heaters, wall a/c, and ceiling fans. Amenities include controlled access, gated and covered parking (19 covered, 8 open), lush landscaping, and a shared laundry facility. The asset has been well maintained and professionally managed throughout ownership. Years prior, ownership converted and permitted the units into individually parceled condos, providing a buyer with the opportunity to sell the units individually. Casa Los Amigos currently generates a 5.6% cap rate on existing income, with a proforma cap rate of 8.0%. This well-maintained, pride-of-ownership asset offers investors strong in-place income with significant and flexible upside potential in an excellent location.
PROPERTY FACTS
| Price | $5,775,000 | Property Subtype | Apartment |
| Price Per Unit | $262,500 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.56% | Lot Size | 0.67 AC |
| Gross Rent Multiplier | 10.84 | Building Size | 16,897 SF |
| No. Units | 22 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1969 |
| Price | $5,775,000 |
| Price Per Unit | $262,500 |
| Sale Type | Investment |
| Cap Rate | 5.56% |
| Gross Rent Multiplier | 10.84 |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.67 AC |
| Building Size | 16,897 SF |
| No. Stories | 2 |
| Year Built | 1969 |
AMENITIES
UNIT AMENITIES
- Den
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 17 | $1,848 | 600 - 672 |
| 2+1 | 1 | $2,481 | 729 |
| 2+2 | 4 | $2,290 | 999 |
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Walk Score®
Very Walkable (77)
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Case De Los Amigos | 2221 E Lenita Ln
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