223 Orange Ave 5 Unit Apartment Building $1,350,000 ($270,000/Unit) 5.71% Cap Rate Santa Ana, CA 92701

Kirklen Investment Group is proud to present 223 South Orange Avenue, a high-cash-flow five-unit multifamily investment property located in the desirable Pacific Park neighborhood of Santa Ana, California. The property features a spacious Victorian front house configured as a five-bedroom, five-bath unit, complemented by a rear four-plex offering efficient studio floorplans designed to maximize rental income and promote long-term occupancy stability. Residents enjoy desirable amenities including an on-site laundry facility, a shared central courtyard, four individual garage parking spaces, and security screen doors. The property has been professionally managed throughout ownership, ensuring consistent performance and reliable cash flow. A Ratio Utility Billing System (RUBS) is in place, effectively reducing ownership expenses and improving operating efficiency.
Recent capital improvements include upgraded electrical panel on the front house. While the property provides strong in-place income, additional interior and exterior renovations present a clear opportunity to further enhance value, elevate curb appeal, and achieve higher market rents. The garages offer an additional value-add opportunity in which buyers may rent them out for supplemental income or explore converting them into an ADU to further maximize returns (buyer to verify all ADU feasibility with the City of Santa Ana).
The asset currently generates $129,775 in gross annual income ($10,815 per month), reflecting a strong 10.40 Gross Income Multiplier (GIM) with meaningful upside through strategic improvements and rent repositioning. Ideally located less than half a mile from Downtown Santa Ana and 4th Street Market, the property offers exceptional connectivity to employment, education, and entertainment corridors. Santa Ana College, MainPlace Mall, and the new OC Streetcar line are all just minutes away, providing residents with convenient transit options and everyday amenities. Proximity to the I-5 and CA-22 freeways further enhances access to major job centers throughout Orange and Los Angeles Counties. Combining stable in-place income, low operating costs, and a prime central location, 223 South Orange Avenue presents investors with a compelling opportunity to acquire a turnkey multifamily asset offering reliable cash flow today and substantial long-term growth potential.
*Drive-by only. Please do not walk the property or disturb the residents. To request the Offering Memorandum, contact the Listing Agent directly via email, phone, or text.