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Santa Ana Birch Apartments 420-422 S Birch St 33 Unit Apartment Building $6,100,000 ($184,848/Unit) 5.44% Cap Rate Santa Ana, CA 92701
Investment Highlights
- Less than $185K per unit & 10.73 GRM
- Well maintained property with most of units have a small private patio
- Significant value-add opportunity with below-market rents and Rubs.
- 1984 Construction with separated metered for gas & electricity and central hot water heater
- Walking distance from Santa Ana High School, downtown Santa Ana Art district
- Ample garage parking and storage unit for additional income
Executive Summary
Birch Street Apartments presents an outstanding opportunity to acquire a well-maintained, 33-unit multifamily asset built in 1984 with substantial value-add potential. Constructed with wood-frame and stucco, the property features garage parking on the ground level, with most units offering private patios that enhance tenant appeal.
The property is separately metered for gas and electricity, helping to reduce owner utility expenses, and is served by a central gas water heater. Residents also benefit from the convenience of an on-site laundry facility.
While the property is subject to the City of Santa Ana's rent stabilization ordinance, it offers significant long-term income growth potential. Based on current market conditions, a knowledgeable investor may have the opportunity to achieve rental increases exceeding 25% as units naturally turn over and are thoughtfully renovated. This combination of stable in-place income, desirable construction, and meaningful upside makes Birch Street Apartments a compelling investment opportunity in one of Orange County's strongest rental markets.
The property is separately metered for gas and electricity, helping to reduce owner utility expenses, and is served by a central gas water heater. Residents also benefit from the convenience of an on-site laundry facility.
While the property is subject to the City of Santa Ana's rent stabilization ordinance, it offers significant long-term income growth potential. Based on current market conditions, a knowledgeable investor may have the opportunity to achieve rental increases exceeding 25% as units naturally turn over and are thoughtfully renovated. This combination of stable in-place income, desirable construction, and meaningful upside makes Birch Street Apartments a compelling investment opportunity in one of Orange County's strongest rental markets.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$568,728
|
$16.86
|
| Other Income |
$9,252
|
$0.27
|
| Vacancy Loss |
$17,339
|
$0.51
|
| Effective Gross Income |
$560,641
|
$16.62
|
| Taxes |
$81,892
|
$2.43
|
| Operating Expenses |
$146,908
|
$4.35
|
| Total Expenses |
$228,800
|
$6.78
|
| Net Operating Income |
$331,841
|
$9.84
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $568,728 |
| Annual Per SF | $16.86 |
| Other Income | |
|---|---|
| Annual | $9,252 |
| Annual Per SF | $0.27 |
| Vacancy Loss | |
|---|---|
| Annual | $17,339 |
| Annual Per SF | $0.51 |
| Effective Gross Income | |
|---|---|
| Annual | $560,641 |
| Annual Per SF | $16.62 |
| Taxes | |
|---|---|
| Annual | $81,892 |
| Annual Per SF | $2.43 |
| Operating Expenses | |
|---|---|
| Annual | $146,908 |
| Annual Per SF | $4.35 |
| Total Expenses | |
|---|---|
| Annual | $228,800 |
| Annual Per SF | $6.78 |
| Net Operating Income | |
|---|---|
| Annual | $331,841 |
| Annual Per SF | $9.84 |
Property Facts
| Price | $6,100,000 | Apartment Style | Low-Rise |
| Price Per Unit | $184,848 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.57 AC |
| Cap Rate | 5.44% | Building Size | 14,968 SF |
| Gross Rent Multiplier | 10.73 | Average Occupancy | 90% |
| No. Units | 33 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1985 |
| Property Subtype | Apartment | Parking Ratio | 2.41/1,000 SF |
| Zoning | SP-SD-40, Santa Ana | ||
| Price | $6,100,000 |
| Price Per Unit | $184,848 |
| Sale Type | Investment |
| Cap Rate | 5.44% |
| Gross Rent Multiplier | 10.73 |
| No. Units | 33 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.57 AC |
| Building Size | 14,968 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1985 |
| Parking Ratio | 2.41/1,000 SF |
| Zoning | SP-SD-40, Santa Ana |
Amenities
Unit Amenities
- Balcony
- Heating
- Kitchen
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
- Security System
- Tenant Controlled HVAC
- Walking/Biking Trails
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 7 | - | 450 |
| 1+1 | 26 | - | 450 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 398-291-22 | Total Assessment | $2,383,863 (2026) |
| Land Assessment | $474,922 (2026) | Annual Taxes | $81,892 ($5.47/SF) |
| Improvements Assessment | $1,908,941 (2026) | Tax Year | 2025 |
Property Taxes
Parcel Number
398-291-22
Land Assessment
$474,922 (2026)
Improvements Assessment
$1,908,941 (2026)
Total Assessment
$2,383,863 (2026)
Annual Taxes
$81,892 ($5.47/SF)
Tax Year
2025
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Santa Ana Birch Apartments | 420-422 S Birch St