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616-618 S Van Ness Ave, Santa Ana 618 S Van Ness Ave 8 Unit Apartment Building $3,000,000 ($375,000/Unit) 6.01% Cap Rate Santa Ana, CA 92701
INVESTMENT HIGHLIGHTS
- Two Brand New 2025 ADU Buildings (4 Units)
- Energy Efficient Solar Panels For Select Units
- Tankless Water Heater For All Units
- Fully Renovated Front 4 Units
- New 400amp Electric Panel With Underground Wiring
- New HVAC Systems For Select Units & New Roof
EXECUTIVE SUMMARY
$75,000 Price reduction! 616-618 S Van Ness Ave is an 8-unit multifamily property in Santa Ana’s Heninger Park, offering a turnkey investment. It includes four 1-bed/1-bath and four 2-bed/2-bath units. In 2025, the front two buildings with four 1-bed/1-bath units were renovated, and two new 2025 ADU buildings which include a two-story, two-unit ADU and a garage ADU with an upper unit were built. The ADUs are exempt from Santa Ana rent stabilization, allowing flexible pricing.
The property has a new 400-amp panel electrical system, tankless water heaters, paid-off solar panels for the middle building, coin-operated laundry room, and in-unit laundry hookups for select units. Located one mile from downtown Santa Ana, it offers access to schools, dining, and retail. Low-maintenance artificial grass and tenant-managed landscaping add appeal.
The property has a new 400-amp panel electrical system, tankless water heaters, paid-off solar panels for the middle building, coin-operated laundry room, and in-unit laundry hookups for select units. Located one mile from downtown Santa Ana, it offers access to schools, dining, and retail. Low-maintenance artificial grass and tenant-managed landscaping add appeal.
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$244,800
|
$53.93
|
| Other Income |
$6,000
|
$1.32
|
| Vacancy Loss |
$7,344
|
$1.62
|
| Effective Gross Income |
$243,456
|
$53.64
|
| Taxes |
$34,986
|
$7.71
|
| Operating Expenses |
$28,056
|
$6.18
|
| Total Expenses |
$63,042
|
$13.89
|
| Net Operating Income |
$180,414
|
$39.75
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $244,800 |
| Annual Per SF | $53.93 |
| Other Income | |
|---|---|
| Annual | $6,000 |
| Annual Per SF | $1.32 |
| Vacancy Loss | |
|---|---|
| Annual | $7,344 |
| Annual Per SF | $1.62 |
| Effective Gross Income | |
|---|---|
| Annual | $243,456 |
| Annual Per SF | $53.64 |
| Taxes | |
|---|---|
| Annual | $34,986 |
| Annual Per SF | $7.71 |
| Operating Expenses | |
|---|---|
| Annual | $28,056 |
| Annual Per SF | $6.18 |
| Total Expenses | |
|---|---|
| Annual | $63,042 |
| Annual Per SF | $13.89 |
| Net Operating Income | |
|---|---|
| Annual | $180,414 |
| Annual Per SF | $39.75 |
PROPERTY FACTS Under Contract
| Price | $3,000,000 | Apartment Style | Garden |
| Price Per Unit | $375,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 6.01% | Building Size | 4,539 SF |
| Gross Rent Multiplier | 11.96 | No. Stories | 2 |
| No. Units | 8 | Year Built/Renovated | 1924/2025 |
| Property Type | Multifamily | Parking Ratio | 0.44/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | SD-40 | ||
| Price | $3,000,000 |
| Price Per Unit | $375,000 |
| Sale Type | Investment |
| Cap Rate | 6.01% |
| Gross Rent Multiplier | 11.96 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.16 AC |
| Building Size | 4,539 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1924/2025 |
| Parking Ratio | 0.44/1,000 SF |
| Zoning | SD-40 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Kitchen
- High Speed Internet Access
- Sprinkler System
- Tub/Shower
- Wi-Fi
- Double Pane Windows
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Storage Space
- Community-Wide WiFi
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | $2,050 | 400 - 420 |
| 2+2 | 4 | $3,100 | 536 - 800 |
Walk Score®
Very Walkable (83)
PROPERTY TAXES
| Parcel Number | 010-163-11 | Total Assessment | $870,555 |
| Land Assessment | $676,631 | Annual Taxes | $34,986 ($7.71/SF) |
| Improvements Assessment | $193,924 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
010-163-11
Land Assessment
$676,631
Improvements Assessment
$193,924
Total Assessment
$870,555
Annual Taxes
$34,986 ($7.71/SF)
Tax Year
2025
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616-618 S Van Ness Ave, Santa Ana | 618 S Van Ness Ave
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