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Chestnut Apartments 709 E Chestnut Ave 12 Unit Apartment Building $3,550,000 ($295,833/Unit) 6.22% Cap Rate Santa Ana, CA 92701
INVESTMENT HIGHLIGHTS
- Assumable Financing Fixed Through 2029 - 30% Down Payment
- 1983 Construction
- Fully Renovated Interiors with High End Finishes
- 6.2% CAP Rate on Current Rents
- Washer & Dryer Included in Each Unit
- Previously Approved for (3) ADUs
EXECUTIVE SUMMARY
Morgan Skenderian is pleased to present the Chestnut Apartments, a turnkey, 12-unit apartment building located in the heart of Santa Ana. Built in 1983 and just minutes away from the historic Downtown District, this property represents one of the most attractive multifamily investment opportunities in the county. It boasts a compelling 6.2% CAP Rate based on current rental income. Further enhancing the investment potential, buyers have the option to assume the existing financing, which requires only a 30% down payment and features a below-market fixed interest rate that remains in effect through November 2029. This advantageous financing presents a rare opportunity to take advantage of positive leverage, dramatically increasing the cash-on-cash return.
The Chestnut Apartments redefines urban living with spacious studio apartment, each generously proportioned to function as complete one-bedroom units. Enhancing the living experience, every unit is equipped with its own washer and dryer, offering tenants the convenience of in-home laundry facilities. Recent extensive interior renovations elevate the property to new heights, featuring luxurious materials, contemporary kitchens, stainless steel appliances, vinyl/plank flooring, upgraded bathrooms, and a range of other enhancements. The exterior of the property has undergone a fresh transformation with new paint and state-of-the art exterior lighting, adding to the overall appeal.
Previously, ownership had received full approval for the addition of three Accessory Dwelling Units (ADUs). These ADU's, once constructed, add a projected 29.7% increase in gross income.
The Chestnut Apartments redefines urban living with spacious studio apartment, each generously proportioned to function as complete one-bedroom units. Enhancing the living experience, every unit is equipped with its own washer and dryer, offering tenants the convenience of in-home laundry facilities. Recent extensive interior renovations elevate the property to new heights, featuring luxurious materials, contemporary kitchens, stainless steel appliances, vinyl/plank flooring, upgraded bathrooms, and a range of other enhancements. The exterior of the property has undergone a fresh transformation with new paint and state-of-the art exterior lighting, adding to the overall appeal.
Previously, ownership had received full approval for the addition of three Accessory Dwelling Units (ADUs). These ADU's, once constructed, add a projected 29.7% increase in gross income.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $3,550,000 | Apartment Style | Low-Rise |
| Price Per Unit | $295,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 6.22% | Building Size | 7,032 SF |
| Gross Rent Multiplier | 11.61 | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1983 |
| Property Subtype | Apartment | Parking Ratio | 1.71/1,000 SF |
| Zoning | R3 | ||
| Price | $3,550,000 |
| Price Per Unit | $295,833 |
| Sale Type | Investment |
| Cap Rate | 6.22% |
| Gross Rent Multiplier | 11.61 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 7,032 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1983 |
| Parking Ratio | 1.71/1,000 SF |
| Zoning | R3 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Washer/Dryer
- Kitchen
- Stainless Steel Appliances
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 12 | $2,053 | 586 |
1 1
Walk Score®
Very Walkable (76)
PROPERTY TAXES
| Parcel Number | 404-072-12 | Total Assessment | $2,621,808 (2025) |
| Land Assessment | $1,872,720 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $749,088 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
404-072-12
Land Assessment
$1,872,720 (2025)
Improvements Assessment
$749,088 (2025)
Total Assessment
$2,621,808 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
CONTACTS
-
Rick Applebaum -
Paul Espinosa -
Garrett Blair -
Morgan-Skenderian Investment Real Estate Group
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Chestnut Apartments | 709 E Chestnut Ave
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