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710 W Washington Ave 14 Unit Apartment Building $2,950,000 ($210,714/Unit) 6.42% Cap Rate Santa Ana, CA 92706
Investment Highlights
- Over a 9% Cap Rate Market Rents
- Current 6.4% Cap Rate
- Garage Parking & Secure Gated Access
- 14 Large Units with Patios
Executive Summary
JUST REDUCED: NEW VACANT FOR LEASE AT $2100
The Washington Apartments is a 14-unit apartment community located in the heart of Santa Ana. Built in 1983 and situated just north of the historic Downtown District, the property offers investors a high–cash-flow opportunity with significant upside potential. The property is attractively priced at a strong 6.4% cap rate based on current income, with local market rents supporting an estimated 9.2% pro forma cap rate.
The Washington Apartments features spacious studio units, each exceeding 700 square feet. Residents currently pay RUBS, contributing to efficient, low-expense operations. The property also provides multiple on-site common-area laundry machines for resident convenience, as well as 14 gated garage parking spaces located on the first floor.
The Washington Apartments is a 14-unit apartment community located in the heart of Santa Ana. Built in 1983 and situated just north of the historic Downtown District, the property offers investors a high–cash-flow opportunity with significant upside potential. The property is attractively priced at a strong 6.4% cap rate based on current income, with local market rents supporting an estimated 9.2% pro forma cap rate.
The Washington Apartments features spacious studio units, each exceeding 700 square feet. Residents currently pay RUBS, contributing to efficient, low-expense operations. The property also provides multiple on-site common-area laundry machines for resident convenience, as well as 14 gated garage parking spaces located on the first floor.
Property Facts
| Price | $2,950,000 | Apartment Style | Low-Rise |
| Price Per Unit | $210,714 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 6.42% | Building Size | 10,400 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 11.02 | No. Stories | 3 |
| No. Units | 14 | Year Built | 1983 |
| Property Type | Multifamily | Parking Ratio | 1.35/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R2, Santa Ana | ||
| Price | $2,950,000 |
| Price Per Unit | $210,714 |
| Sale Type | Investment |
| Cap Rate | 6.42% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 11.02 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 10,400 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1983 |
| Parking Ratio | 1.35/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R2, Santa Ana |
Amenities
Unit Amenities
- Balcony
- Heating
- Kitchen
- Carpet
- Den
- Dining Room
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Gated
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 14 | - | 742 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 398-531-06 | Improvements Assessment | $804,886 |
| Land Assessment | $245,121 | Total Assessment | $1,050,007 |
Property Taxes
Parcel Number
398-531-06
Land Assessment
$245,121
Improvements Assessment
$804,886
Total Assessment
$1,050,007
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710 W Washington Ave
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