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710 W Washington Ave 14 Unit Apartment Building $3,100,000 ($221,429/Unit) 5.78% Cap Rate Santa Ana, CA 92706
EXECUTIVE SUMMARY
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 5.9% cap rate based on current income, with local market rents supporting an estimated 8.9% 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 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 | $3,100,000 | Apartment Style | Low-Rise |
| Price Per Unit | $221,429 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.22 AC |
| Cap Rate | 5.78% | 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 | 1981 |
| Property Type | Multifamily | Parking Ratio | 1.35/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R2, Santa Ana | ||
| Price | $3,100,000 |
| Price Per Unit | $221,429 |
| Sale Type | Investment |
| Cap Rate | 5.78% |
| 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 | 0.22 AC |
| Building Size | 10,400 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1981 |
| 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
- Laundry Facilities
- Gated
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 14 | - | 742 |
1 1
Walk Score®
Very Walkable (81)
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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