Santa Ana Multifamily Investment
502 E Wellington Avenue, Santa Ana, CA 92701
- Added:
- May 13, 2025
- Days on Market:
- 384
- Last Refresh:
- May 31 at 5:06 pm
Property Features for 502 E Wellington Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- APN
- 39803201
- Size
- 5,018 SF
Building Details
- Year built
- 1929
- Architectural style
- Other
Listing agent Albert Ricci License #01011606 (714) 231-6058
Listing office Ricci Realty 606 E Chapman #100, Orange, CA (714) 633-3600
Listing date May 13, 2025
MLS# PW25101546
Listing URL
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Value‑add opportunity with potential to increase rents from $90,024 to $137,700 annually.
- Six 2‑bedroom, 1‑bath units, offering a desirable unit configuration.
- Located in Santa Ana's French Park.
- Washer/dryer hookups in each unit.
- Mediterranean‑style architecture with exterior balconies and good curb appeal.
- Potential eligibility for Mills Act property tax benefits.
Overview
Located in Santa Ana's French Park, this property features a six-unit apartment complex. The units are configured as two-bedroom, one-bath layouts. The complex is divided between two buildings situated on a corner lot. The architectural style is Mediterranean, with two-story buildings and wood-frame windows. Two of the units are positioned above two one-car garages. Dedicated surface parking is available for the remaining four units. Each unit includes washer and dryer hookups and exterior balconies. The property offers value-add potential with favorable floor plans. The property may qualify for the Mills Act property tax act. The property size is 5018 square feet.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $189.7k | $37.80 |
| − Vacancy | −$8.3k | −$1.66 |
| EGI | $181.3k | $36.14 |
| − OpEx | −$81.6k | −$16.26 |
| NOI | $99.7k | $19.88 |
5,018 SF · lease $37.80/SF/yr · vacancy 4.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.42M
$1.25M – $1.66M
NOI $99,734 @ 7.0% cap · market cap 6.67%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.55M
$1.36M – $1.81M
NOI $108,687 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Santa Ana
- County
- Orange
- State
- California
- Longitude
- -117.8631
- Latitude
- 33.754433
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Six-unit apartment complex in Santa Ana's French Park.
Where is this apartment building located?
The property is located at 502 E Wellington Avenue Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Value‑add opportunity with potential to increase rents from $90,024 to $137,700 annually.; Six 2‑bedroom, 1‑bath units, offering a desirable unit configuration.; Located in Santa Ana's French Park.
