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    1001 Myrtle St Santa Ana, CA 92703

    Sponsored
    For Sale
    $1,698,000

    Three-unit rental portfolio, high potential.

    Property size:
    3,043 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    396
    This exceptional multifamily investment opportunity in Santa Ana, CA, presents a rare chance to acquire a three-unit property with significant upside potential. The property, comprised of two buildings on a large 9,583 sq ft lot, features a total of 3,043 sq ft of net rentable space. Currently boasting 100% occupancy and a strong NOI of $86,279, the property offers a 5.08% cap rate. However, approved plans and permits (over $27,000 in design and city fees already paid) are in place to add a significant amount of living space, including a potential Accessory Dwelling Unit (ADU), which is projected to increase the NOI to $148,360 and the cap rate to 8.74%. The existing units are well-maintained, having undergone major renovations in 2022, including new paint, double-pane windows, flooring, bathrooms, kitchens, and fixtures. The property includes 14 parking spaces and is conveniently located near major freeways (22, 5, 57), downtown, schools, shopping, and parks. Each unit has separate gas, electric, and water meters. The property is zoned R2. All tenants are on month-to-month leases at market value. The asking price is $1,698,000, or $566,000 per unit. A property video is available upon request. Offers are subject to interior inspection. This is a truly motivated seller situation.

    Property Features for 1001 Myrtle St

    General Information

    Property type
    Multifamily properties
    Square Feet
    3,043 SF
    Class
    C

    Building Details

    Year Built/Renovated
    1986/2022
    Buildings
    2
    Stories
    2
    Units
    3

    HighLights

    • 8% CAP rate potential.
    • Substantial income increase of approximately $40,000 annually.
    • ADU and front house addition permitted.
    • All permits obtained and included in the purchase price.
    • Over $27,000 in design and city fees paid and included in the price.
    • All tenants on month‑to‑month leases at market rent.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income homes

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Santa Ana
    County
    orange
    State
    California
    Longitude
    -117.8787581
    Latitude
    33.7421712

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    FAQs

    What type of property is this?
    Multifamily property - Three-unit rental portfolio, high potential.
    Where is this multifamily property located?
    The property is located at 1001 Myrtle St Santa Ana, CA.
    What is the asking price?
    The asking price for this property is $1,698,000.
    What are key features of this property?
    This property features: 8% CAP rate potential.; Substantial income increase of approximately $40,000 annually.; ADU and front house addition permitted.
    (714) 982-2300
    Request Owner's contact information
    1001 Myrtle St Santa Ana, CA 92703
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    Santa Ana, CA 92703
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1001 Myrtle St Santa Ana, CA 92703
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