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    511 Washington Ave Santa Ana, CA 92701

    Sponsored
    For Sale
    $9,700,000

    30-unit multifamily, strong ROI.

    Property size:
    26,707 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 30-unit apartment building, located at 511 E Washington Ave, Santa Ana, CA 92701, presents a compelling investment opportunity. Boasting 26,707 square feet on a 46,479 square foot lot, this Class C property features a mix of one-, two-, and three-bedroom units. Built in 1964 and situated in the desirable French Court neighborhood, the property benefits from a 100% occupancy rate, generating a current NOI of $570,129 and a 5.88% cap rate. A pro-forma NOI of $775,633 projects an 8.00% cap rate, highlighting significant upside potential. Recent renovations include granite countertops, new appliances, updated bathrooms and kitchens, new windows and sliders, and substantial deck resurfacing. Amenities include a gated entry, large courtyard, 56 parking spaces (including carports), BBQ area, patios/balconies, and an on-site laundry facility. The property is zoned R3 and offers a fee simple ownership with a 1031 exchange option. This turnkey investment provides strong returns and value appreciation potential in a prime Santa Ana location, close to freeways, schools, retail, and entertainment. The current asking price is $9,700,000, or $323,333 per unit.

    Property Features for 511 Washington Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    26,707 SF
    Class
    C

    Building Details

    Year Built
    1964
    Buildings
    1
    Stories
    2
    Units
    30

    HighLights

    • Prime location across from French Park & vibrant Downtown Santa Ana.
    • 5.88% CAP rate, 6.14% cash‑on‑cash return.
    • Desirable unit mix of one-, two-, and three‑bedroom apartments.
    • Recently renovated interiors and exteriors.
    • Significant rental upside potential.
    • Potential for ADU development to increase cash flow.
    Property Profile Location Intelligence

    Current Use by Public Records

    Marquez Handyman Handyman/Handywoman/Handyperson

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store 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
    -117.8630411818
    Latitude
    33.756730526105

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    FAQs

    What type of property is this?
    Multifamily property - 30-unit multifamily, strong ROI.
    Where is this multifamily property located?
    The property is located at 511 Washington Ave Santa Ana, CA.
    What is the asking price?
    The asking price for this property is $9,700,000.
    What are key features of this property?
    This property features: Prime location across from French Park & vibrant Downtown Santa Ana.; 5.88% CAP rate, 6.14% cash-on-cash return.; Desirable unit mix of one-, two-, and three-bedroom apartments.
    Request Owner's contact information
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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
    511 Washington Ave Santa Ana, CA 92701
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