511 Washington Ave Santa Ana, CA 92701
- Apartment buildings
- 26,207 SF
- 1.07 lot acres
Current Use by Public Records
- Marquez Handyman / Handyman/Handywoman/Handyperson
Property Details for 511 Washington Ave
- Year built
- 1964
- Lot size
- 1.07 lot acres
- Property size
- 26,207 SF
- Property type
- Apartment buildings
- APN
- 398-151-18
- APU
- 39815118
Description
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.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $9,920,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $9,195,000
- 6.5%
- $10,195,000
- 7%
- $9,565,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $9,150,000
- Geo Method
- $9,625,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $8,750,000
- Retail
- $9,105,000
- Mixed-Use
- $8,065,000
- Hospitality
- $9,755,000
- Educational
- $9,420,000
- Residential Income
- $8,245,000
- Energy
- $9,190,000
- Income-Based Land
- $10,355,000
- Food Service
- $8,145,000
Location Insight
- Map
- Local Demand
- City
- Santa Ana
- County
- Orange
- State
- California
- Longitude
- -117.863
- Latitude
- 33.7562
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
