1001 Myrtle St Santa Ana, CA 92703

Property Details for 1001 Myrtle St

Year built

1986

Property size

3,043 SF

Property type

Residential income homes

Description

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.