1212 Broadway Santa Ana, CA 92701

Property Details for 1212 Broadway

Year built

1976

Property size

20,780 SF

Property type

Commercial real estate

APN

398-541-13 & 398-541-10

Description

This exceptional 30-unit apartment building in Santa Ana, California presents a compelling investment opportunity. The property, located at 1212 N Broadway, boasts 20,780 square feet and sits on a 59,497 square foot lot. The two-story building, constructed in 1976, features a mix of 20 one-bedroom/one-bathroom and 10 two-bedroom/two-bathroom units, all meticulously updated with modern finishes including mini-splits, new appliances, in-unit laundry, and upgraded bathrooms. A 500-square-foot office and a charming courtyard enhance the property's appeal. Currently operating as short-term rentals, this asset offers flexibility for a new owner. The asking price is $11,000,000, representing a price per unit of $366,666.67 and a price per square foot of $529.36. The property also includes a separate 0.48-acre parcel (APN 398-541-13 & 398-541-10) at 300 West Washington Boulevard, a large parking lot partially leased to a neighboring school, generating substantial additional income. This turnkey investment boasts a 6.91% cap rate and a net operating income (NOI) of $760,016. Its prime downtown location, near the OC School of the Arts, the One Broadway Plaza development, and the future OC Streetcar line (opening in 2025), ensures strong tenant demand and future appreciation. Importantly, this property is not subject to Santa Ana rent control. This is a rare opportunity to acquire a high-performing multifamily asset in a rapidly developing area.