819 Cypress Ave Santa Ana, CA 92701-5872
- Residential income homes
- 4,405 SF
- 0.29 lot acres
Dec 16, 2024
Current Use by Public Records
- Residential income homes
Property Details for 819 Cypress Ave
- Year built
- 1973
- Lot size
- 0.29 lot acres
- Property size
- 4,405 SF
- Property type
- Residential income homes
- Property subtype
- Small apartment buildings
- APN
- 011-052-01
- APU
- 1105201
Description
This exceptional 7-unit apartment complex in Santa Ana, CA presents a compelling value-add opportunity. Located on a tree-lined street, this property comprises two single-story buildings offering a mix of well-designed one and three-bedroom units, including charming cottages. The 4,405 square foot property sits on a 13,682 square foot lot and boasts ample parking with a 2:1 ratio (13 spaces). Five of the seven units have recently undergone interior renovations, and partial roof and window replacements have been completed. The property features a desirable 1973 construction date and currently enjoys 100% occupancy, generating a current NOI of $105,717 and a 6.22% cap rate. Pro forma projections indicate a significant increase in NOI to $150,684 and an 8.86% cap rate, showcasing the potential for substantial returns. The property is zoned R2 and is offered at $1,700,000, translating to $242,857.14 per unit and $385.93 per square foot. This is a fee-simple ownership with no ground lease. The property's location in an established single-family neighborhood ensures high demand and strong rental income potential. This is an ideal investment for those seeking immediate cash flow with minimal effort. The property's strong fundamentals, combined with its value-add potential, make it a rare find in the competitive Santa Ana market. The address is 819 Cypress Ave, Santa Ana, CA 92701. APN: 011-052-01.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,600,000
- ML approach
- $1,600,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,590,000
- 6.5%
- $1,470,000
- 7%
- $1,365,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,360,000
Market price range: $808k - $2.36M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $1,580,000 Current use
- OFFICE BUILDING
- $2,435,000 Change: +54% Conversion: Moderate
- NEIGHBORHOOD: SHOPPING CENTER
- $2,065,000 Change: +31% Conversion: Difficult
- RETAIL STORES
- $1,690,000 Change: +7% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $1,390,000 Change: -12% Conversion: Moderate
- AUTO REPAIR, GARAGE
- $1,315,000 Change: -17% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Santa Ana
- County
- Orange
- State
- California
- Longitude
- -117.866
- Latitude
- 33.7377
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
