Active

709 E Chestnut Avenue

Santa Ana CA, 92701

$3,480,000


$494.88 per sqft

Active

7,032 sqft

Condo

Built in 1983

Listed by Rick Applebaum with Morgan Skenderian 949-251-8800

Pleased to present 709 East Chestnut Avenue, an immaculate turn-key 12-unit apartment building. Built in 1983 and nestled in the heart of Santa Ana, just minutes away from the Historical Downtown District, this property stands as one of the most attractive multifamily investments in the entire county, boasting a compelling 6.2% Capitalization Rate (CAP rate) on current rental income. A rare opportunity to take advantage of positive leverage, allowing the investor to place a smaller down payment and increase the cash-on-cash return.

709 Chestnut redefines urban living with spacious studio apartment, each generously proportioned to function as complete one-bedroom units. Enhancing the living experience, every unit is equipped with its own washer and dryer, offering tenants the convenience of in-home laundry facilities. Recent extensive interior renovations elevate the property to new heights, featuring luxurious materials, contemporary kitchens, stainless steel appliances, vinyl/plank flooring, upgraded bathrooms, and a range of other enhancements. The exterior of the property has undergone a fresh transformation with new paint and state-of-the-art exterior lighting, adding to the overall appeal. A noteworthy aspect of the Chestnut Apartments is the Planning Department Approval secured by the current ownership for the addition of three Accessory Dwelling Units (ADUs). With building approval expected imminently, the new owner stands to benefit from the construction of three additional units, translating to a projected 28.5% increase in gross income.

PW24022552

MLS ID

January 31, 2024

Listed

March 28, 2024

Updated

Map

709 E Chestnut Avenue
Santa Ana CA, 92701

Interior Features

Total Stories

2


Appliances

Dryer, Washer


Fireplace

Yes


Fireplace Description

None


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.16 Acres


Sewer

Public Sewer

Other Property Details

Area Name

699 - Not Defined


Taxes

$38,558


Tax Frequency

Annually


Garage

No


Parking

Controlled Entrance


Parking Total

12


View

No


County

Orange


Water Source

Public


Pool

No


Pool Features

None


Zoning

R3


Buyer Agency Compensation

2%

Listing Contact: 949-251-8800 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/28/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 3/28/2024 at 3:32 PM UTC

 

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