$2,950,000
JUST REDUCED: NEW VACANCY FOR RENT $2100. The Washington Apartments is a 14-unit apartment community located in the heart of Santa Ana. Built in 1983 and situated just north of the historic Downtown District, the property offers investors a high–cash-flow opportunity with significant upside potential. The property is attractively priced at a strong 5.9% cap rate based on current income, with local market rents supporting an estimated 8.9% pro forma cap rate. The Washington Apartments features spacious studio units, each exceeding 700 square feet. Residents currently pay RUBS, contributing to efficient, low-expense operations. The property also provides multiple on-site common-area laundry machines for resident convenience, as well as 14 gated garage parking spaces located on the first floor.
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Listed by Randall Mycorn with R L M Equities (949) 573-5309
Property Type
Mixed Use
Status
Active
MLS Number
NP26007705
Year Built
1983
Lot Size
8,133 sq ft