$3,550,000

709 E Chestnut Avenue, Santa Ana, CA 92701

  • 1 bath
  • Property Icon Multi-Family Home
  • Property Year Built Icon Built in ——
  • Property Lot Size Icon6,848sqft lot
  • Property Parking Icon —— car garage
  • Property Price Per Square Feet Icon $——/sqft
  • Property List Date Icon Listed 6 months ago

Property Description

The Chestnut Apartments is a turnkey, 12-unit apartment building located in the heart of Santa Ana. Built in 1983 and just minutes away from the historic Downtown District, this property represents one of the most attractive multifamily investment opportunities in the county. It boasts a compelling 6.2% CAP Rate based on current rental income. Further enhancing the investment potential, buyers have the option to assume the existing financing, which requires only a 30% down payment and features a below-market fixed interest rate that remains in effect through November 2029. This advantageous financing presents a rare opportunity to take advantage of positive leverage, dramatically increasing the cash-on-cash return. The Chestnut Apartments 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-theart exterior lighting, adding to the overall appeal. Previously, ownership had received full approval for the addition of three Accessory Dwelling Units (ADUs). These ADU's, once constructed, add a projected 29.7% increase in gross income.

Listing Status:
Active
Listing Office:
Morgan Skenderian : 949-251-8800
Listing Agent:
Rick Applebaum :
MLS ID:
PW25111635
  • Pool: N/K
  • General: 2 Story
  • HOA Amenities: 0.0
  • Originating MLS: California Regional MLS
  • County: Orange
  • Zoning: Assessor40407212
  • Source: California Regional MLS

This listing courtesy of Rick Applebaum, Morgan Skenderian

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

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Location

Schools Nearby

R

Roosevelt Elementary School

501 S Halladay St, Santa Ana, CA, 92701

Grades KG-5

0.09 miles away

A

Advanced Learning Academy

335 E Walnut St, Santa Ana, CA, 92701

Grades 3-12

0.31 miles away

A

Advanced Learning Academy

335 E Walnut St, Santa Ana, CA, 92701

Grades 3-12

0.31 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.