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$5,875,000

Beds
Unknown
sq ft
Unknown

520 E Walnut St, Santa Ana, CA 92701

520 E Walnut St

Santa Ana, CA 92701

  • 71 days on market
520 East Walnut Street is a 16-unit multifamily investment property located in Santa Ana, CA. Built in 1983, 520 East Walnut Street offers exclusively two-bedroom townhomes with private patios. The property features highly desirable amenities including in-unit laundry hookups, central A/C and heating, controlled pedestrian access, and a gated subterranean parking garage. Currently, there are 12 renovated or partially renovated units that feature high-quality upgrades including appliances, shaker-style cabinets, quartz countertops, plumbing fixtures, recessed lighting, and more. These improvements have allowed ownership to charge a significant rental premium over non-renovated units, with an average rent of $2,795 for the renovated units. Furthermore, current ownership has identified under-utilized community space that could further increase rental income and diversify the overall unit mix through the conversion of a storage room into an accessory dwelling unit (ADU). 520 East Walnut Street benefits from its excellent central Santa Ana location just south of Downtown Santa Ana and its bustling 4th Street, providing residents with convenient access to a plethora of retail, dining, and entertainment options. Additionally, the property is within walking distance of Downtown Plaza, granting residents easy access to everyday needs. 520 East Walnut Street is located within a 1-mile radius of all three levels of schooling, including Lowell Elementary School, Lathrop Intermediate School, and Santa Ana High School. Furthermore, the property is just over 1.50 miles from Santa Ana College, the 3rd top employer within the city per Santa Ana’s 2023 Annual Comprehensive Financial Report. Residents enjoy 520 East Walnut Street’s close proximity to Interstate 5 and State Route 55 as they connect residents to employment hubs throughout Southern California. Given the property’s high-quality unit finishes and close proximity to Santa Ana’s most popular destinations, 520 East Walnut Street is well suited to provide investors with strong returns over the long-term investment horizon.

Details

Property type

Apartment

Lot size

0.48 acres

Price per sq ft

Unknown

Year built

1983

HOA

No

Price History

10/14/2024
CRMLS

CRMLS #OC24212983

Listed
$5,875,000
-2.08%
03/01/2024
CRMLS

CRMLS #OC23172722

Removed
$6,000,000
09/14/2023
CRMLS

CRMLS #OC23172722

Listed
$6,000,000
+20.6%

Schools & Community

Neighborhood: 

Eastside

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

Community features: 

Curbs, Sidewalks

Status: Active

Tomo last checked: 12/23/2024 at 9:10 PM

Listing updated: 12/04/2024 at 8:40 PM

Listed by: Tyler Leeson, Marcus & Millichap RE Invest Phone #: (949) 419-3200

MLS: CRMLS #OC24212983

CRMLS logo

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