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.
Property Details
Price:
$5,875,000
MLS #:
OC24212983
Status:
Active
Baths:
0
Address:
520 E Walnut Street
Type:
Residential Income
Subtype:
Apartment
Neighborhood:
69santaanasouthoffirst
City:
Santa Ana
Listed Date:
Oct 14, 2024
State:
CA
ZIP:
92701
Lot Size:
20,908 sqft / 0.48 acres (approx)
Year Built:
1983
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Schools
Interior
Heating
Central
Exterior
Community Features
Curbs, Gutters, Sidewalks
Garage Spaces
40.00
Lot Features
Level with Street
Parking Spots
40.00
Pool Features
None
Sewer
Public Sewer
Stories Total
2
Water Source
Public
Financial
Association Fee
0.00
Map
Community
- Address520 E Walnut Street Santa Ana CA
- Area69 – Santa Ana South of First
- CitySanta Ana
- CountyOrange
- Zip Code92701
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Courtesy of Marcus & Millichap RE Invest. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
520 E Walnut Street
Santa Ana, CA
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