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Santa Ana, CA 92701,520 E Walnut ST
Santa Ana, CA 92701,520 E Walnut ST
Santa Ana, CA 92701,520 E Walnut ST
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$5,875,000
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0.48 Acres Lot
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520 E Walnut ST Santa Ana, CA 92701

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Adam Renick

Adam Renick

+1(619) 678-8186

UPDATED:

10/14/2024 09:07 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Subdivision ,Other

MLS Listing ID OC24212983

HOA Y/N No

Year Built 1983

Lot Size 0.480 Acres

Property Description

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.

Location

State CA

County Orange

Area 69 - Santa Ana South Of First

Interior

Heating Central

Fireplace No

Laundry Washer Hookup, Gas Dryer Hookup

Exterior

Garage Spaces 40.0

Garage Description 40.0

Pool None

Community Features Curbs, Gutter(s), Sidewalks

Total Parking Spaces 40

Private Pool No

Building

Lot Description Street Level

Story 2

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 40408101

Energy Description 6341.0

Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange

Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange

Special Listing Condition Standard

California Regional MLS (CRMLS)
Listed by Tyler Leeson • Marcus & Millichap RE Invest • [email protected]

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Adam Renick

Agent | License ID: 01979227

+1(619) 678-8186

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520 E Walnut ST