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709 E Chestnut Avenue

Santa Ana, CA 92701
  • $3,480,000
  • STATUS: Active
  • ON SITE: 29 Days
  • ID#: PW24022552
UPDATED: 87 min ago
$3,480,000
  • 0
    BEDS
  • 0.16
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1983
County:

School Ratings & Info

Listing Agent(s): Rick Applebaum of Morgan Skenderian (949-251-8800) and Paul Espinosa of Morgan Skenderian(949-251-8800)


Description

Pleased to present 709 East Chestnut Avenue, an immaculate turn-key 12-unit apartment building. Built in 1983 and nestled in the heart of Santa Ana, just minutes away from the Historical Downtown District, this property stands as one of the most attractive multifamily investments in the entire county, boasting a compelling 6.2% Capitalization Rate (CAP rate) on current rental income. A rare opportunity to take advantage of positive leverage, allowing the investor to place a smaller down payment and increase the cash-on-cash return. 709 Chestnut 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-the-art exterior lighting, adding to the overall appeal. A noteworthy aspect of the Chestnut Apartments is the Planning Department Approval secured by the current ownership for the addition of three Accessory Dwelling Units (ADUs). With building approval expected imminently, the new owner stands to benefit from the construction of three additional units, translating to a projected 28.5% increase in gross income.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-03-01T10:33:26.237. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Brianna Miller | Synergy Real Estate. Licensed in the State of California, USA.
www.briannasellshomes.com/homes/147135106
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709 E Chestnut Avenue Santa Ana, CA 92701

  • Price: $3,480,000
  • Status: Active
  • On Site: 29 Days
  • Updated: 87 min ago
  • ID#: PW24022552
0
Beds
0
Baths
0
½ Baths
0.16
Acres
1983
Built
Neighborhood:
699 - Not Defined
County:
Orange
Area:
699 - Not Defined
Property Description
Pleased to present 709 East Chestnut Avenue, an immaculate turn-key 12-unit apartment building. Built in 1983 and nestled in the heart of Santa Ana, just minutes away from the Historical Downtown District, this property stands as one of the most attractive multifamily investments in the entire county, boasting a compelling 6.2% Capitalization Rate (CAP rate) on current rental income. A rare opportunity to take advantage of positive leverage, allowing the investor to place a smaller down payment and increase the cash-on-cash return. 709 Chestnut 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-the-art exterior lighting, adding to the overall appeal. A noteworthy aspect of the Chestnut Apartments is the Planning Department Approval secured by the current ownership for the addition of three Accessory Dwelling Units (ADUs). With building approval expected imminently, the new owner stands to benefit from the construction of three additional units, translating to a projected 28.5% increase in gross income.
Exterior Features

Carport Spaces 0 Entry Level 1 Entry Location 1 Number Of Separate Electric Meters 13 Open Parking Spaces 12 Parking Features Controlled Entrance Parking Total 12 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Appliances DryerWasher Common Walls 2+ Common Walls Fireplace Features None Fireplace YN No

Property Features

Additional Parcels YN No Cap Rate 6.2 Common Interest Community Apartment Community Features CurbsGutter(s)Sidewalks Electric Expense 3060 Fuel Expense 3060 Garage YN No Gross Income 7200 Gross Scheduled Income 295140 Insurance Expense 4922 Land Lease YN No Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Conventional1031 Exchange Maintenance Expense 8589 Net Operating Income 214088 New Construction YN No New Taxes Expense 41633 Number Of Separate Gas Meters 12 Number Of Separate Water Meters 1 Operating Expense 72197 Other Expense 2863 Property Sub Type Apartment Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tax Annual Amount 38558 Trash Expense 3060 Vacancy Allowance 8854 Water Sewer Expense 3060 Water Source Public Zoning R3



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-03-01T10:33:26.237. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Brianna Miller | Synergy Real Estate. Licensed in the State of California, USA.
 
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Brianna Miller | Synergy Real Estate
140 N. Harvard Avenue #341
Claremont CA, 91711
Listing Agent(s): Rick Applebaum of Morgan Skenderian (949-251-8800) and Paul Espinosa of Morgan Skenderian(949-251-8800)