709 E Chestnut Avenue, Santa Ana, CA 92701 - MLS#PW25111635

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Matt O'Brien

matt@homecrave.com +1(619) 302-3010

$ 3,550,000

Est. payment | -/mo

6,848 Sqft Lot

Save

$ 3,550,000

Est. payment | -/mo

Save

6,848 Sqft Lot

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID PW25111635

Lot Size 6,848 Sqft

Property Sub-Type Res Income 2-4 Units

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.

Location

State CA

County Orange

Zoning Assessor

Direction South of 1st Street and East of Main Street

Interior

Fireplace No

Exterior

View Y/N No

Building

Story 3

Level or Stories 3

Others

Senior Community No

Tax ID 40407212

Listed by Rick Applebaum Morgan Skenderian

+1(619) 302-3010

matt@homecrave.com

San Diego, CA, 92124

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709 E Chestnut Avenue Santa Ana, CA 92701