Active MLS # PW24022552 | Listed by Rick Applebaum with Morgan Skenderian
709 E Chestnut Avenue is a $3,390,000, 7,032 square foot home on a 0.16 acre lot located in Santa Ana, CA.
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 6.3% 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.
| #Open Parking Spaces | 12.0 |
| Appliances | Dryer Washer |
| Fireplace Types | None |
| # Parking Spaces | 12 |
| Parking Types | Controlled Entrance |
| Exterior Features | Curbs Gutter Sidewalks None Standard Property Attached - Yes Rent Control - Yes |
| Construction Types | 2 Common Walls |
| Water Source | Public |
| Sewer | Public Sewer |
| Attribution Contact | rma@morganskenderian.com |
| Financial Terms | 1031 Exchange Conventional |
| Property Type | Residential Income |
| Property Sub Type | Apartment |
| Style | Two Full Service |
| Year Built | 1983 |
| HOA Fee | $0.00 |
| Taxes | $40,636.00 |
| County | orange |
| Neighborhood |
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