Active
902 E 17th Street Santa Ana, CA 92701
$4,200,000
beds
0 baths
sq ft

Courtesy of Marcus & Millichap RE Invest, Tyler Leeson. IDX Contact: 949-419-3200

Contact Us to Learn More

David Oronoz

David Oronoz

Principal | Multifamily Investments

DRE# 01838862

Bobby Aschtiani

Bobby Aschtiani

Principal | Multifamily Investments

DRE# 02048373

Chris Pettit

Chris Pettit

Principal | Multifamily Investments

DRE# 01983950

Property Description

902 East 17th Street is an 18-unit multifamily asset in Santa Ana, which is a core market in Orange County. The property is strategically bound by the intersection of the 5 Freeway to its South West, the 55 Freeway to its East and the 22 Freeway to its North. The asset is 1.4 miles from Downtown Santa Ana, 1.2 miles from Orange County School of the Arts, and 10 minutes to South Coast Plaza. This uniquely positioned, two-story property was built in 1954 and consists of 3 two-bedroom/one-bathroom units and 15 one-bedroom/one-bathroom units. It offers sixteen dedicated covered parking spaces with space for additional parking and ample street parking. The building was repainted within the past 5 years. Some of the rear parking spots benefit from having their support columns newly reinforced, which saves a new investor thousands in capital expenditures. Rent collections have been 100% throughout COVID-19. The asset is well-maintained yet positioned for future renovations to unlock its 37% rental upside potential. The asset’s desirable location fundamentals minimize lease-up time and offer a new investor high rental potential with a stable resident profile. This is a rare opportunity for an investor to acquire a true value-add property with strong location fundamentals in a high-density and high-demand submarket.

Property Details & Features

Property Type

  • Residential Income

Year Built

  • 1954

House

  • 2 total stories
  • Built in 1954
  • Stories: 2
  • 10990 total building sqft
  • No Common Walls
  • Two

Community

  • Curbs
  • Sidewalks

Expenses

  • Electric Expense: $5,090
  • Fuel Expense: $5,090
  • Insurance Expense: $4,396
  • Maintenance Expense: $9,000
  • Operating Expense: $109,200
  • Other Expense: $15,692
  • Water Sewer Expense: $5,090

Income

  • Gross Income: 272167
  • Gross Scheduled Income: 272167
  • Net Operating Income: 154802

Listing

  • 3 days on market
  • Listed on 2021-10-18
  • Rent controlled

Location

  • County: Orange

Lot

  • 11326 sqft
  • 0.26 acres
  • Area: 0.26
  • Level
  • Street Level

Parking

  • Carport
  • 16 carport spaces
  • 16 total parking spaces

Property

  • Single building
  • 18 units

Sewer

  • Public Sewer

Taxes

  • New Taxes: $47,460

Utilities

  • 18 separate electric meters

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