520 E Walnut ST Active Save Request In-Person Tour Request Virtual Tour
Santa Ana,CA 92701
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC24212983
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
Laundry Washer Hookup,Gas Dryer Hookup
Exterior
Garage Spaces 40.0
Garage Description 40.0
Pool None
Community Features Curbs,Gutter(s),Sidewalks
Building
Lot Description Street Level
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Acceptable Financing Cash,Cash to New Loan,Conventional,1031 Exchange
Listing Terms Cash,Cash to New Loan,Conventional,1031 Exchange
Special Listing Condition Standard