511 East Washington Avenue
Description
of the strongest rental markets in Southern California. The City of Santa Ana is a historic city with a vibrant downtown located in Orange County. Built in 1964, the subject property offers a very attractive unit mix comprised of one-, two-, and three-bedroom units totaling 26,707 square feet
situated on just over one acre of land. Approximately 75% of the unit...The Washington Avenue Apartments is a 30-unit apartment community located in the very desirable French Court neighborhood of Santa Ana, one
of the strongest rental markets in Southern California. The City of Santa Ana is a historic city with a vibrant downtown located in Orange County. Built in 1964, the subject property offers a very attractive unit mix comprised of one-, two-, and three-bedroom units totaling 26,707 square feet
situated on just over one acre of land. Approximately 75% of the unit mix consists of two- and three-bedroom units. Some amenities include gated entry with a large courtyard, ample on-site parking including carports, BBQ area, patios/balconies, and an on-site laundry facility. Some recent renovations and upgrades of interiors and exterior include granite countertops, vinyl/plank flooring, new tubs and showers, new appliances, new windows and sliders, new railings, a substantial deck replacement/resurfacing, new A/C units, some new bathrooms and kitchens, and the bulk of the individual water heaters have been replaced. This offering represents an opportunity for an investor to achieve a 5.88% CAP Rate and 6.14% Cash-on-Cash return, on current income, for a well-located and stable/turnkey investment property in the desirable rental market of Santa Ana, California. Additionally, The Washington Avenue
Apartments are well suited to provide investors with strong returns and value appreciation over the long-term investment horizon.
- Listed by Greg Bassirpou • DRE #01365951 • Brokerage DRE #00530854 • Marcus & Millichap RE Invest • gbassirpou@marcusmillichap.com
Property Details for 511 East Washington Avenue
Property Details for 511 East Washington Avenue
| Status | Active |
|---|---|
| MLS # | OC24202271 |
| Days on Market | 121 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1964 |
| County | Orange County |
Building Information for 511 East Washington Avenue
Property Information for 511 East Washington Avenue
- Gross Income: $811,740
- Gross Scheduled Income: $767,940
- Vacancy Allowance: 24352
- Vacancy Allowance Rate: 3
- Gross Operating Income: $811,740
- Net Operating Income: $570,129
- Other Income Description: Laundry and RUBS
- Other Income 1: $43,800
- Operating Expense: $217,259
- Fuel Expense: $8,105
- Electric Expense: $8,105
- Insurance Expense: $9,729
- Professional Management Expense: $20,000
- Trash Expense: $8,105
- Water Sewer Expense: $8,105
- Total Expenses: $217,259
- Tax Block: 4
- Tax Tract Number: 140
- Tax Census Tract: 744.05
- CFD/Mello-Roos Fee: $7,379
- Tax Lot: 8
- Community Features: Curbs, Sidewalks, Storm Drains, Street Lights
- Laundry: Yes
- Laundry Features: Community
- Virtual Tour URL Branded: https://www.wellcomemat.com/video/589gb9f9e2cb1lrn0/SA/CA/92701/E-Washington/OC24202271/
- Virtual Tour URL Unbranded: https://www.wellcomemat.com/mls/589gb9f9e2cb1lrn0
- Entry Location: Ground
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Lot Features: Landscaped, Near Public Transit
- Number Of Units: 30
- Land Lease: No
- Land Lease Type: Fee
- Levels: Two
- Water: Public
- Sewer: Public Sewer
- Water Source: Public
- Garage Spaces: 0
- Uncovered Spaces: 22
- Open Other Spaces Total: 22
- Parking Garage Spaces: 0
- Carport Spaces: 34
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $1,803
- Unit Type Total Rent: $1,803
- Unit Type Pro Forma: 1975
- Unit Type Type: 1
- Unit Type Units Total: 7
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $12,782
- Unit Type Total Rent: $12,782
- Unit Type Pro Forma: 13825
- Unit Type Type: 2
- Unit Type Units Total: 10
- Unit Type Beds Total: 2
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $20,472
- Unit Type Total Rent: $20,472
- Unit Type Pro Forma: 28250
- Unit Type Type: 3
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 2
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $2,052
- Unit Type Total Rent: $2,052
- Unit Type Pro Forma: 2950
- Unit Type Type: 4
- Unit Type Units Total: 11
- Unit Type Beds Total: 3
- Unit Type Baths Total: 2
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $26,886
- Unit Type Total Rent: $26,886
- Unit Type Pro Forma: 34650
- Unit Type Type: 5
- Number Of Units Leased: 30
- Rent Controlled: Yes
- Number Of Buildings: 1
- Number Of Separate Electric Meters: 30
- Number Of Separate Gas Meters: 30
- Number Of Separate Water Meters: 1
Property History for 511 East Washington Avenue
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 511 East Washington Avenue
Schools near 511 East Washington Avenue
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | K to 8 | |||
| Public - | 9 to 12 | |||
| Charter - | K to 8 |
Rating | School | Distance |
|---|---|---|
Wallace R. Davis Elementary School PublicK to 5 | ||
Sierra Preparatory Academy PublicK to 8 | ||
Santa Ana High School Public9 to 12 | ||
El Sol Santa Ana Science And Arts Academy CharterK to 8 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of Marcus & Millichap RE Invest, Greg Bassirpou, DRE #01365951
Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.