520 East Walnut Street

Santa Ana, CA 92701

$5,875,000
Price
2
Beds
32
Baths
15,552 Sq. Ft.
$378 / Sq. Ft.
15,552
Sq. Ft.
$378
per Sq. Ft.

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...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.
  1. Listed by Tyler Leeson • DRE #01451551 • Brokerage DRE #00530854 • Marcus & Millichap RE Invest • tleeson@marcusmillichap.com

Property Details for 520 East Walnut Street

Parking Spaces Total
40
Private Pool
No
Total Units
16.0
Building Type
Detached
Lot Size Source
Assessor
Living Area
15552
Assessor Parcel Number
404-081-01
Property Attached YN
false
LISTING UPDATED: 10/14/2024 07:06 AM

Property Details for 520 East Walnut Street

StatusActive
MLS #OC24212983
Days on Market8
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1983
CountyOrange County

Building Information for 520 East Walnut Street

Building/Complex520 E Walnut StFloor-Stories2Residences-Pet Policy-Year Built1983Building Size-

Property Information for 520 East Walnut Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $491,712
  • Gross Scheduled Income: $485,712
  • Vacancy Allowance: 14571
  • Vacancy Allowance Rate: 3
  • Gross Operating Income: $471,141
  • Net Operating Income: $319,481
  • Other Income Description: Misc
  • Other Income 1: $6,000
  • Gross Multiplier: 11.95
  • Cap Rate: 5.44
Expense Details
  • Operating Expense: $157,660
  • Operating Expense Percent: 33.00%
  • New Taxes Expense: $65,380
  • Fuel Expense: $6,341
  • Electric Expense: $6,341
  • Insurance Expense: $12,800
  • Maintenance Expense: $12,000
  • Professional Management Expense: $16,700
  • Other Expense: $25,416
  • Other Expense Description: Misc
  • Trash Expense: $6,341
  • Water Sewer Expense: $6,341
  • Total Expenses: $157,660
Tax / Assessment Info
  • Tax Tract Number: 10724
  • Tax Census Tract: 749.01
  • CFD/Mello-Roos Fee: $4,216
  • Tax Lot: 1
Community / Development
Community / Development
  • Community Features: Curbs, Gutters, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Gas Dryer Hookup, Washer Hookup
  • Heating Type: Central
  • Heating: Central
Exterior Features
  • Entry Location: First level
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: Level with Street
  • Number Of Units: 16
  • Land Lease: No
  • Land Lease Type: Fee
  • Topography: Level
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 40
  • Parking Garage Spaces: 40
  • Carport Spaces: 0
Property / Structure Info
  • Builders Tract Name: Other
  • Builders Tract Code: Other (OTHR)
Unit Information
Unit 1
  • Unit Type Units Total: 16
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 40
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $40,476
  • Unit Type Total Rent: $40,476
  • Unit Type Pro Forma: 45600
  • Unit Type Type: 1
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 3
  • Number Of Separate Electric Meters: 16
  • Number Of Separate Gas Meters: 16
  • Number Of Separate Water Meters: 1

Property History for 520 East Walnut Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 520 East Walnut Street

Taxable ValueLand$3,876,000Additions$1,198,500Total$5,074,500
Tax Record2024$60,687 ($5,057 / month)
Home Facts
Total Finished SqFt1,316 SqFtAbove Grade Finished SqFt1,316 SqFtLot Size20,520 SqFtStyleMulti-Family Dwelling (2-4)Year Built1982CountyORANGEAPN404-081-01

Schools near 520 East Walnut Street

This home is within Santa Ana Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - K to 8
Public - 9 to 12
Charter - K to 5
Rating
School
Distance
Theodore Roosevelt Elementary School
PublicK to 5

Sierra Preparatory Academy
PublicK to 8

Century High School
Public9 to 12

Edward B. Cole Academy
CharterK to 5

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.

Similar Homes

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520 East Walnut Street is a multi-family home for sale in Santa Ana, CA 92701. This property was listed for sale on October 14, 2024 by Marcus & Millichap RE Invest, it's currently listed at $5,875,000. It has been on the market for a total of 8 days and was last sold on August 30, 2022. This listing's school district is Santa Ana Unified School District. Nearby schools include Theodore Roosevelt Elementary School, Sierra Preparatory Academy and Century High School. 520 East Walnut Street is a 2-bed, 32-bath, 15,552 sqft multi-family home built in 1983.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap RE Invest, Tyler Leeson, DRE #01451551

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.