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1001 N Van Ness Avenue

Santa Ana, CA 92701
  • $2,200,000
  • STATUS: ACTIVE
  • ON SITE: 65 Days
  • ID#: PW24155809
UPDATED: 25 min ago
$2,200,000
  • 3
    BEDS
  • 0.22
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

The subject consists of a two-story, nine-unit woodframe and stucco apartment building constructed in 1964 and last renovated in 2024, when the owners painted the exterior stucco and trim, replaced the roof, windows, many of the HVAC units, bathroom sinks and light fixtures. There are eight one bedroom/one bath units, each approximately 625 square feet in size and one two bedroom/one and one-half bath two-story townhouse approximately 900 square feet in size. The property has an outstanding location just two short blocks directly north of the main portion of the Santa Ana Civic Center. Santa Ana is the county seat and is the location of most of the major city, county, state and federal government buildings in Orange County. Parking in the Civic Center area is scarce and expensive, so the ability to walk to the Civic Center is a major attraction of this location. The property includes six covered carport spaces plus six uncovered spaces. Many similar-sized apartment buildings have been renovated or have been newly-constructed in the neighborhood. Rental rates at the property are low and very rarely are there vacancies in the building. Most apartment buildings with the city of Santa Ana, including the subject, are subject to city and state rent stabilization regulations. The rental rates specified herein are effective October 1, 2024, however, the property may qualify for a capital improvement adjustment in the allowed rental rates which, when approved, may allow the owner a significant increase the annual net operating income per year. The subject is located on a corner parc The subject consists of a two-story, nine-unit woodframe and stucco apartment building constructed in 1964 and last renovated in 2024, when the owners painted the exterior stucco and trim, replaced the roof, windows, many of the HVAC units, bathroom sinks and light fixtures. There are eight one bedroom/one bath units, each approximately 625 square feet in size and one two bedroom/one and one-half bath two-story townhouse approximately 900 square feet in size. The property has an outstanding location just two short blocks directly north of the main portion of the Santa Ana Civic Center. Santa Ana is the county seat and is the location of most of the major city, county, state and federal government buildings in Orange County. Parking in the Civic Center area is scarce and expensive, so the ability to walk to the Civic Center is a major attraction of this location. The property includes six covered carport spaces plus six uncovered spaces. Many similar-sized apartment buildings have been renovated or have been newly-constructed in the neighborhood. Rental rates at the property are low and very rarely are there vacancies in the building. Most apartment buildings with the city of Santa Ana, including the subject, are subject to city and state rent stabilization regulations. The rental rates specified herein are effective October 1, 2024, however, the property may qualify for a capital improvement adjustment in the allowed rental rates which, when approved, may allow the owner a significant increase the annual net operating income per year. The subject is located on a corner parcel. Although eight of the apartment units front on North Van Ness Street, the one-two bedroom apartment unit fronts on 10th Street and the public record for this parcel uses the address of 519 West 10th Street.

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San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
www.redtreerealty.com/homes/153112651
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1001 N Van Ness Avenue Santa Ana, CA 92701

  • Price: $2,200,000
  • Status: ACTIVE
  • On Site: 65 Days
  • Updated: 25 min ago
  • ID#: PW24155809
3
Beds
0
Baths
0
½ Baths
0.22
Acres
Neighborhood:
Civic Center
County:
Orange
Area:
Oc - Santa Ana (92701)
Property Description
The subject consists of a two-story, nine-unit woodframe and stucco apartment building constructed in 1964 and last renovated in 2024, when the owners painted the exterior stucco and trim, replaced the roof, windows, many of the HVAC units, bathroom sinks and light fixtures. There are eight one bedroom/one bath units, each approximately 625 square feet in size and one two bedroom/one and one-half bath two-story townhouse approximately 900 square feet in size. The property has an outstanding location just two short blocks directly north of the main portion of the Santa Ana Civic Center. Santa Ana is the county seat and is the location of most of the major city, county, state and federal government buildings in Orange County. Parking in the Civic Center area is scarce and expensive, so the ability to walk to the Civic Center is a major attraction of this location. The property includes six covered carport spaces plus six uncovered spaces. Many similar-sized apartment buildings have been renovated or have been newly-constructed in the neighborhood. Rental rates at the property are low and very rarely are there vacancies in the building. Most apartment buildings with the city of Santa Ana, including the subject, are subject to city and state rent stabilization regulations. The rental rates specified herein are effective October 1, 2024, however, the property may qualify for a capital improvement adjustment in the allowed rental rates which, when approved, may allow the owner a significant increase the annual net operating income per year. The subject is located on a corner parc The subject consists of a two-story, nine-unit woodframe and stucco apartment building constructed in 1964 and last renovated in 2024, when the owners painted the exterior stucco and trim, replaced the roof, windows, many of the HVAC units, bathroom sinks and light fixtures. There are eight one bedroom/one bath units, each approximately 625 square feet in size and one two bedroom/one and one-half bath two-story townhouse approximately 900 square feet in size. The property has an outstanding location just two short blocks directly north of the main portion of the Santa Ana Civic Center. Santa Ana is the county seat and is the location of most of the major city, county, state and federal government buildings in Orange County. Parking in the Civic Center area is scarce and expensive, so the ability to walk to the Civic Center is a major attraction of this location. The property includes six covered carport spaces plus six uncovered spaces. Many similar-sized apartment buildings have been renovated or have been newly-constructed in the neighborhood. Rental rates at the property are low and very rarely are there vacancies in the building. Most apartment buildings with the city of Santa Ana, including the subject, are subject to city and state rent stabilization regulations. The rental rates specified herein are effective October 1, 2024, however, the property may qualify for a capital improvement adjustment in the allowed rental rates which, when approved, may allow the owner a significant increase the annual net operating income per year. The subject is located on a corner parcel. Although eight of the apartment units front on North Van Ness Street, the one-two bedroom apartment unit fronts on 10th Street and the public record for this parcel uses the address of 519 West 10th Street.
Exterior Features

Exterior Stucco Parking Garage Desc Unit1 Assigned Pool N/K Site CurbsSidewalks Topography Level Units With Patios 1

Interior Features

Heat Source Electric Stories 2 Story Total Baths Unit1 1 Total Baths Unit2 2 Units With Range Oven 9 Units With Washers 9 Water Heater Type Electric

Property Features

Actual Cap Rate 4.86 Annual Expense Actual 52861 Assessments N/K Buildings 1 Cfd Mello Roos Fee 0.0 Cfd Mello Roos Fee Reflects Year Gross Rent Multiplier Actual 13.77 Gross Scheduled Income Actual 159809 Home Owners Fees 0.0 Possession Close of Escrow Tenant Pays ElectricityGas/PropaneParking Fees Terms Exchange Unit Number For Unit1 1 Unit Number For Unit2 2 Unit1 Rent Actual 11170.0 Unit2 Rent Actual 1741.0 Zoning Assessor

San Diego MLS logo Listing provided courtesy of Carl Reinhart of Carl Reinhart, Broker: 714-404-8020. Listing information © 2024 San Diego MLS Inc. Source: CRMLS
San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
 
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