Homes for sale - 709 E Chestnut AVE, Santa Ana, CA 92701

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John Herkenrath

johnherkenrath@epiquerealty.com +1(310) 221-2910

$3,550,000

Est. payment - /mo

6,847 Sqft Lot

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UPDATED:

Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID PW25111635

HOA Y/N No

Year Built 1983

Lot Size 6,847 Sqft

Property Sub-Type Apartment

Property Description

The Chestnut Apartments is a turnkey, 12-unit apartment building located in the heart of Santa Ana. Built in 1983 and just minutes away from the historic Downtown District, this property represents one of the most attractive multifamily investment opportunities in the county. It boasts a compelling 6.2% CAP Rate based on current rental income. Further enhancing the investment potential, buyers have the option to assume the existing financing, which requires only a 30% down payment and features a below-market fixed interest rate that remains in effect through November 2029. This advantageous financing presents a rare opportunity to take advantage of positive leverage, dramatically increasing the cash-on-cash return.

The Chestnut Apartments redefines urban living with spacious studio apartment, each generously proportioned to function as complete one-bedroom units. Enhancing the living experience, every unit is equipped with its own washer and dryer, offering tenants the convenience of in-home laundry facilities. Recent extensive interior renovations elevate the property to new heights, featuring luxurious materials, contemporary kitchens, stainless steel appliances, vinyl/plank flooring, upgraded bathrooms, and a range of other enhancements. The exterior of the property has undergone a fresh transformation with new paint and state-of-theart exterior lighting, adding to the overall appeal.

Previously, ownership had received full approval for the addition of three Accessory Dwelling Units (ADUs). These ADU's, once constructed, add a projected 29.7% increase in gross income.

Location

State CA

County Orange

Area 69 - Santa Ana South Of First

Zoning R3

Interior

Fireplace No

Laundry See Remarks

Exterior

Garage Spaces 12.0

Garage Description 12.0

Pool None

Community Features Biking, Curbs, Park, Street Lights, Sidewalks

Total Parking Spaces 12

Private Pool No

Building

Story 3

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 40407212

Energy Description 3060.0

Acceptable Financing Cash to Existing Loan

Listing Terms Cash to Existing Loan

Special Listing Condition Standard

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Listed by Rick Applebaum Morgan Skenderian rma@morganskenderian.com

"John takes great pride in helping his clients through every step of the buying and selling process. Leveraging two decades of experience in pre-construction, new home sales and market sales exclusive representation. his vast knowledge in brokering home sales within luxury communities and new developments has proven invaluable to his clients."

+1(310) 221-2910

johnherkenrath@epiquerealty.com

8383 Wilshire Blvd #800 Beverly Hills CA 90211

709 E Chestnut AVE Santa Ana, CA 92701