FOR SALE
Listed by Rick Applebaum, Morgan Skenderian, (949) 251-8800
709 E Chestnut Ave
Santa Ana, CA 92701
Eastside
Studio
12 Baths
7,032 sqft
- Studio
- 12 Baths
- 7,032 sqft
Studio
12 Baths
7,032 sqft
Local Information
© Google
-- mins to
Commute Destination
Description
Pleased to present 709 East Chestnut Avenue, an immaculate turn-key 12-unit apartment building. Built in 1983 and nestled in the heart of Santa Ana, just minutes away from the Historical Downtown District, this property stands as one of the most attractive multifamily investments in the entire county, boasting a compelling 6.2% Capitalization Rate (CAP rate) on current rental income. A rare opportunity to take advantage of positive leverage, allowing the investor to place a smaller down payment and increase the cash-on-cash return. 709 Chestnut 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-the-art exterior lighting, adding to the overall appeal. A noteworthy aspect of the Chestnut Apartments is the Planning Department Approval secured by the current ownership for the addition of three Accessory Dwelling Units (ADUs). With building approval expected imminently, the new owner stands to benefit from the construction of three additional units, translating to a projected 28.5% increase in gross income.
Home Highlights
Parking
12 Parking Spaces
Outdoor
No Info
A/C
Contact Manager
HOA
None
Price/Sqft
$495
Listed
32 days ago
Home Details for 709 E Chestnut Ave
Interior Features |
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Beds & Baths Number of Bathrooms: 12 |
Fireplace & Spa Fireplace: NoneNo Fireplace |
Windows, Doors, Floors & Walls Common Walls: 2+ Common Walls |
Levels, Entrance, & Accessibility Stories: 2Number of Stories: 2Levels: TwoEntry Location: 1 |
Exterior Features |
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Exterior Home Features No Private Pool |
Parking & Garage Open Parking Spaces: 12No CarportNo GarageParking Spaces: 12Parking: Controlled Entrance |
Pool Pool: None |
Frontage Not on Waterfront |
Water & Sewer Sewer: Public Sewer |
Surface & Elevation Elevation Units: Feet |
Days on Market |
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Days on Market: 32 |
Property Information |
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Year Built Year Built: 1983 |
Property Type / Style Property Type: Residential IncomeProperty Subtype: Multi Family |
Building Not a New ConstructionAttached To Another StructureNo Additional Parcels |
Property Information Parcel Number: 40407212 |
Price & Status |
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Price List Price: $3,480,000Price Per Sqft: $495 |
Active Status |
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MLS Status: Active |
Location |
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Direction & Address City: Santa Ana |
Agent Information |
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Listing Agent Listing ID: PW24022552 |
Building |
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Building Area Building Area: 7032 Square Feet |
Community |
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Community Features: Curbs, Gutters, SidewalksNot Senior Community |
HOA |
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Association for this Listing: California Regional MLS |
Lot Information |
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Lot Area: 6848 sqft |
Listing Info |
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Special Conditions: Standard |
Compensation |
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Buyer Agency Commission: 2Buyer Agency Commission Type: % |
Notes The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed |
Rental |
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Has Rent Control |
Miscellaneous |
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Mls Number: PW24022552Attribution Contact: rma@morganskenderian.com |
Additional Information |
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CurbsGuttersSidewalks |
Last check for updates: about 23 hours ago
Listing Provided by: Rick Applebaum DRE #01273871
Morgan Skenderian
Paul Espinosa DRE #01942627
Morgan Skenderian
Originating MLS: California Regional MLS
Source: CRMLS, MLS#PW24022552
Price History for 709 E Chestnut Ave
| Date | Price | Event | Source |
|---|---|---|---|
| 01/31/2024 | $3,480,000 | Listed For Sale | CRMLS #PW24022552 |
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Comparable Sales for 709 E Chestnut Ave
Address | Distance | Property Type | Sold Price | Sold Date | Bed | Bath | Sqft |
|---|---|---|---|---|---|---|---|
0.37 | Multi-Family Home | $2,850,000 | 04/08/24 | 9 | 10 | 7,638 | |
0.21 | Multi-Family Home | $860,000 | 01/05/24 | 4 | 5 | 2,956 | |
0.66 | Multi-Family Home | $2,300,000 | 10/13/23 | 16 | 14 | 7,912 | |
0.16 | Multi-Family Home | $865,000 | 09/01/23 | 5 | 3 | 1,800 | |
0.48 | Multi-Family Home | $4,525,000 | 10/16/23 | 24 | 24 | 14,784 | |
0.66 | Multi-Family Home | $1,540,000 | 07/24/23 | 7 | 7 | 4,000 | |
0.87 | Multi-Family Home | $2,150,000 | 10/12/23 | 14 | 10 | 6,589 | |
0.30 | Multi-Family Home | $715,000 | 05/23/23 | 4 | 4 | 1,740 | |
0.88 | Multi-Family Home | $760,000 | 10/25/23 | 5 | 6 | 3,804 | |
1.17 | Multi-Family Home | $3,125,000 | 01/16/24 | 10 | 10 | 7,500 |
Neighborhood Overview
Neighborhood stats provided by third party data sources.
LGBTQ Local Legal Protections
LGBTQ Local Legal Protections
Rick Applebaum, Morgan Skenderian
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 2024-01-24 10:53:37 PST and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.
Based on information from California Regional Multiple Listing Service, Inc. as of 2024-01-24 10:53:37 PST and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.