Description

409–415 East Pine Street is a 12-unit multifamily investment in Santa Ana, California. Built in 1983, the property comprises two contiguous six-unit buildings with approximately 8,628 square feet of rentable area on a combined 14,000-square-foot site. The unit mix includes four one-bedroom/one-bath residences and eight two-bedroom/one-bath residences.

The community is fully occupied and includes on-site laundry, gated entry, individual water heaters, assigned covered parking, and patios or balconies in select units. Recent improvements include roof restoration, HVAC replacements, water-heater replacements, and updates to select interiors. The property is located near Downtown Santa Ana’s employment, dining, retail, and transportation amenities.

Offered at $2,975,000, the pricing equates to approximately $247,917 per unit and $344.81 per square foot. The offering reports a 6.0% capitalization rate on current income, with additional potential through continued renovations and rental growth.