1917 W. Myrtle Apartments

Santa Ana serves as the governmental and cultural heart of Orange County, California. As the county seat and second-most populous city in the region, Santa Ana is home to over 310,000 residents. The city spans approximately 27 square miles and is known for its rich diversity, vibrant neighborhoods, and strong sense of community. Strategically located just 35 miles south of Los Angeles and about 10 miles inland from the Pacific Ocean, Santa Ana offers exceptional accessibility. Its centralized location places it within a 30-minute drive of many Southern California landmarks and four major airports. The city’s robust public transportation network—including buses, trains, and bike-friendly infrastructure, supports a sustainable and connected urban lifestyle. Santa Ana features over 60 distinct neighborhoods and is primarily served by the Santa Ana Unified School District. The city boasts a dynamic mix of housing options, an energetic downtown nightlife, and popular attractions such as the Artist’s Village, Discovery Cube Orange County, the Santa Ana Zoo, and the Heritage Museum of Orange County. Santa Ana also serves as a regional employment hub, with more than 30,000 businesses providing jobs to over 150,000 people. Major companies headquartered in the city include Behr Paint and First American Financial Corporation, reinforcing Santa Ana’s status as a center for commerce and innovation in Southern California.Kirklen Investment Group is pleased to present 1917 West Myrtle Street, a six-unit multifamily investment opportunity located in the highly desirable Casa Bonita neighborhood of Santa Ana, California. The property consists entirely of spacious two-bedroom units and benefits from a comprehensive renovation program completed in 2021, positioning the asset as a low-maintenance acquisition with modernized infrastructure and interiors. The 2021 capital improvement program included full electrical upgrades with new main and sub-panels, along with new copper plumbing throughout the property. Unit interiors feature luxury vinyl plank flooring, renovated bathrooms with tub-to-ceiling tile surrounds, glass niches, vessel sinks, updated fixtures, and shower valves. Kitchens were upgraded with quartz countertops, barn-style sinks, cabinetry, garbage disposals, and a full appliance package. Additional improvements include windows, interior and security doors, upgraded hardware throughout, electronic garage motors with digital keypads, new perimeter fencing, and private patios for select ground-floor units. The property currently generates $143,172 in gross annual income ($11,931 per month), representing a strong 11.52 Gross Income Multiplier (GIM) with meaningful rental upside through rent re-positioning to market. With the majority of capital improvements already completed, investors are well-positioned to focus on revenue growth rather than future capital expenditures, making this an attractive light value-add opportunity. Ideally located less than 2.5 miles from Downtown Santa Ana and the 4th Street Market, 1917 West Myrtle Street offers tenants convenient access to major employment centers, retail, dining, and entertainment. Nearby amenities include Santa Ana College, MainPlace Mall, and the OC Streetcar line, while immediate access to the I-5 and CA-22 freeways provides strong regional connectivity throughout Orange and Los Angeles Counties. With modernized unit interiors, durable in-place income, and a clear path to income growth, 1917 West Myrtle Street presents investors with a compelling opportunity to acquire a well-maintained, post-renovation multifamily asset in one of Orange County’s most supply constrained rental submarkets.