709 E. Chestnut Avenue

Santa Ana is located 30 miles southeast of Los Angeles in the heart of Orange County. The city is the financial and governmental center of Orange County and a major city in the state. With a population of 351,697, Santa Ana is Orange County's largest city, ninth largest city in the state and 52nd largest city in the nation. It's central location and easy access to freeways makes it a great spot from which to see Southern California's attractions, such as, Disneyland, Knott's Berry Farm, South Coast Plaza and some of the finest beaches in all of California. Santa Ana has a median Household Income of $43,412, making it a prime location for rental units. The city is home to nearly 30 elementary schools, 7 junior highs, 6 high schools and minutes from 12 community colleges & universities. The city of Santa Ana's strong economy is due to its designation as an "Enterprise Zone" which offers tax breaks and other incentives to attract & retain Business. Santa Ana's largest private employers include First American Title, The Orange County Register, Western Medical Center, Ingram Micro and Diversified Maintenance Service.Morgan Skenderian is 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.