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For sale
  • Listing Provided by: 

    Rick Applebaum DRE #01273871 rma@morganskenderian.com,

    Morgan Skenderian,

    Paul Espinosa DRE #01942627,

    Morgan Skenderian

    $3,550,000

    709 E Chestnut Ave, Santa Ana, CA 92701

    --beds
    --baths
    7,032sqft
    : 
    Multi Family
    Built in 1983
    -- sqft lot
    $-- Zestimate®
    $505/sqft
    $-- HOA

    What's special

    Spacious studio apartmentNew paintLuxurious materialsComplete one-bedroom unitsContemporary kitchensStainless steel appliancesUpgraded bathrooms
    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.
    79 days
    on Zillow
    |
    47
    |
    1
    |

    Zillow last checked: 7 hours ago

    Listing updated: May 19, 2025 at 03:49pm

    Listing Provided by:

    Rick Applebaum DRE #01273871 rma@morganskenderian.com,

    Morgan Skenderian,

    Paul Espinosa DRE #01942627,

    Morgan Skenderian

    Source: CRMLS,MLS#: PW25111635MLS LogoOriginating MLS: California Regional MLS
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    Facts & features

    Interior

    Appliances
    • Laundry: See Remarks
    Features
    • Common walls with other units/homes: No Common Walls
    Interior area
    • Total structure area: 7,032
    • Total interior livable area: 7,032 sqft

    Property

    Parking
    • Total spaces: 12
    • Parking features: Garage
    • Garage spaces: 12
    Features
    • Levels: Two
    • Stories: 2
    • Entry location: Street
    • Pool features: None
    Lot
    • Size: 6,848 Square Feet
    Details
    • Parcel number: 40407212
    • Zoning: R3
    • Special conditions: Standard

    Construction

    Type & style
    • Home type: MultiFamily
    • Property subtype: Multi Family
    Condition
    • New construction: No
    • Year built: 1983

    Utilities & green energy

    • Sewer: Public Sewer
    • Water: Public

    Community & HOA

    Community
    • Features: Biking, Curbs, Park, Street Lights, Sidewalks
    • Subdivision: Other
    Location
    • Region: Santa Ana

    Financial & listing details

    • Price per square foot: $505/sqft
    • Date on market: 5/19/2025
    • Listing terms: Cash to Existing Loan
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