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.
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
Est.:
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
- 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#: PW25111635
Originating MLS: California Regional MLS

Travel times
Tour with a buyer's agent
Tour with a buyer's agent
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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