$10,000,000
$10,250,000
2.4%For more information regarding the value of a property, please contact us for a free consultation.
412 N Baker ST Santa Ana, CA 92703
0.49 Acres Lot
Key Details
Sold Price $10,000,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Bristol Place (Brsp)
MLS Listing ID PW18169367
Sold Date 12/12/18
HOA Y/N No
Year Built 1988
Lot Size 0.490 Acres
Acres 0.49
Property Description
The Tuscan Villas Apartments is a 38-unit, three-story, multifamily investment property located in the heart of Orange County in the city of Santa Ana. The subject property possess an ideal unit mix consisting of 100% two bedroom units: (32) 2 bedroom, 2 bath and (6) 2 bedroom, 1 bath. The two bath units have an unique floor plan where there is access to both bathrooms from a common hallway - ideal for two families or roommates. Most of the two bedroom, two bath unit configuration possess large covered 200 sf balconies, offering tenants a generous outdoor space. Other unit features: separate tenant gas/electric meters & separate hot water heaters, new remote car entry gate with ample parking (76 garage spaces) over two levels of subterranean parking and three on-site laundry rooms (one on each floor). The landlord also benefits from a fire sprinkler system with alarm monitoring that dramatically lowers the subject property insurance premiums; additionally, a 5-year fire sprinkler certification was recently completed in August 2017. The subject property has undergone additional upgrades in 2018 including: new exterior paint, new LED parking structure lighting, new LED exterior lighting, new car remote entrance gate, numerous remodeled units with substantially higher rents - huge estimated upside in rents of approx. 25% with a proforma cap rate of 5.0% and a proforma GRM of 12.5. Assumable $5.735M 30 yr loan at 3.875% fixed rate (for 4 more years) available.
Location
State CA
County Orange
Area 70 - Santa Ana North Of First
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 76.0
Garage Description 76.0
Pool None
Community Features Sidewalks
Total Parking Spaces 76
Private Pool No
Building
Lot Description Corner Lot
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 00808230
Energy Description 1221.0
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Financing Assumed
Special Listing Condition Standard
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Bought with Rick Applebaum • Morgan Skenderian
GUIDE SoCal
Broker | License ID: DRE#01976964