Property Listing No Longer Available for Sale

1012-1014 W 3rd St, Santa Ana, CA

Multi-family for Sale - $650,000 - 1,185 Sq. Ft. on 0.12 acres

Property Info

  1012-1014 W 3rd St
  Santa Ana CA 92703
UpdatedJuly 5th, 2017
Building1,185 Sq. Ft.
Land0.12 acres

Property Description

Available for sale is this very unique set of properties. The properties consist of 2 residential duplexes on adjacent lots. The property currently generates revenue from 6 units total, 4 apartment units and 2 storage units which are being leased separately from the apartments.

Rent for this duplex is currently $3,570 per month. A 30 day notice of rental increase has been issued, bringing this duplex's income to $3,790 starting August 1, 2016

Combined monthly income for both listings is currently $6,220. After rental increases take effect the total monthly income from all units will be $6,790. (starting September 1, 2016)

Note this post is for one of the two separate adjacent duplexes listed for sale. See for the other listing. Combined asking price is $1,300,000. Seller prefers to sell both listings $650,000 asking each as a combined sale, which would be beneficial for the buyer as well, especially if buyer opts to redevelop. Combined square footage of both lots is 11,325 sf.

The units could continued to be rented at the current rates in practical perpetuity as there is high demand for these rentals in the area. Opportunity to increase rents by about 10-15% exists on a few of the units.

Unique feature of the lots that these properties sit on is that they have been rezoned for commercial use, specifically Santa Ana's P zoning, which would allow for an investor, developer or owner/user to redevelop the residential rental units into commercial space. (See documents section for P zoning information)

Santa Ana's P zoning allows for the following uses, of course, we advise you contact the city's planning and zoning department to confirm your use and get specific inclusions and exclusions to the following uses:

(a) Professional, business and administrative offices where no merchandise is sold.

(b) Banks, savings and loan offices, credit unions, and mortgage and finance companies.

(c) Travel agencies.

(d) Medical and dental offices.

(e) Art galleries, art and photography studios.

(f) Museums and science centers.

(g) Print and copy services.

(h) Pharmacies, limited to the dispensing of goods and merchandise related to health care only, and excluding drive-through facilities.

(i) Child care facilities.

(j) Non-freestanding commercial and service uses which do not exceed ten(10) percent of the floor space of the building in which they are located and which are supportive of, compatible with, and integrated into the professional and business uses on the same property,

(k) Freestanding restaurants, cafes, and eating establishments.

Location Description:

This property is located on the corner of W 3rd St and N Olive St.


>> High demand rental area

>> Commercial zoning

>> Redevelopment opportunity

>> Medical or dental offices allowed

>> Restaurants allowed

>> Extremely unique, high cash flow, high return property!

* Email for additional photos


Sales Info:

>> Cap rate: 5.24%

>> Commision split: 2.5%

>> NOI: $34000

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