412 N Baker Street

    Santa Ana, CA 92703
    • $10,250,000
    • STATUS: Active Under Contract
    • ON SITE: 137 days
    • ID#: PW18169367
    Under Contract
    UPDATED: 49 min ago
    $10,250,000
    • 0
      BEDS
    • 0.49
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 31,929
      SQFT
    • $321
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1988
    County:

    School Ratings & Info

    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.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-12-11T16:31:25.583. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.teamforss.com/homes/85994023

    412 N Baker Street Santa Ana, CA 92703

    • Price: $10,250,000
    • Status: Active Under Contract
    • Updated: 49 min ago
    • ID#: PW18169367
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.49
    Acres
    31,929
    SQFT
    $321
    $/SQFT
    1988
    Built
    Neighborhood:
    Bristol Place (Brsp)
    County:
    Orange
    Area:
    70 - Santa Ana North of First
    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.
    Exterior Features

    Garage Spaces 76.00 Lot Features Corner Lot Lot Size Units Square Feet Parking Total 76.00 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Laundry Features Community

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 3.60 Community Features Sidewalks Country Us Electric Expense 13836.00 Elevation Units Feet Fuel Expense 1221.00 Gardener Expense 1800.00 Gross Income 654680.00 Gross Multiplier 15.70 Gross Scheduled Income 654680.00 Insurance Expense 5000.00 Land Lease YN No Laundry Equipment Own Lease Lease Laundry Income 5000.00 Laundry YN Yes Licenses Expense 1704.00 Net Operating Income 365652.00 New Construction YN No New Taxes Expense 115825.00 Number Of Separate Electric Meters 38 Number Of Separate Gas Meters 38 Number Of Separate Water Meters 1 Operating Expense 269387.00 Pest Control Expense 1920.00 Professional Management Expense 25987.00 Rent Control YN No Security Expense 6540.00 Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other Bristol Place (Brsp) Total Expenses 269387.00 Trash Expense 10805.00 Vacancy Allowance 19640 Vacancy Allowance Rate 3.00 Water Sewer Expense 16512.00 Water Source Public Workmans Compensation Expense 2964.00

    Listing provided courtesy of Ed Diaz of Vanguard Property Group.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-12-11T16:31:25.583. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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