802 N Spurgeon St 6 Unit Apartment Building $2,343,878 CAD ($390,646 CAD/Unit) 6.09% Cap Rate Santa Ana, CA 92701

An excellent opportunity to acquire a 6-unit multifamily building in Santa Ana. Located at 802 N Spurgeon St, this multifamily asset was built in 1937. It offers four 2 bed, 1 bath units, two units with 1 bedroom and dining room, and two non-conforming studios. Residents of the property enjoy use of an off-street parking a lot, as well as, three garages for additional storage. The buildings boast a total of 5,042 gross rentable square feet on a good sized 9,288 square foot corner lot.
Santa Ana has seen a steady increase in demand for apartment units as rental prices are still relatively low compared to other neighborhoods in Orange County. While rents remain reasonable in some neighborhoods, other areas such as the Downtown and Lacy neighborhoods have A-quality developments that have already been completed. Recent development projects such as The 301 Development at City Place, The Madison and The Depot @ Santiago have attracted additional buzz. Santa Ana offers an astonishing variety of activities including dining & shopping options at in the Downtown District, concerts at the Observatory and nightlife at Velvet Lounge and Mission Bar.
Residents of 802 N Spurgeon St enjoy the property for a combination of reasons including accessibility to quick transportation, quality schools and universities, nearby parks and golf courses and of course the Disney Land/California Adventure theme parks only a few exits down the freeway. The property is only two blocks away from Downtown Santa Ana with an abundance of shops, bars and restaurants to choose from. It is walking distance to 7-Eleven, Burger King, Jack in the Box, Starbucks, McFadden Public Market and Wells Fargo Bank. Sports fans will find the location particularly appealing due to its convenient location about fifteen minutes by car to The Honda Center and Angel Stadium. Transportation is especially easy because the neighborhood is bordered by the 5 freeway. With the neighborhood being located between a number of universities such as UC Irvine and Cal State Fullerton a high concentration of students tend to reside here.
For the right investor, this multi-family asset will represent a great opportunity to generate years of steady cash flow and a higher than average ROI. The close proximity to Downtown Santa Ana and so many well-known attractions will lead to increased appreciation as the urban neighborhood lacks additional space for more apartment building projects to be developed. Enrollment numbers continue to grow at the nearby university campuses assuring a continued uptick in demand for student housing as well. With a minor investment in fixtures and aesthetics a significant increase in rental income will be achievable.