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Tennessee Investor Sells Newly Renovated Santa Ana Multifamily For $3.1 Million With CBRE

Property Image
SOLD
$3,105,000
Daniel (Dan) Blackwell
Amanda Fielder
George Felix

California

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MultiFamily
Sold 12/04/2024
the dealplayerscompscontact
Property Image
SOLD

Tennessee Investor Sells Newly Renovated Santa Ana Multifamily For $3.1 Million With CBRE

425 Wellington Avenue

See Similar Deals
MultiFamily
Sold 12/04/2024
Daniel (Dan) Blackwell
Amanda Fielder
George Felix
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

A nine-unit multifamily property located at 425 East Wellington Avenue in Santa Ana has been sold for $3,105,000. This transaction represents a new record high for sales price per unit and per square foot in the market. A Tennessee-based investor completed over $1 million in renovations on the property prior to the sale.

Summary of transaction details:

The property was acquired at 98% of the asking price by a buyer from Orange County, highlighting a significant investment opportunity with future potential for development of accessory dwelling units.

Players

Daniel (Dan) Blackwell
CBRE
Daniel Blackwell
61 deals$439.4M volume(949) 725-8655
BROKER
Amanda Fielder
CBRE
Amanda Fielder
15 deals$94.7M volume
BROKER
George Felix
CBRE
George Felix
1 deal$3.1M volume(714) 926-2202
BROKER

Details

SOLD
IMAGE: Amanda Fielder, Daniel Blackwell & George Felix DATE: 12/04/2024 ADDRESS: 425 East Wellington Avenue MARKET: Santa Ana ASSET TYPE: Multifamily BROKERS: Amanda Fielder (@Amanda_Fielder_), Daniel Blackwell (@MultiFamilySocal) & George Felix - CBRE (@CBRE) SALE PRICE: $3,105,000 UNITS: 9 ~ PPU: $345,000 NOTE: CBRE facilitated the sale of a newly renovated, nine-unit multifamily property at 425 E. Wellington Avenue in Santa Ana for $3.1 million, setting a record high for sales price per unit and per square foot in the city. The seller, a Tennessee-based investor, completed over $1 million in renovations, and the buyer, from Orange County, acquired the property at 98% of the asking price, with potential for future development of accessory dwelling units.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$165,600.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$11,031.41
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,719.28
Annual Debt Service$176,631.41