Property listed by Morgan Skenderian, Rick Applebaum [email protected]
$1,595,000
Located in a highly desirable neighborhood of Santa Ana, near the Tustin and Orange borders, 2236 E. Franzen Avenue presents investors with the opportunity to acquire a well-maintained, fully occupied multifamily asset featuring an attractive mix of one-, two-, and three-bedroom apartment homes. Averaging more than 1,050 square feet per… Read More unit, the spacious floor plans appeal to a broad tenant base and offer a significant advantage over many competing properties in the area. The property provides a variety of sought-after resident amenities, including an on-site laundry facility, private patios and balconies, wall air conditioning, and a fireplace in the three-bedroom unit. Parking is well accommodated with four single-car garages, two open parking spaces, and ample street parking for residents and guests. The property is also individually metered for electricity and gas, helping to minimize owner-paid utility expenses.
Ownership has completed several capital improvements, including the re-plumbing of one unit in 2022, reconstruction of the balconies, and installation of new fencing surrounding most of the private patios, reducing near-term capital expenditure requirements. From an investment perspective, 2236 E. Franzen Avenue offers compelling upside potential. Current rental rates are approximately 22% below market, providing a clear value-add opportunity through the implementation of market rents as units turn over. Combined with its desirable location, generous unit sizes, and strong in-place occupancy, the property represents an attractive long-term investment in one of Orange County's most established rental markets. Read Less
Listing Snapshot
Days Online
62
Last Updated
Property Type
Apartment
Lot Size
0.18 Acres
Year Built
1969
MLS Number
PW26176654
Additional Details
Building
Built in 1969, 1 building, 2 stories, Entry level: 1, Entry location: Street
Community
Biking, Curbs, DogPark, Foothills, Gutters, Park, Sidewalks
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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