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12/05/24
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In a recent OC multifamily trade, a nine-unit asset in Santa Ana sold for $3.1 mil, or $345k per unit. The property, located at 425 E. Wellington Ave, was acquired by a local investor.
Built in 1941 and renovated in 2023 and 2024, the 5.3k sf, two-story apartment building sits on a 9.2k sf lot at the corner of East Wellington Ave and North Lacy St, near the I-5 Fwy’s East Santa Ana Blvd interchange. The property is situated in an opportunity zone and features eight one-bedroom and one two-bedroom floor plans. It also includes nine garage spaces and additional open spaces.
With a Walk Score of 87, the property offers walkable amenities including Downtown Santa Ana, cultural activities, shopping, restaurants, and job centers. The area has a population of more than 137,684 people within a three-mile radius, with an average household income of $107,513.
The seller recently invested more than $1 mil in extensive renovations to both the interior and exterior, including floor plan upgrades and finishes. These renovations included reconfiguring all the floor plans to have a more open and modern look, along with converting six studios into one-bedroom units.
Other improvements included adding vaulted ceilings in all second-floor units, completing structural retrofits, including new stem walls, foundational beams, and shear walls around the entire perimeter, installing an entirely new plumbing system with washer/dryer hookups in every unit, all new electrical throughout including new panels with increased power and recessed lighting throughout every unit, all new insulation, drywall, and baseboards, installing laminate flooring and a cork layer in second story units to dampen footsteps, redoing tiled bathrooms including new fixtures, glass shower doors, and connecting walk-in closets, redesigning open-concept kitchens with soft-close cabinets and quartz countertops, and adding a new HVAC system with mini splits in every unit. The units are individually metered for gas and electricity.
CBRE’s Executive Vice President Dan Blackwell, Senior Associate George Felix, and Associate Amanda Fielder represented the repeat seller, based in Tennessee. Neither party was involved in a 1031 exchange.
According to CBRE, the sale set an all-time high watermark for a multifamily sale in Santa Ana, achieving the highest sales price per square foot for a property and the highest price per unit for a multifamily property in the city since April 2023.
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