Listed By:
Tyler Leeson with Marcus & Millichap RE Invest; 714-713-9086
215 E 15th Street, Santa Ana, CA
$ 21,900,000
Property Attributes
  • MLS#OC23172395
  • TypePending
  • CountyORANGE
  • CitySanta Ana
  • AreaNot Defined
  • Zip92701
  • StyleApartment
  • Price$ 21,900,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage50400
  • Lot Size0.66 Acres
Data Source:
California Regional MLS (CRMLS)
Property Description

Park Tower Luxury Apartments is a 74-unit multifamily investment opportunity located in Santa Ana, CA. With a prime Downtown Santa Ana location, residents of Park Tower Luxury Apartments are at the epicenter of all that Santa Ana has to offer. The property is located within 0.70 miles from the abundance of retail, dining, and entertainment options along East 4th Street. In recent years, Downtown Santa Ana has seen a revitalization which is exemplified by Park Tower Luxury Apartments’ location within a 0.80-mile radius of several major nearby developments. Additionally, the property is just over 1.25 miles from Santa Ana College, the 3rd top employer within the city, per Santa Ana’s 2022 Annual Comprehensive Financial Report. Furthermore, residents enjoy the property’s close proximity to Interstate 5, connecting residents to major employment hubs throughout Orange and Los Angeles Counties. Situated on a 0.66-acre lot, Park Tower Luxury Apartments offers an attractive mix of one and two-bedroom floor plans. The property features highly-desirable amenities including a gated two-story parking garage, a central courtyard, gated pedestrian access, on-site laundry facilities, and private patios or balconies. Currently, select units have undergone significant renovations, including vinyl flooring, shaker-style cabinetry, quartz countertops, and more, all of which have allowed current ownership to achieve a rental premium over non-renovated units. There is a clear and proven opportunity for new ownership to further increase the income stream through the continuation of the in-place renovation plan by upgrading all units to high-end specifications.

Price History
9/14/2023 Listed $22,950,000
10/31/2023 5% - $21,900,000

General Features

Additional Parcels Y/N No
Association Y/N No
Attached Garage No
Building Area Units SquareFeet
Carport Y/N No
City Santa Ana
Community Features Curbs, Sidewalks
County Orange
Days on Market 64
Directions Nearby Cross Streets: North Spurgeon Street & East 15th Street
Electric Expense 19299.0
Entry Location First Floor
Fuel Expense 19299.0
Garage Spaces 0.0
Garage Y/N No
Gross Income 2017239.0
Home Warranty Y/N No
Insurance Expense 42550.0
Land Lease Y/N No
Lease Considered Y/N No
Lease Renewal Y/N No
Levels ThreeOrMore
Listing Terms CashtoNewLoan, Item1031Exchange
Lot Size Square Feet 28749.6
MLS Area 699 - Not Defined
Maintenanceexpense 37000.0
Mobilehomeremainsyn No
Net Operating Income 1351714.0
New Construction No
Number of Units Leased 74
Operating Expense 588074.0
Pool Features None
Private Pool No
Property Attached Y/N No
Property Sub Type Additional Apartment
Property SubType Apartment
Property Type ResidentialIncome
Rent Control Y/N Yes
Senior Community Y/N No
Sewer PublicSewer
Special Listing Conditions Standard
Standard Status Pending
Status Pending
Street Name 15th
Tax Lot 4
Taxes 242648.0
Total Actual Rent 161356.0
Total Units 74
Trash Expense 19299.0
View Y/N No
Water Sewer Expense 19299.0
Waterfront Y/N No
Year Built 1984
Year Built Source Assessor

Interior Features

Air Conditioning Y/N No
Basement (Y/N) No
Common Walls NoCommonWalls
Electric On Property Y/N No
Entry Level 1
Fireplace Y/N No
Heating Y/N No
Laundry Features CommonArea
Street Suffix Street
Total Stories 4

Exterior Features

Building Area Total 50400.0
Crops Included Y/N No
Horse Y/N No
Irrigation Water Rights Y/N No
Lot Features StreetLevel
Lot Size Acres 0.66
Lot Size Area 0.66
Lot Size Source Assessor
Lot Size Units Acres
Number of Buildings 1
Number of Separate Electric Meters 74
Number of Separate Gas Meters 74
Open Parking Y/N No
Spa No
Total Parking 0.0
Water Source Public


  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Pending Average in 92701

AVG $3.07M
AVG 54
Data Provided by Inside Real Estate®
Year Built
AVG 1972

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