Address
215 E 15th Street, Santa Ana, CA
Price
$ 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 |
Amenities
- 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
Price
Visits
Year Built
Based on information from California Regional Multiple Listing Service, Inc. as of December 8, 2023 1:19 AM UTC This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
The information being provided by Conejo Simi Moorpark Association of REALTORS ® ("CSMAR") is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange ("IDX") program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or
