1917 W Myrtle St - Apartments FOR SALE


Santa Ana, CA 92703- Casa Bonita
$1,850,000 USD
949-202-7255
1917 W Myrtle St, Santa Ana, CA for Sale
$1,850,000 USD
Apartments - FOR SALE
1/9
null | 4.67% Cap Rate

1917 W Myrtle St
Santa Ana, CA 92703
Casa Bonita


HIGHLIGHTS

  • 100% Two-Bedroom Floorplans | Approx. 750 SF Each
  • Major Capital Improvements Completed in 2021
  • $140,400 Gross Annual Income | $11,700 Monthly
  • Projected 24% Rental Upside
  • Pro-Forma Cap Rate: 6.37% | Pro-Forma Cash-on-Cash: 7.18%
  • Amenities: Garage Parking, Shared Courtyard, Private Patios (Select Units), In-Unit Washer/Dryer

OVERVIEW

Kirklen Investment Group is pleased to present 1917 West Myrtle Street, a six-unit multifamily investment opportunity located in the highly desirable Casa Bonita neighborhood of Santa Ana, California. The property consists entirely of spacious two-bedroom units and benefits from a comprehensive renovation program completed in 2021, positioning the asset as a low-maintenance acquisition with modernized infrastructure and interiors. The 2021 capital improvement program included full electrical upgrades with new main and sub-panels, along with new copper plumbing throughout the property. Unit interiors feature luxury vinyl plank flooring, renovated bathrooms with tub-to-ceiling tile surrounds, glass niches, vessel sinks, updated fixtures, and shower valves. Kitchens were upgraded with quartz countertops, barn-style sinks, cabinetry, garbage disposals, and a full appliance package. Additional improvements include windows, interior and security doors, upgraded hardware throughout, electronic garage motors with digital keypads, new perimeter fencing, and private patios for select ground-floor units. The property currently generates $140,400 in gross annual income ($11,700 per month), representing a strong 13.18 Gross Income Multiplier (GIM) with meaningful rental upside through rent re-positioning to market. With the majority of capital improvements already completed, investors are well-positioned to focus on revenue growth rather than future capital expenditures, making this an attractive light value-add opportunity. Ideally located less than 2.5 miles from Downtown Santa Ana and the 4th Street Market, 1917 West Myrtle Street offers tenants convenient access to major employment centers, retail, dining, and entertainment. Nearby amenities include Santa Ana College, MainPlace Mall, and the OC Streetcar line, while immediate access to the I-5 and CA-22 freeways provides strong regional connectivity throughout Orange and Los Angeles Counties. With modernized unit interiors, durable in-place income, and a clear path to income growth, 1917 West Myrtle Street presents investors with a compelling opportunity to acquire a well-maintained, post-renovation multifamily asset in one of Orange County’s most supply constrained rental submarkets. *Drive-by only. Please do not walk the property or disturb the residents. To request the Offering Memorandum, contact the Listing Agent directly via email, phone, or text.

FOR SALE DETAILS

PRICE

$1,850,000 USD

PRICE/SF

$302 USD /SF

# OF UNITS

6

PRICE/UNIT

$308,333

CAP RATE

4.67%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1957

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

6,970 SF

ZONING

R3

APN/PARCEL ID

007-342-16

ASK ABOUT THIS PROPERTY

Justin ButlerKirklen Investment GroupMore Info
949-202-7255

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Justin ButlerKirklen Investment GroupMore Info
949-202-7255

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.