Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 1409 West Lingan Lane, an 11-unit multifamily investment property located in Santa Ana, California.
Situated on a 0.25 acre lot, 1409 West Lingan Lane consists of one and two-bedroom units and includes amenities such as gated entry, a central courtyard, garage parking, and on-site laundry.
Named the county seat in 1889, Santa Ana is also known as the financial and governmental center of Orange County. It’s been in recent competition with its fast growing neighbor, the city of Irvine in regards to commercial growth. As the city’s commercial wealth grows, average household income growth is also projected to rise by 14.54 percent to $93,982 by 2023. Santa Ana’s average effective rents have increased by 1.6 percent year-over-year since third quarter 2018. In addition, Santa Ana’s average vacancy rate as of third quarter 2019 is 3.1 percent, one of the lowest in Orange County.
1409 West Lingan Lane offers investors the opportunity to capitalize on these strong market trends that should increase rental income by approximately 6 percent. Given the strong market dynamics and unique appeal of the subject property, 1409 West Lingan Lane is well suited to provide investors with strong returns and value appreciation over the long-term investment horizon.