Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Pacific Avenue Apartments, a 16-unit multifamily investment property located at 1210 – 1214 South Pacific Avenue in Santa Ana, California.
Built in 1957, Pacific Avenue Apartments consists of 16, one-bedroom units, averaging approximately 525 square feet. Situated on a 0.32 acre lot, the property offers amenities including gated entry, a central courtyard, open parking, security doors, and on-site laundry.
The city of Santa Ana has 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 14.62 percent to $84,852 by 2022. Santa Ana’s average effective rents have increased by 2.4 percent year-over-year since fourth quarter 2017. In addition, Santa Ana’s average vacancy rate as of fourth quarter 2018 was 4.0 percent, one of the lowest in Orange County. It is these strong market trends that continue to drive rental growth and to help a new owner acheive a 19 percent increase in rental income.
Given the strong market dynamics and unique appeal of the subject property, Pacific Avenue Apartments is well suited to provide investors with strong returns and value appreciation over the long-term investment horizon.