Property Detail

Description

1810 S Broadway presents a rare opportunity to acquire a well-located, value-driven 8-unit apartment building in the heart of Santa Ana. Built in 1987 and offered at just $272 per square foot, this asset delivers immediate income and long-term upside in one of Orange County’s most dynamic rental markets. Each unit boasts over 1,000 square feet of living space, configured as 3-bedroom, 1-bathroom floor plans with oversized private balconies nearing 250 SF—a feature rarely found in comparable product. The property offers ample parking with 17 on-site spaces, allowing each unit to have two dedicated spaces, a highly attractive amenity for tenants. With a seasoned, long-term tenant base, the property enjoys zero vacancy and historically low turnover, fostering a tight-knit community feel. The asset currently operates at an attractive 11.76 GRM and 5.2% cap rate, with rents below market and room for growth through strategic renovations or repositioning. While the property is performing well operationally, buyers should note that the third bedrooms in each unit are non-conforming and were not permitted as part of the original 2-bedroom floor plans. In 2024 significant capital expenditure was made modifying several of the balconies. The building would benefit from continued maintenance, systems upgrades and cosmetic improvements. This is an ideal acquisition for investors seeking a stable, seasoned tenant base with immediate cash flow, below-market rents, and multiple paths to value creation. Don’t miss this rare chance to own a unique building with oversized units, strong bones, and built-in community.