Off Market Deal In Santa Ana, CA

[Jason Hopkins]

This mixed use building is in great area of Santa Ana, CA, not far from Disneyland.

Asking $3.9 mil, below replacement value.

Pros:
- In prominent Floral park (house medium $870,000, Median income $71,533), highly desirable area with Million dollar mansions on back street which the Mayor & Chief Police both live there.
- Historical area, no new development nearby.
- Zoned commercial condo, you may divide the floors & sell as individual condos for much more. (buyer to verify).

Cons:
- Although historically fully rented, now kept half empty for user, good time to get it at low price. When all rented, value will increase significantly.
- Carpet needs shampooed.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Gross rent 2015: $309386; 2016 till June: $151855.
10000SF+ spaces available for owner user. Tenants responsible for their own janitorial.
Large unit on 3rd floor has own submeter & separate AC, ideal for NNN.
7 bathrooms/ handicap, 3 kitchens with elevator. 45 parking. Many individual offices can be rented as executive office $3-4/SF. Current net: $132983.

Most tenants pay below market rents. Rates in OC are expected to rise 28% over the next 5 years & is one of the top growth market.
Dense demographics about 39,903, 337,117 and 686,200 people within a 1, 3, and 5-mile radius.

3 minutes to fwys 5,22.
Turn key condition. Renovated in 2008.
Enterprise Zone: P zoning allows many usage.
Priced MUCH lower than replacement cost $295/SF
Roof resurfaced with 100% silicone in 2015. Great for solar.
2nd most populous city in OC, close to Irvine, Costa Mesa & Long Beach.