A great long term holding investment for someone looking for a very well built quality 5,350 sq ft complex begun in 1988 with 6 units and 14 parking spaces,12 of which are under and along side of the units.
There is a requirement THAT four ( 4) of the units (2- 1bd for seniors & 2- 3bd) are to be reserved for holders of certificates under the Section 8 Program, which has allowed rents close to fair market rents which are Currently aprx $1,800 and up to $1,950 for Market rents&$1,150 for the 1 bd. The other 2 are NOT subject to ANY restrictions and Open to be rented for any market rent. The owners have a 20+yr experience relationship with the sec 8 program under the Santa Ana Housing Authority and find them very fair with comparable rents and ADJUSTMENTS to those when they are able through the years.
5,350 Sq Ft makes for large units with a very spacious 12,000+ sq ft lot with 14 parking spaces for 6 units. Nice Yards and Gardens &walkways. With adjustments to market rents for the TWO 3bd 2ba units &for the allowable SA Housing rents for TWO 3bd 2ba , cld be 11.5 GRM
Not far from the Civic Center and all the amenities of the NEW ventures in Down Town Santa Ana.
Fantastic opportunity to purchase 4 units with great cash flow! 2 buildings on one lot with two separate addresses. 402 N Susan is two, 2 bedroom 1 bath units and 326 N Susan is two, 2 bedroom 1 bath units; both have long term tenants that have always paid on time and are low effort to maintain. The city of Santa Ana has the parcel number listed as one lot 198-251-06 These units are grandfathered in. Both units have separate carports with 2 parking spaces.
Brand new constructions. New Stainless steel appliances, wood floors, new paint, new kitchen cabinets, granite kitchen counter tops, new windows, new plumbing, new electrical, two car garage. Front unit has a computer room, big family room, walk in closet, dining room and living room. Second unti has 1 bedroom 1 bath, kitchen, dining room and living room.