Seller's Agent in 2023
Tyler Leeson
Marcus & Millichap RE Invest
(949) 419-3200
2 in this area
155 Total Sales
215 E 15th St Santa Ana, CA 92701
French Court Neighborhood
3
Beds
3
Baths
50,400
Sq Ft
0.66
Acres
Highlights
- 0.66 Acre Lot
- Laundry Room
- Level Lot
About This Home
As of December 2023Park Tower Luxury Apartments is a 74-unit multifamily investment opportunity located in Santa Ana, CA. With a prime Downtown Santa Ana location, residents of Park Tower Luxury Apartments are at the epicenter of all that Santa Ana has to offer. The property is located within 0.70 miles from the abundance of retail, dining, and entertainment options along East 4th Street. In recent years, Downtown Santa Ana has seen a revitalization which is exemplified by Park Tower Luxury Apartments’ location within a 0.80-mile radius of several major nearby developments. Additionally, the property is just over 1.25 miles from Santa Ana College, the 3rd top employer within the city, per Santa Ana’s 2022 Annual Comprehensive Financial Report. Furthermore, residents enjoy the property’s close proximity to Interstate 5, connecting residents to major employment hubs throughout Orange and Los Angeles Counties. Situated on a 0.66-acre lot, Park Tower Luxury Apartments offers an attractive mix of one and two-bedroom floor plans. The property features highly-desirable amenities including a gated two-story parking garage, a central courtyard, gated pedestrian access, on-site laundry facilities, and private patios or balconies. Currently, select units have undergone significant renovations, including vinyl flooring, shaker-style cabinetry, quartz countertops, and more, all of which have allowed current ownership to achieve a rental premium over non-renovated units. There is a clear and proven opportunity for new ownership to further increase the income stream through the continuation of the in-place renovation plan by upgrading all units to high-end specifications.
Last Agent to Sell the Property
Marcus & Millichap RE Invest License #01451551 Listed on: 09/14/2023
Last Buyer's Agent
Marcus & Millichap RE Invest License #01451551 Listed on: 09/14/2023
Property Details
Home Type
- Apartment
Year Built
- Built in 1984
Lot Details
- 0.66 Acre Lot
- No Common Walls
- Level Lot
Home Design
- Entry on the 1st floor
Interior Spaces
- 50,400 Sq Ft Home
- 4-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 3 Bedrooms
- 3 Bathrooms
Listing and Financial Details
- Legal Lot and Block 4 / D
- Tax Tract Number 833
- Assessor Parcel Number 39812516
- $18,686 per year additional tax assessments
Community Details
Building Details
- 74 Leased Units
- Rent Control
- 74 Separate Electric Meters
- 74 Separate Gas Meters
- Electric Expense $19,299
- Fuel Expense $19,299
- Insurance Expense $42,550
- Maintenance Expense $37,000
- Other Expense $130,486
- Professional Management Expense $58,194
- Trash Expense $19,299
- Water Sewer Expense $19,299
- New Taxes Expense $242,648
- Operating Expense $588,074
- Gross Income $2,017,239
- Net Operating Income $1,351,714
Additional Features
- 74 Units
- Laundry Facilities
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 12/29/2023 12/29/23 | Sold | $21,450,000 | -2.1% | $426 / Sq Ft |
| 11/17/2023 11/17/23 | Pending | -- | -- | -- |
| 10/30/2023 10/30/23 | Price Changed | $21,900,000 | -4.6% | $435 / Sq Ft |
| 09/14/2023 09/14/23 | For Sale | $22,950,000 | -- | $455 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
Tyler Leeson
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: OC23172395
APN: 398-125-16
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