Park Tower Luxury Apartments

Address: 215 E 15th St, Santa Ana, California, US

California & West + Apartments

Created date: September 26, 2023

Date last updated: October 5, 2023

Attractive Mix of One & Two-Bedroom Floor Plans
Interior Upgrades Include Vinyl Flooring, Shaker-Style Cabinetry, & Quartz Countertops
Units Feature Highly-Desirable Private Patios or Balconies
Gated Pedestrian Access | Two-Story Gated Parking Structure
A Spacious On-Site Laundry Facility on Each Floor
Attractive Downtown Santa Ana Location
Located Next to Several Major Nearby Developments
Close to an Abundance of Retail, Dining, & Entertainment Options Along East 4th Street

Property Description

Marcus & Millichap, as the exclusive listing agent, is pleased to present Park Tower Luxury Apartments, 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.

With an attractive unit mix, encompassing amenity package, and prime Santa Ana location, Park Tower Luxury Apartments represents an enticing opportunity for a new owner.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Multifamily type:	Apartments \| Garden Style
Price:	$22,950,000
No. of Units:	74
Cap Rate:	5.67%
GRM /GIM:	12.08
Building Size:	50,400 Sq ft
Opportunity Zone:	No
Price per unit:	$310,135