
Santa Ana, California 92703
TWO DETACHED BUILDINGS (1001 & 1003 W. MYRTLE — SOLD TOGETHER) • THREE RENTAL UNITS • ONE LARGE LOT • A versatile investment opportunity • STRONG Existing Rental Income — Stable Tenants • HIGH VALUE — Unusually strong income for its unit count, currently over $92,600 in Net Operating Income (NOI), over 6% CAP Rate, with over $107,700 in annual gross income, plus potential additional laundry and garage income • Strong in-place rental income, even within a rent-regulated area • LARGER BUILDING — One of the MOST COMPETITIVELY PRICED small multifamily properties by $/SF • ONE OF THE LARGER LOTS among comparable properties — approximately 9,583 SF, PROVIDING substantially more land • 5 garages / plus additional parking spaces on the LOT • Documented ADU / VALUE-ADD potential — Stamped plans available for review • AMPLE LAND + Multiple avenues for FUTURE value creation • RARE DETACHED MULTIFAMILY CONFIGURATION — No shared walls, No one ABOVE OR BELOW, providing PRIVACY • Stong tenant appeal & Rental demand • Separate utility meters • LIVE IN ONE • RENT THE OTHERS • OR INVEST FOR CASH FLOW • COMPLETELY REMODELED IN 2022 — New EVERTHING: Double pane windows, flooring, kitchen cabinets, countertops, bathroom vanities and tubs • 10 ROOMS • 4 FULL BATHS • 3 FULL KITCHENS • Existing garage structures provide a documented pathway for potential future ADU conversion • Please see Supplements for permits, plans and supporting documentation. • Prime Central Location Strategically positioned • CLOSE to Tustin and Orange borders, with convenient access to major freeways, employment centers, shopping, dining, and schools Virtually staged / AI - generated images SHOWING: Tenant Occupied — DRIVE-BY ONLY. Showings by appointment upon receipt of a complete offer package.
Property is new construction or fully renovated.
The property meets the 'Excellent' criteria due to a complete remodel in 2022 (less than 5 years ago). The renovation included 'new everything,' specifically modern kitchen cabinets, stone countertops, stainless steel appliances, new bathroom vanities/tubs, new flooring, and double-pane windows throughout, requiring no immediate maintenance.
The property delivers an impressive CAP rate of over 6% with a Net Operating Income exceeding $92,600, representing a high-yield investment opportunity in the Southern California market.
Extensively remodeled in 2022 with new windows, flooring, kitchens, and bathrooms, the units offer a modern aesthetic that commands premium rents and reduces immediate maintenance costs.
The oversized 9,583 SF lot includes five garages and comes with stamped plans for ADU conversion, providing a documented pathway to increase density and future cash flow.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =9583, other record lot size in square feet = 9433. Living area discrepancy between mls listing and other public or private record. mls listing living area = 3726, other record living area = 2078.
The 'drive-by only' status and the requirement of a full offer package prior to interior access create a high barrier to entry that may deter cautious investors.
The property is served by schools with low ratings (ranging from 2 to 4), which may limit the appeal for owner-occupants or families, potentially impacting long-term resale value.
No exterior & parking available.
Grades K-5 • 0.3 mi
Grades K-5 • 0.3 mi
Grades 6-8 • 0.8 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 3.0 |
| Baths | 0.0 | 2.0 |
| Square foot | 3,726 | 1,542.506 |
| Lot Size | 9,583 | 6,744.358 |
| Price | $1.47M | $1.02M |
| Price per sq ft | $394 | $687 |
| Built year | 1987 | 1958 |
| HOA | $0 | $204 |
| Days on market | 19 | 49 |
Oct 6, 2026
$1,468,088
Initial Listing
May 2, 2022
$1,000,000
Public Record