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1003 W Myrtle Street, Santa Ana, California 92703, Santa Ana, 92703 - bed, bath

1003 W Myrtle Street, Santa Ana, California 92703 home-pic-0
ACTIVE$1,590,000
1003 W Myrtle Street, Santa Ana, California 92703
0Bed
0Bath
3,043Sqft
9,583Lot

Price Vs. Estimate

The estimated value ($1,434,929.28) is $155,070.72 (9%) lower than the list price ($1,590,000). This property may be overpriced.

Key pros and cons

Top Pros:
Exceptional Income Potential: The property boasts a strong current annual income of over $107,000 with significant upside potential, including an estimated $40,000 annually from the approved ADU, leading to an attractive CAP rate of up to 8%.
Top Cons:
Complex Multi-Unit Configuration & Shared Parcel: The property consists of two buildings on a single parcel (1001 and 1003 W Myrtle St) that must be sold together, with one building internally split into multiple residences. This complex setup may complicate financing, legal aspects, and future management.

Compared to the nearby listings

Price:$1.59M vs avg $810.0K (+$780,000)98%
Size:3,043 sqft vs avg 1,224 sqft98%
Price/sqft:$523 vs avg $66123%

More Insights

Built in 1986 (39 years old).
Condition: The property underwent a major remodel in 2022, which included new windows, new flooring throughout, and new kitchen and bathroom cabinets. The images confirm these updates, showing modern white shaker cabinets, new countertops, contemporary light fixtures, and updated bathroom vanities and mirrors. While the front house was built in 1936 and the back in 1986, the extensive and recent renovation (within 2 years) brings all components to a virtually new standard, meeting current quality expectations with no deferred maintenance visible in the non-virtually staged photos. The presence of wall-mounted heaters suggests a potentially older heating system, but the overall condition of the renovated interiors aligns with an 'Excellent' rating.
Year Built
1986
Close
-
List price
$1.59M
Original List price
$1.59M
Price/Sqft
$523
HOA
-
Days on market
-
Sold On
-
MLS number
PW25125649
Home ConditionExcellent
Features
View-

About this home

1001 and 1003 must be sold together, they are the same parcel number. Seller might consider buying the rate down. CREATIVE FINANCING options available. Seller has APPROVED PLANS from the city & Building PERMIT for ADU (see supplements) Will be TRANSFERRED at NO additional cost. Turnkey Investment - SOLID Income ** STRONG Cap Rate, Enjoy solid returns $107,000+ annual income from day one based on current rents, with room for upside through rent increases. Reach CAP rate - Upto 8% CAP, ADDITIONAL rent approx. $40,000 annually only from ** ADU** ** Reliable tenants already in place, paying average market rent over the past 3 years! Delivered VACANT is negotiable. ** Currently, Nine (9) spacious rooms, SEVEN (7) 4 Full Bath, 3 Full Kitchen & 5 car garage. Total 14 parking spots on this HUGE 10,000 lot. * TWO buildings SEPARATELY metered for gas, electric, water and different mailing addresses. Has to be sold together they share the same parcel (See Parcels description in supplements) ** In 2022 MAJOR REMODEL for ALL buildings was done, NEW windows, NEW floors everywhere, NEW kitchen & bathroom cabinets. IN 1986, BACK house SFR was build split into 2 residences from inside. Big backyard and side yard separated for more privacy. Original FRONT single family residence is one SINGLE story, has 2 beds & 1 FULL Bath, front, side and backyard. One of the strongest rental markets in So Cal. The City of Santa Ana is a historic city w/ vibrant downtown located in OC. Even with only a 3% rent increase - you will end up with over $3,500 additional rent each consecutive year. CENTRALLY located, close to downtown, transportation, schools, shopping & park. MAJOR freeways 22,5,57. Please DO NOT go direct, do not disturb tenants. Offers subject to interior inspection. All rooms, landscape are virtually staged. MUST SEE in person to appreciate the flow and floor plan. Front House is the original that was built in 1936 and MAJOR remodeling was done in 2022. Some insights into neighborhood views from surveys: respondents say they would walk alone at night, and say streets are well-lit. Contractor info to add ADU available. ** PROPERTY VIDEO and rental cash flow available upon request. upon accepting an offer all additional documents required will be provided (Actual rent receipts , lease contracts..etc)

Condition Rating
Excellent
The property underwent a major remodel in 2022, which included new windows, new flooring throughout, and new kitchen and bathroom cabinets. The images confirm these updates, showing modern white shaker cabinets, new countertops, contemporary light fixtures, and updated bathroom vanities and mirrors. While the front house was built in 1936 and the back in 1986, the extensive and recent renovation (within 2 years) brings all components to a virtually new standard, meeting current quality expectations with no deferred maintenance visible in the non-virtually staged photos. The presence of wall-mounted heaters suggests a potentially older heating system, but the overall condition of the renovated interiors aligns with an 'Excellent' rating.
Pros & Cons

Pros

Exceptional Income Potential: The property boasts a strong current annual income of over $107,000 with significant upside potential, including an estimated $40,000 annually from the approved ADU, leading to an attractive CAP rate of up to 8%.
Permitted ADU for Immediate Expansion: Seller provides approved plans and a building permit for an Accessory Dwelling Unit (ADU) at no additional cost, offering a clear path to immediate value addition and increased rental income without the typical development hurdles.
Extensive Recent Renovations: A major remodel was completed in 2022 across all buildings, including new windows, flooring, kitchen, and bathroom cabinets, significantly reducing immediate capital expenditures for a new owner.
Multi-Unit Configuration with Separate Utilities: Comprising two distinct buildings with separate metering for gas, electric, and water, the property offers multiple income streams and operational independence, enhancing its investment appeal.
Strategic & High-Demand Location: Located in Santa Ana, a strong Southern California rental market, the property offers central access to downtown, transportation, schools, shopping, parks, and major freeways (22, 5, 57), ensuring high tenant demand.

Cons

Complex Multi-Unit Configuration & Shared Parcel: The property consists of two buildings on a single parcel (1001 and 1003 W Myrtle St) that must be sold together, with one building internally split into multiple residences. This complex setup may complicate financing, legal aspects, and future management.
Tenant Occupancy & Restricted Access: The property is tenant-occupied with strict instructions not to disturb tenants, and offers are subject to interior inspection. This can hinder thorough due diligence and make showings challenging, potentially prolonging the sales process. Delivered vacant is negotiable, adding uncertainty.
Reliance on Virtual Staging: The listing explicitly states that 'All rooms, landscape are virtually staged,' indicating that marketing photos may not accurately reflect the current physical condition or aesthetic of the property, necessitating a very thorough in-person inspection.

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