1221 N Lacy Street, Santa Ana, California 92701, Santa Ana, 92701 - 0 bed, 0 bath
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1221 N Lacy Street
Santa Ana, California 92701
ACTIVE UNDER CONTRACT
CONDITION: POOR
0Beds
0Baths
3,715Sq Ft
6,800Lot Size
Property Price
LIST PRICE$1,200,000
EST. MARKET VALUE
$1,246,735
3% BelowMARKET VALUE
SUMMARY
This four-unit multifamily Asset presents a High-Potential Investment Opportunity with a List Price of $1,200,000—positioned well below the $1,246,735 Fair Market Value by 3%. This valuation gap offers $46,735 in Instant Equity. Featuring a Condition Rating of 5, the property requires a strategic renovation plan to modernize its original 1948 interiors. With ADU potential and proximity to the OC Streetcar line, this is an ideal acquisition for Buy-and-Hold Investors or Value-Add Developers seeking long-term rental growth.
Estimated Market Value
$1,246,735+$46,735 Equity Potential
Based on Realkey algorithm analyzing recent comparable sales in Santa Ana.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1221 N Lacy Street Subject 0 bd · 0 ba · 3,715 sqft · $336 | $1,200,000* List Price | 0 | 0 | 3,715 | $336 | - |
A 421 E Walnut Active 0 bd · 0 ba · 2,425 sqft · $365 · 0.7 mi | $885,000 List Price | 0 | 0 | 2,425 | $365 | 0.7 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Poor
TeardownExcellent
Property is extensive renovation needed.
Built in 1948 and described as having 'largely original' interiors, this property is over 75 years old without significant recent renovations. The listing explicitly labels it a 'value-add' opportunity requiring unit renovations, indicating that kitchens, baths, and likely systems are outdated and in need of a full rehab.
PROSSTRENGTHS & OPPORTUNITIES
- Prime Transit-Oriented Location
Situated in the historic French Park neighborhood, the property is just 0.3 miles from the upcoming OC Streetcar station and less than a mile from Downtown Santa Ana's vibrant dining and employment hub.
- Significant Value-Add Potential
With largely original interiors and a potential ADU opportunity, investors can realize substantial equity growth and rental upside through strategic renovations and site optimization.
- Desirable Unit Composition
The property features a consistent mix of four two-bedroom units, each equipped with garage parking and access to on-site laundry, providing high rental demand and functional utility.
CONSRISKS & DEFICIENCIES
- Extensive Renovation Requirements
The units are in largely original condition from 1948, necessitating significant upfront capital investment for modernization and repairs to achieve market-rate rents.
- Underperforming Local Schools
The assigned public schools carry lower ratings, with several nearby institutions rated 2 or 3 out of 10, which may deter some long-term family tenants.
About 1221 N Lacy Street
Presenting 1221-1227 N Lacy Street, a value-add four-unit multifamily property in Santa Ana’s historic French Park neighborhood. Offered for the first time in more than 20 years, the property gives an investor a rare chance to acquire a well-located asset close to Downtown Santa Ana. The property consists of four two-bedroom, one-bath units, each with a garage space, open parking, and access to an on-site laundry facility. The interiors are largely original. This creates a value-add opportunity for an investor who plans to renovate units as they turn over. The property also offers a potential ADU opportunity. Buyer must verify with the City of Santa Ana. The property is approximately 0.9 miles from Downtown Santa Ana and its restaurants, entertainment, and employment base. It is also approximately 0.3 miles from the planned Santa Ana Blvd and Lacy St station on the OC Streetcar line. Residents have convenient access to the I-5 freeway and the Santa Ana Regional Transportation Center.
Property Details
Public Facts
- Property Type
- Quadruplex
- Year Built
- 1948
- Lot Size
- 6,800 Sq. Ft.
Interior
- Total Bedrooms
- 0
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Santa Ana Unified Schools
Wallace R. Davis Elementary School
Grades K-5 • 0.1 mi
2/10
Garfield Elementary School
Grades K-5 • 0.4 mi
5/10
Raymond A. Villa Fundamental Intermediate School
Grades 6-8 • 1.2 mi
3/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 4.0 |
| Baths | 0.0 | 2.1 |
| Square foot | 3,715 | 2,241.667 |
| Lot Size | 6,800 | 23,123.25 |
| Price | $1.20M | $972.9K |
| Price per sq ft | $323 | $457 |
| Built year | 1948 | 1957 |
| HOA | $0 | $438 |
| Days on market | 10 | 79 |
Pricing History
Listed for Sale
Oct 15, 2026
$1,200,000
Initial Listing
Sold
Sep 27, 2002
$461,000
Public Record
Sold
May 14, 1998
$223,500
Public Record