
Santa Ana, California 92707
This four-unit Strong Value Opportunity is a Residential Income Asset listed at $1,250,000—positioned well below the $1,371,020 Fair Market Value by 8%. This valuation gap offers $121,020 in Instant Equity. With a Condition Rating of 4, the property features separately metered utilities and private garages, minimizing owner expenses. While the local schools carry lower ratings, the central location near the 55 Freeway and South Coast Plaza ensures stable demand. This is an ideal acquisition for Buy-and-Hold Investors or Value-Add Investors seeking long-term rental stability.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1617 Cedar Subject | $1,200,000* List Price | 0 | 0 | 3,279 | $381 | - |
A 1911 Cypress Sold | $1,185,000 | 7 | 3 | 2,887 | $410 | 0.5 mi |
B 1911 Cypress Sold | $1,185,000 | 0 | 0 | 2,887 | $410 | 0.5 mi |
C 1621 Cedar Active Under Contract | $1,250,000 List Price | 0 | 0 | 3,279 | $381 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property was built in 1963 and, while the exterior and grounds appear well-maintained, the interior images reveal dated bathrooms with older tile work and fixtures consistent with a 20+ year old renovation. As a 60-year-old structure without mention of recent major system overhauls (HVAC/Electric), it is functional but requires cosmetic and likely system updates.
All units are separately metered for gas and electric with in-unit laundry hookups, significantly reducing owner utility costs and maximizing net operating income.
The property offers a rare 'single-family home' feel with single-story layouts, private garages for every unit, and large fenced patios for three of the four units.
Situated in a supply-constrained rental market with immediate access to the 55 Freeway, South Coast Plaza, and John Wayne Airport, ensuring stable long-term demand.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =6970, other record lot size in square feet = 6886.
The local elementary, middle, and high schools carry low ratings (2-3), which may be a deterrent for families prioritizing high-performing school districts.
Built in 1963, the property may require more frequent maintenance or capital expenditures for aging systems compared to newer multi-family developments.
We are pleased to present 1617 S. Cedar Street, a four-unit investment opportunity located in the heart of Central Santa Ana. The property features an attractive unit mix of all two-bedroom/one-bath homes, including three single-story units and one unit over garage — offering tenants the feel of individual home living rarely found in multi-family housing. Each unit includes its own private garage, in-unit laundry hookups, and all units are separately metered for gas and electric — resulting in zero utility expense for the owner. Three of the four units feature large fenced private patios. Additional street and alley parking provides tenants convenience beyond their individual garages. The alley has recently been repaved in concrete, reducing future maintenance costs. The property is ideally situated in Central Santa Ana's supply-constrained rental market, offering investors stable long-term demand fundamentals. Tenants enjoy convenient access to numerous recreational parks within two miles, top-rated schools nearby, and some of Southern California's premier shopping, dining, and entertainment at South Coast Plaza — just minutes away. Commuters benefit from immediate proximity to the 55 Freeway and are just five miles from John Wayne Airport, providing seamless connectivity throughout the Southern California region and beyond.
No exterior & parking available.
Grades K-5 • 0.5 mi
Grades 6-8 • 0.8 mi
Grades 9-12 • 0.5 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 4.0 |
| Baths | 0.0 | 2.1 |
| Square foot | 3,279 | 1,895.889 |
| Lot Size | 6,970 | 28,507.667 |
| Price | $1.20M | $911.2K |
| Price per sq ft | $366 | $477 |
| Built year | 1963 | 1956 |
| HOA | $0 | $438 |
| Days on market | 48 | 83 |
Aug 19, 2026
$1,200,000
$1,225,000
-2% Price Drop
Initial Listing
Aug 8, 2026
$1,225,000
$1,250,000
-2% Price Drop
Initial Listing
Jul 23, 2026
$1,250,000
Initial Listing
Nov 28, 2018
$1,050,000
Public Record