208 N Wright Street, Santa Ana, California 92701, Santa Ana, 92701 - bed, bath
ACTIVE$1,580,000
208 N Wright Street, Santa Ana, California 92701
0Bed
0Bath
4,200Sqft
10,742Lot
Year Built
1979
Close
-
List price
$1.58M
Original List price
$1.6M
Price/Sqft
$376
HOA
-
Days on market
-
Sold On
-
MLS number
TR25026880
Home ConditionFair
Features
Deck
Patio
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $1.58M(86th), sqft - 4200(71th), beds - undefined(50th), baths - undefined(50th).
Nice 3-ple in great condition, well taken care of complex. The front house is a freestanding 1500 sqft 3 beds 2 baths home with a front and back yard. At the back of the lot there are two beds, one bath up and down apartments. The units were just completely re-roofed. There are long time tenants occupying now. Units are very easy to the rent, the rents are low and there is an opportunity to increase. It's separately metered for gas and electric. Close to schools, shopping center, public transportation and other amenities.
Condition Rating
Fair
Built in 1979, this property is 45 years old, and its exterior, as seen in the images, shows significant signs of age with dated siding, windows, and general aesthetics. While the listing mentions a recent re-roof and describes the complex as 'well taken care of,' suggesting regular maintenance, the overall appearance indicates that major cosmetic renovations have not occurred recently. Without interior photos, it's highly probable that kitchens and bathrooms are original or have been updated 15-30 years ago, showing outdated styles and features. The property analysis also notes the age and potential for original or older major systems (plumbing, electrical, HVAC). It is functional and maintained but requires minor updates and modernization to meet current quality standards.
Pros & Cons
Pros
Income-Generating Triplex: The property is a well-maintained triplex, offering a stable residential income stream with a desirable unit mix including a freestanding house.
Significant Rent Upside: Current rents are explicitly stated as low, presenting a clear opportunity for a new owner to increase cash flow and maximize investment returns.
Recent Capital Improvement: A complete re-roofing has just been completed, mitigating a major capital expenditure for the buyer and enhancing property longevity.
Separately Metered Utilities: Each unit is separately metered for gas and electric, simplifying tenant billing and significantly reducing landlord operating costs.
Strong Rental Demand & History: The property boasts long-term tenants and units are described as 'very easy to rent,' indicating high demand and stable occupancy.
Cons
Below Market Rents: While an opportunity, the current low rental income may not immediately reflect the property's full income potential, impacting initial cash flow.
Property Age: Built in 1979, the property is 45 years old, suggesting other major systems (e.g., plumbing, electrical, HVAC) may be original or older and could require future updates.
Tenant Transition/Rent Adjustment: Increasing rents for long-term tenants may require careful negotiation or management, potentially leading to tenant turnover during the adjustment period.