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2244 Franzen Avenue, Santa Ana, California 92705, Santa Ana, 92705 - bed, bath

2244 Franzen Avenue, Santa Ana, California 92705 home-pic-0
ACTIVE$1,600,000
2244 Franzen Avenue, Santa Ana, California 92705
0Bed
0Bath
4,213Sqft
8,276Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Prime Location & High Rental Demand: Strategically located in North East Santa Ana, bordering North Tustin and Orange, less than 2 miles from major hospitals (CHOC, St Joseph's) and close to key freeways (55, 22, 5), ensuring high tenant demand and low vacancy rates.
Top Cons:
Age of Property & Potential for Deferred Maintenance: Built in 1969, the property is over 50 years old. While the roof is new, other major systems (e.g., plumbing, electrical, HVAC) and interior finishes may be original or dated, potentially requiring significant future capital expenditures.

Compared to the nearby listings

Compared against 0 nearby listings

More Insights

Built in 1969 (56 years old).
Condition: Built in 1969, this property is over 50 years old. While the roof was recently replaced in 2024, the interior, particularly the kitchen, shows significant signs of age and outdated style. The kitchen features older built-in appliances, dated white cabinets, laminate countertops, and older ceramic tile flooring. The living area has older carpet and a dated ceiling fan. The property appears functional and maintained for an income property, but requires substantial cosmetic updates and potential major system checks due to its age, aligning with a property that is aged but maintained with functional yet outdated components.
Year Built
1969
Close
-
List price
$1.6M
Original List price
$1.7M
Price/Sqft
$380
HOA
-
Days on market
-
Sold On
-
MLS number
SR25064453
Home ConditionFair
Features
Deck
Patio
View-

About this home

Amazing Investment property located in North East Santa Ana, bordering North Tustin and Orange. The property is located less than 2 miles from both CHOC and St Joseph's Hospitals with high rental demand. This family neighborhood is also close to the 55, 22 and 5 freeways. The Covington style 4-plex's unique unit mix has been coveted since it's inception. The front unit is a spacious 3-bedroom/1.75 bath (over 1,400 sq ft)/ There are also two comfortable 2-bed/1.75 bath units and one cozy 1-bedroom/1 bath unit. The upstairs units both have balconies, and the downstairs units have private enclosed patios. All units are individually metered for electricity and have their own private enclosed garage. The building offers 4213 sq feet of living space on a 8,276 square foot lot. The roof was replaced in 2024. The current annual income is approx. $93,000, giving any investor the possibility of stable and impressive returns right away. The uniqueness, charm, desirability and location of this 4 unit investment property ensure low vacancy rates and long-term desirability. This is a rare investment opportunity in a highly desirable area, one that doesn't come around often. Don't miss out! Listing Agent is related to the owner.

Nearby schools

5/10
La Veta Elementary School
Public,•K-6•0.9mi
7/10
El Modena High School
Public,•9-12•1.9mi
Condition Rating
Fair
Built in 1969, this property is over 50 years old. While the roof was recently replaced in 2024, the interior, particularly the kitchen, shows significant signs of age and outdated style. The kitchen features older built-in appliances, dated white cabinets, laminate countertops, and older ceramic tile flooring. The living area has older carpet and a dated ceiling fan. The property appears functional and maintained for an income property, but requires substantial cosmetic updates and potential major system checks due to its age, aligning with a property that is aged but maintained with functional yet outdated components.
Pros & Cons

Pros

Prime Location & High Rental Demand: Strategically located in North East Santa Ana, bordering North Tustin and Orange, less than 2 miles from major hospitals (CHOC, St Joseph's) and close to key freeways (55, 22, 5), ensuring high tenant demand and low vacancy rates.
Strong Current Income & Investment Potential: With an approximate annual income of $93,000, the property offers immediate stable and impressive returns, making it a highly attractive investment opportunity.
Diverse & Desirable Unit Mix: The unique 4-plex unit mix (3-bed, 2x 2-bed, 1-bed) caters to a broad tenant base, enhanced by amenities like balconies, private patios, and individual enclosed garages, boosting tenant appeal and desirability.
Recent Major Capital Improvement: The roof was replaced in 2024, significantly reducing immediate capital expenditure for a new owner and indicating proactive maintenance of the property.
Individual Metering & Tenant Convenience: All units are individually metered for electricity, minimizing owner utility costs, and each unit benefits from a private enclosed garage, adding significant value and convenience for tenants.

Cons

Age of Property & Potential for Deferred Maintenance: Built in 1969, the property is over 50 years old. While the roof is new, other major systems (e.g., plumbing, electrical, HVAC) and interior finishes may be original or dated, potentially requiring significant future capital expenditures.
Price Reduction & Market Perception: The list price has been reduced from $1.7M to $1.6M, which could suggest initial overpricing or challenges in attracting buyers, potentially impacting market perception of its current value.
Listing Agent Relationship: The listing agent's disclosed relation to the owner may raise questions about transparency and objectivity for some potential buyers, potentially influencing negotiation dynamics.

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