
Santa Ana, California 92701
This property presents a Strong Value Opportunity as a Legal Triplex Asset, listed at $885,000—positioned well below the $932,003 Fair Market Value by 5%. This valuation gap offers $47,003 in Instant Equity. Featuring a 7,000 sqft Corner Lot and detached units, the property carries a Condition Rating of 5, necessitating regulatory compliance for unpermitted modifications. This is a high-demand rental location ideal for Buy-and-Hold Investors or Value-Add Developers seeking to maximize long-term yield.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 421 E Walnut Subject 0 bd · 0 ba · 2,425 sqft · $384 | $885,000* List Price | 0 | 0 | 2,425 | $384 | - |
A 1514 E 4th Active 0 bd · 0 ba · 2,463 sqft · $467 · 0.8 mi | $1,150,000 List Price | 0 | 0 | 2,463 | $467 | 0.8 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Originally built in 1905, this property features significant unpermitted modifications, including an added bathroom and altered unit configurations. Due to its extreme age and lack of permitted updates to major systems, it carries high risks for safety and code violations requiring rehab.
Situated just blocks from Downtown Santa Ana’s vibrant dining and arts district, the property offers high tenant appeal and excellent proximity to transit and major freeways.
The exceptional 7,000 sqft corner lot features detached buildings, providing residents with a private, single-family feel rather than a traditional shared-wall apartment layout.
As a legal triplex in a high-demand area, this property offers robust rental income potential with additional room for value-add through restoration or future development.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =7000, other record lot size in square feet = 7152.
Significant changes, including an added bathroom and the merger of rear units, were completed without permits, which may complicate financing and require regulatory compliance.
Built in 1905, the property likely requires ongoing investment to modernize aging systems and maintain the structural integrity of a century-old residence.
A rare find in the heart of Santa Ana: a legal triplex on an exceptional corner lot, just blocks from Downtown, offering strong income, this property consists of a charming early-1900s front house and a separate rear building, giving residents the privacy and feel of detached living rather than a shared-wall apartment layout. Originally a 2 bed 1 bath house SFR up front, over the years the property has been adapted from its original configuration to suit the way it's lived in today; a second bathroom was added to the front house. And the rear building, originally two 1 bed 1 bath units, now being rented as a single 2 bed 2 bath residence with one kitchen. These modifications were made without permits; buyer to verify all square footage, unit count, permit status, and zoning with the Orange County assessors office & City of Santa Ana. The new home owner can leave as is or possibly restore these two residences to their orinal configuration. The large lot leaves room for future possibilities, and the central location puts tenants minutes from Downtown Santa Ana's dining and arts district, transit, schools, and major freeways. This is a fantastic opportunity for any investor.
No exterior & parking available.
Grades K-5 • 0.3 mi
Grades K-8 • 0.5 mi
Grades 6-8 • 0.8 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 4.0 |
| Baths | 0.0 | 2.1 |
| Square foot | 2,425 | 2,241.667 |
| Lot Size | 7,000 | 23,123.25 |
| Price | $885.0K | $972.9K |
| Price per sq ft | $365 | $457 |
| Built year | 1905 | 1957 |
| HOA | $0 | $438 |
| Days on market | 28 | 79 |
Sep 27, 2026
$885,000
Initial Listing
Mar 5, 2003
$275,000
Public Record