421 S Broadway, Santa Ana, California 92701, Santa Ana, 92701 - bed, bath
ACTIVE$775,000
421 S Broadway, Santa Ana, California 92701
0Bed
0Bath
1,660Sqft
6,098Lot
Year Built
1919
Close
-
List price
$775K
Original List price
$925K
Price/Sqft
$467
HOA
-
Days on market
-
Sold On
-
MLS number
PW24156818
Home ConditionFair
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $775.0K(14th), sqft - 1660(50th), beds - undefined(50th), baths - undefined(50th).
This turnkey duplex has seasoned tenants who who wish to continue their lease. The front unit is 1 bed 1 bath, and the rear unit is 2 beds 2 baths. All 3 bathrooms were renovated last year. The rear tenant is a licensed general contractor so he can take care of any maintenance items quick and easy. For the seller, ownership has been virtually hassle free. The detached 2 car garage has electrical, water, and sewer lines - good for ADU conversion. Lots of upside in proforma rent as well as possible ADU play for seasoned investors. 4 parking spots on site, minutes to shopping, freeways, and schools, including Santa Ana College, Main Place Mall, The Block at Orange, and CHOC Hospital. Recent appraisal supports asking price.
Nearby schools
3/10
Lowell Elementary School
Public,•K-5•0.5mi
4/10
Pio Pico Elementary School
Public,•K-5•0.6mi
3/10
Martin R. Heninger Elementary School
Public,•K-8•0.2mi
2/10
Julia C. Lathrop Intermediate School
Public,•6-8•0.5mi
2/10
Willard Intermediate School
Public,•5-8•1.1mi
3/10
Santa Ana High School
Public,•9-12•0.4mi
Condition Rating
Fair
The property was built in 1919, making it over a century old. While the description states that all three bathrooms were renovated last year, which is a significant positive, there are no images or details provided for the kitchen. Given the age of the property, it's highly probable that the kitchen and other major systems (electrical, plumbing, HVAC) are either original or have not been extensively renovated in recent decades, showing signs of being outdated or nearing the end of their lifespan. The property is described as 'turnkey' and maintained, suggesting it's functional and livable, but the overall age and lack of comprehensive renovation beyond the bathrooms prevent it from achieving a 'Good' rating. It fits the 'Fair' criteria of being aged but maintained, with functional but likely outdated major components.
Pros & Cons
Pros
ADU Conversion Potential: The detached 2-car garage is equipped with electrical, water, and sewer lines, presenting a significant opportunity for an Accessory Dwelling Unit (ADU) conversion to boost rental income and property value.
Stable Income & Turnkey Operation: The property is a turnkey duplex with seasoned tenants who wish to continue their leases, offering immediate and stable rental income with a history of virtually hassle-free ownership.
Recent Renovations & Maintenance Advantage: All three bathrooms were renovated last year, reducing immediate capital expenditures. Additionally, the rear tenant is a licensed general contractor, providing convenient and cost-effective on-site maintenance.
Strategic Location: The property is minutes away from essential amenities including shopping centers (Main Place Mall, The Block at Orange), major freeways, Santa Ana College, and CHOC Hospital, enhancing its appeal to tenants.
Ample Parking: The property offers 4 dedicated parking spots on site, a valuable amenity in urban areas that enhances tenant convenience and property desirability.
Cons
Age of Property: Built in 1919, the property is over a century old, which may imply potential for older infrastructure (e.g., plumbing, electrical, foundation) that could require significant future maintenance or upgrades beyond the recently renovated bathrooms.
Significant Price Reduction: The list price has been reduced significantly from an original $925,000 to $775,000. While beneficial for buyers, this large adjustment could indicate initial overpricing or market resistance, potentially raising questions about its true market value or underlying issues.
Below Market Rents (Proforma Upside): The description mentions 'lots of upside in proforma rent,' suggesting that current rents may be below market value. This means a new owner would need to actively manage rent increases to maximize the property's income potential, which could impact immediate cash flow.