501 E Washington Avenue, Santa Ana, California 92701, Santa Ana, 92701 - 3 bed, 2 bath
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Santa Ana, California 92701
This Historic Turnkey Residence is a Strong Value Opportunity, listed at $949,000—positioned well below the $958,106 Fair Market Value by 1%. This valuation provides $9,106 in Instant Equity. The 1921 Liggett-Wallace home holds a Turnkey Condition Rating after extensive renovations, featuring a Modernized Craftsman interior with designer finishes. Located in the French Park Historic District, the property secures significant Mills Act Tax Savings and offers proven midterm rental income potential. Served by Santa Ana Unified, it is an ideal acquisition for Owner-Occupants or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 501 E Washington Avenue Subject | $949,000* List Price | 3 | 2 | 1,428 | $671 | - |
A 1309 N Linwood Avenue Sold | $1,088,000 | 4 | 3 | 1,821 | $597 | 0.9 mi |
B 1221 N Ross Active | $896,000 List Price | 3 | 4 | 1,105 | $811 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
Although originally built in 1921, this historic Craftsman has undergone an extensive recent renovation that brings it to modern standards. The interior features a turnkey open-concept layout with luxury vinyl flooring, a contemporary kitchen with high-end stainless steel appliances and quartz island, and a fully remodeled designer bathroom with a stand-alone tub and glass-enclosed shower. With updated electrical, central air-conditioning, and new windows, all major components are virtually new with no deferred maintenance.
As the registered historic Liggett-Wallace home, the property qualifies for the Mills Act, providing the owner with substantial annual property tax reductions.
The residence has been extensively upgraded with central air-conditioning, rewired electrical, and contemporary kitchen and bathroom finishes, offering modern comfort within a historic shell.
The property has a proven track record as a successful midterm rental with the option to purchase it fully furnished, making it an ideal 'turnkey' opportunity for investors.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =6098, other record lot size in square feet = 6236.
The assigned public schools for this address have relatively low ratings, which may impact the property's appeal to families prioritizing high-performance education districts.
Being a registered historic home in the French Park district may subject the owner to strict guidelines regarding exterior modifications and specialized maintenance requirements.
This beautiful Craftsman-style single story house is located in Santa Ana's historic French Park district and is registered as the historic Liggett-Wallace home, qualifying for huge Mills Act tax savings year after year. Relax on the spacious front porch or in the large back yard, which is perfect for outdoor entertaining. Enter the turnkey, open-concept floor plan with living room that showcases a wood-burning, brick fireplace. Enjoy family and friends in dining and kitchen areas with a large island, spacious cabinets, and modern appliances. The entire house has been upgraded with wood windows, luxury vinyl flooring, rewired electrical, central air-conditioning, and new bathroom finishes including double sinks, large tiled shower, and stand-alone tub. The three-bedroom layout includes a master with upgraded en-suite bath, a dedicated laundry room, and a small basement that can be used as storage. Good house "feng-shui" with South-facing front and East-facing side. Gated, long driveway leads to a 2 car garage with additional turn-around and parking space. Convenient location with easy access to Freeways 5, 55, 57, and 22; also walking distance to Santa Ana Metrolink station. Property was successfully used for midterm rental, generating steady cash flow on FurnishedFinder.com. The list price includes all staged items/furnishing/amenities for turnkey income property or move-in to a fully furnished home. (NOTE: The Mills Act tax savings for this property are based on 56% reduction in property tax assessments between 2023 and 2024.)
No exterior & parking available.
Grades K-5 • 0.1 mi
Grades K-5 • 0.5 mi
Grades 6-8 • 1.2 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,428 | 1,428 | 50% |
| Lot Size | 6,098 | 6,250 | 48% |
| Price | $949.0K | $900.0K | 78% |
| Price per sq ft | $665 | $593 | 70% |
| Built year | 1921 | 1956 | 13% |
| HOA | $0 | $0 | 50% |
| Days on market | 20 | 195 | 4% |
Apr 2, 2026
$949,000
Initial Listing
May 17, 2021
$555,000
Public Record
May 5, 2017
$415,500
Public Record