508 W Edinger Avenue, Santa Ana, California 92707, Santa Ana, 92707 - bed, bath
ACTIVE$1,479,000
508 W Edinger Avenue, Santa Ana, California 92707
0Bed
0Bath
3,077Sqft
14,375Lot
Price Vs. Estimate
The estimated value ($1,394,094.725) is $84,905.275 (5%) lower than the list price ($1,479,000). This property may be overpriced.
Key pros and cons
Top Pros:
Multi-Unit Income Potential: The property features four cottage units on a single lot, providing significant rental income potential and immediate cash flow for investors.
Top Cons:
As-Is Sale Condition: The property is being sold 'as-is,' meaning the buyer assumes full responsibility for any necessary repairs, renovations, or hidden defects, potentially leading to unforeseen expenses.
Compared to the nearby listings
Price:$1.48M vs avg $871.5K (+$607,500)97%
Size:3,077 sqft vs avg 1,400 sqft94%
Price/sqft:$481 vs avg $6596%
More Insights
Built in 1939 (86 years old).
Condition: Built in 1939, this property is 85 years old. The MLS description explicitly states 'Value on land. Sold as is.', indicating the structures themselves are not the primary value. Images confirm extremely outdated interiors, including a kitchen with very old cabinets, countertops, and appliances, an old bathroom vanity, old carpet, and visible wall heaters, suggesting no major renovations have occurred in many decades. The property's condition aligns with a 'tear-down' as its value is based solely on the land and its potential for redevelopment, with the existing structures likely beyond economical repair or significant modernization.
Year Built
1939
Close
-
List price
$1.48M
Original List price
$1.6M
Price/Sqft
$481
HOA
-
Days on market
-
Sold On
-
MLS number
OC25059392
Home ConditionTear down
Features
View-
About this home
****PRICE IMPROVEMENT **** Great Frontage appeal property. Over 14000+ lot size. 4 UnitS cottage home in 1 lot. address : 504-508 Edinger W, Santa Ana and 1508 S. Ross Street, Santa Ana Properties are tenants occupied. Please text L/A for showing instruction. Value on land. Sold as is.
Nearby schools
2/10
Washington Elementary School
Public,•K-5•0.6mi
2/10
Julia C. Lathrop Intermediate School
Public,•6-8•0.5mi
3/10
Manuel Esqueda Elementary School
Public,•K-8•0.8mi
3/10
Gerald P. Carr Intermediate School
Public,•6-8•1.4mi
3/10
Mcfadden Intermediate School
Public,•6-8•1.8mi
6/10
Saddleback High School
Public,•7-12•1.3mi
Condition Rating
Tear down
Built in 1939, this property is 85 years old. The MLS description explicitly states 'Value on land. Sold as is.', indicating the structures themselves are not the primary value. Images confirm extremely outdated interiors, including a kitchen with very old cabinets, countertops, and appliances, an old bathroom vanity, old carpet, and visible wall heaters, suggesting no major renovations have occurred in many decades. The property's condition aligns with a 'tear-down' as its value is based solely on the land and its potential for redevelopment, with the existing structures likely beyond economical repair or significant modernization.
Pros & Cons
Pros
Multi-Unit Income Potential: The property features four cottage units on a single lot, providing significant rental income potential and immediate cash flow for investors.
Substantial Lot Size: With over 14,000 sqft (14,375 sqft), the large lot offers considerable development opportunities, including potential for expansion or additional units, enhancing long-term value.
Recent Price Reduction: A notable price improvement from the original list price indicates a motivated seller and potentially a more attractive entry point for buyers.
Land Value Proposition: The listing emphasizes the 'value on land,' suggesting strong underlying asset appreciation potential and opportunities for future redevelopment or strategic investment.
Existing Rental Income: All units are tenant-occupied, ensuring immediate rental income upon acquisition, which can offset holding costs and provide a quick return on investment.
Cons
As-Is Sale Condition: The property is being sold 'as-is,' meaning the buyer assumes full responsibility for any necessary repairs, renovations, or hidden defects, potentially leading to unforeseen expenses.
Advanced Age of Property: Built in 1939, the property is over 80 years old, likely requiring extensive updates to its infrastructure, systems, and aesthetics to meet modern standards or maximize rental value.
Tenant Management & Redevelopment Hurdles: While providing income, existing tenant occupancy can complicate plans for owner-occupancy, significant renovations, or redevelopment due to potential eviction processes and tenant rights.