CBRE closed the sale of two multifamily properties on Marine Street and Chestnut Avenue in Santa Ana in separate transactions, representing both the buyers and sellers, all based in Orange County. The combined sales price was $2,825,000 for 10 units. Both sales were completed with all-cash buyers.
The property at 3720 S. Marine Street, a Covington-style fourplex, was sold for $1,575,000, or $393,750 per unit and $362 per square foot. The transaction was completed after 13 days on the market, with a 40-day escrow and a 14-day due diligence period. CBRE’s EVP Dan Blackwell and associate Amanda Fielder represented both the all-cash buyer and seller. The property was built in 1968 and contains 6 units and 6 parking garages, one for each tenant.
The six-unit property at 411-413 E. Chestnut Avenue in Santa Ana was sold for $1,250,000, representing $349 per square foot and $208,333 per unit. CBRE’s Blackwell and Fielder represented the repeat seller and all-cash buyer. The property spent 22 days on the market and sold at over 96% of the asking price. The property was built in 1958 and contains 6 units with an average size of 700 square feet.
The properties are located within walking distance to downtown Santa Ana’s Historic District. The city of Orange sits four miles away, along with the Outlets at Orange mega-mall, and downtown Los Angeles just a short drive north via Interstate 5. Drive a little farther to reach Disneyland in nearby Anaheim. Closer to home, enjoy concerts and shows at the Yost Theater in the Historic District, or visit the Santa Ana Zoo.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
