10 condos for sale in Santa Ana, Orange County, California
10 Condo investment opportunity available in Santa Ana. Total asking price $2.5 mil.
33 buildings in the HOA, a total of 256 condos.
Similar Condo in the HOA is currently listed for $297,000.
2nd qtr 2016 NOI: $23,800
Properties in the HOA have all been rehabbed. 6 year project. Outside paint is scheduled to be finished within the next 6 months.
Two parking lots will be added in the next 6 months.
HOA is well funded. Has $1.2mil in reserves. HOA fees are scheduled to drop by $100 per month.
HOA was granted FHA approval 3 months ago.
All 10 condos are owned by a 3 partner LLC. LLC is for sale so it the new owner will benefit from the low Tax Basis.
New owner will be offered a seat on the board. As a board member you have visibility on upcoming properties for sale (NOD’s and foreclosures)
HOA is willing to assign the unused, 7,000sqft, single story Club House to whomever wants to rehab it. Renovation would cost $40-$50k
Rent roll, P&L and CMA available.
Contact me by email if you'd like to find out more.