1032 Bonita Street, Tustin, California 92780, Tustin, - bed, bath

home-pic
ACTIVE$2,715,000
1032 Bonita Street, Tustin, California 92780
0Bed
0Bath
4,896Sqft
8,747Lot
Year Built
1963
Close
-
List price
$2.71M
Original List price
$2.79M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
NP25083703
Home ConditionExcellent
Features
View-

About this home

Presenting the Bonita Apartments: a prime investment property in a high-demand Orange County rental market. Located within a desirable, low-density suburb of the City of Tustin, this asset benefits from exceptional freeway access (5 & 55) as well as its close vicinity to Tustin City hall and a plethora of retail centers. The property features entirely two-bedroom units. All units are currently occupied at excellent rental rates, underscoring strong tenant demand. Key features include in-unit washer/dryer hookups, new finishes + appliances and Garage Parking, ensuring tenant satisfaction and retention. This is an opportunity to acquire a well-maintained, income-producing property in a blue-chip location! ALL UPGRADES ARE FULLY PERMITTED AND CITY APPROVED. UNIT INTERIORS, GAS LINE, RE-WIRED ELECTRIC. CAN BUILD TWO ABOVE GARAGE ADUS IN REAR.

Condition Rating
Excellent

Despite being built in 1963, the property has undergone extensive, fully permitted renovations, including 'new finishes + appliances' in unit interiors, re-wired electrical, and updated gas lines. The provided kitchen image showcases modern white shaker cabinets, quartz countertops, stainless steel appliances, recessed lighting, and new LVP flooring, indicating a virtually new and high-quality interior. This aligns with the 'Excellent' criteria for a property extensively renovated within the last 5 years, where all components are new or virtually new.
Pros & Cons

Pros

Prime Investment & High Demand: Positioned as a prime investment property within a high-demand Orange County rental market, ensuring strong tenant interest and potential for consistent income.
Strong Occupancy & Rental Rates: All units are currently occupied at excellent rental rates, providing immediate cash flow and demonstrating proven tenant demand and property performance.
Strategic Location & Accessibility: Benefits from exceptional freeway access (5 & 55) and close proximity to Tustin City Hall and numerous retail centers, enhancing tenant appeal and property value.
Recent Upgrades & Modern Amenities: Features new finishes, appliances, in-unit washer/dryer hookups, and garage parking, all with fully permitted and city-approved upgrades (unit interiors, gas line, re-wired electric), reducing immediate capital expenditures.
Significant ADU Potential: Offers the valuable opportunity to build two additional dwelling units (ADUs) above the garage in the rear, providing substantial future income and value-add potential.

Cons

Property Age: Built in 1963, the property's age (60+ years) may imply higher long-term maintenance costs or potential for unforeseen structural issues despite recent upgrades.
Limited Unit Diversity: The property features entirely two-bedroom units, which may limit the tenant pool or future rental strategy flexibility compared to properties with a mix of unit sizes.
Recent Price Reduction: The property has undergone a price reduction from its original list price, which could indicate initial overpricing or market resistance, potentially affecting perceived value.

Best solution for experienced home buyers!

Data-driven home buying experience with our licensed real estate agents and cutting-edge AI

Browse Properties by State Browse market stats by State