1515 N Dresser Street, Santa Ana, California 92701, Santa Ana, - bed, bath

home-pic
ACTIVE$3,895,000
1515 N Dresser Street, Santa Ana, California 92701
0Bed
0Bath
11,832Sqft
131,987Lot
Year Built
1984
Close
-
List price
$3.9M
Original List price
$4.4M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
NP25130863
Home ConditionGood
Features
Good View: Landmark, Mountain(s), Neighborhood
Deck
Patio
ViewLandmark, Mountain(s), Neighborhood

About this home

Prime multifamily investment opportunity in the heart of Downtown Santa Ana’s French Court neighborhood. A well-maintained 19-unit property consisting of a mix of one- and two-bedroom residences. Each unit offers private outdoor space, gated tandem parking, and access to onsite laundry. Select units have been updated with modern finishes, offering immediate appeal to renters and potential for increased income. Located in a highly walkable area, the property is within close proximity to local schools, shopping, dining, and entertainment. Easy access to the 5, 55, and 22 freeways connects residents to all of Orange County. With current rents below market, there is long-term upside for the next owner through strategic management and continued unit upgrades. This is a rare opportunity to acquire a stabilized asset in one of Orange County’s most dynamic rental markets.

Nearby schools

2/10
Wallace R. Davis Elementary School
Public,K-50.1mi
5/10
Garfield Elementary School
Public,K-50.6mi
3/10
Raymond A. Villa Fundamental Intermediate School
Public,6-81.3mi
3/10
Santa Ana High School
Public,9-121.2mi
3/10
Century High School
Public,9-122.1mi

Price History

Date
Event
Price
09/25/25
Price Change
$3,895,000-11.5%
06/13/25
Listing
$4,400,000
Condition Rating
Good

The property was built in 1984, making it 40 years old. While the exterior and common areas appear well-maintained, they reflect the building's age. However, the listing explicitly states that 'select units have been updated with modern finishes.' The interior images confirm these updates, showcasing modern kitchens with white shaker cabinets, stainless steel appliances, and subway tile backsplashes, as well as updated bathrooms with contemporary vanities and tiled showers. Flooring in these units is modern laminate. These updated units are in excellent condition and are move-in ready. The presence of wall-mounted AC units rather than central air is a minor drawback. Given that only 'select units' are updated, it doesn't qualify for 'Excellent' (which implies a full recent renovation or all components new). However, the significant, recent updates in some units and the overall 'well-maintained' status elevate it beyond 'Fair,' fitting well within the 'Good' category where some components are updated but the property hasn't undergone a full recent renovation.
Pros & Cons

Pros

Prime Investment Opportunity: This is explicitly a 'Prime multifamily investment opportunity' in a dynamic rental market, offering significant potential for growth.
High Unit Count: With 19 units, the property provides substantial rental income potential and portfolio diversification for an investor.
Strategic Location: Located in the heart of Downtown Santa Ana's French Court, it boasts high walkability, excellent freeway access, and proximity to local amenities, enhancing tenant appeal.
Value-Add Potential: Current rents are below market, presenting a clear opportunity for the next owner to increase income through strategic management and unit upgrades.
Tenant-Friendly Features: Each unit includes private outdoor space, gated tandem parking, and onsite laundry, which are attractive amenities for renters.

Cons

Sub-Optimal Current Income: The property's 'current rents below market' indicate that it is not yet generating its full income potential, requiring active management to maximize revenue.
Required Capital Investment: Realizing the 'long-term upside' is contingent on 'continued unit upgrades,' implying necessary future capital expenditure to enhance value and rental rates.
Property Age: Built in 1984, the property is 40 years old, which may lead to higher ongoing maintenance costs or the need for significant system replacements in the future, despite being well-maintained.

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