RealKey
‪(213) 433-7766‬

500 E 15th, Santa Ana, California 92701, Santa Ana, 92701 - bed, bath

500 E 15th, Santa Ana, California 92701 home-pic-0
ACTIVE$1,250,000
500 E 15th, Santa Ana, California 92701
0Bed
0Bath
1,826Sqft
7,405Lot
Year Built
1948
Close
-
List price
$1.25M
Original List price
$1.3M
Price/Sqft
$685
HOA
-
Days on market
-
Sold On
-
MLS number
PW25256599
Home ConditionFair
Features
View-

About this home

We found 4 Cons,5 Pros. Rank: price - $1.25M(71th), sqft - 1826(50th), beds - undefined(50th), baths - undefined(50th).

Introducing 500 E 15th St, a well-maintained triplex in the heart of Santa Ana offering strong current income and excellent upside potential. Situated on a 7,405 SF R3 lot, this 1,826 SF multifamily property features three spacious one-bedroom units and approved ADU plans ready to build. A perfect opportunity for investors seeking both stability and future growth. The current unit mix includes one (1) 1-bedroom, 1.5-bath unit (approx. 826 SF) and two (2) 1-bedroom, 1-bath units (approx. 500 SF each). Each residence offers functional layouts with natural light and private access. The property benefits from its prime location near Downtown Santa Ana, schools, and major freeways, offering consistent tenant demand and strong rental fundamentals. With ADU plans approved by the City of Santa Ana for a 515 SF 1-bedroom, 1-bath garage conversion, investors can immediately unlock additional rental income potential. The R3 zoning allows for future development flexibility, while the existing structure provides reliable cash flow today. Located within the Santa Ana Unified School District, this property is ideal for both value-add investors and 1031 exchange buyers looking to grow their Orange County portfolio. This is a rare opportunity to acquire a turnkey triplex with city-approved ADU expansion potential in one of Orange County’s most centrally located rental markets.

Nearby schools

2/10
Wallace R. Davis Elementary School
Public,•K-5•0.1mi
5/10
Garfield Elementary School
Public,•K-5•0.6mi
3/10
Raymond A. Villa Fundamental Intermediate School
Public,•6-8•1.3mi
3/10
Santa Ana High School
Public,•9-12•1.2mi
3/10
Century High School
Public,•9-12•2.0mi

Price History

Date
Event
Price
12/12/25
Price Change
$1,250,000-3.8%
11/11/25
Listing
$1,299,900
03/12/21
Sold
$930,000
05/24/18
Sold
$675,000
06/13/11
Sold
$260,000
Condition Rating
Fair
The property was built in 1948, making it 76 years old. While the description states it is 'well-maintained' with 'functional layouts,' the significant age suggests that major components, especially kitchens and bathrooms, are likely outdated in style and features, even if functional. Without interior images, a detailed assessment of appliances, fixtures, and finishes is impossible. The age aligns with the 'Fair' category, indicating it's maintained but likely requires minor updates or repairs to meet current quality and aesthetic standards.
Pros & Cons

Pros

Approved ADU Plans: City-approved ADU plans are ready to build, offering immediate and significant upside potential for additional rental income through a 515 SF 1-bedroom, 1-bath garage conversion.
Prime Location & Tenant Demand: Situated in a prime location near Downtown Santa Ana, schools, and major freeways, ensuring consistent tenant demand and strong rental fundamentals for investors.
R3 Zoning & Development Flexibility: The 7,405 SF R3 lot provides excellent future development flexibility, allowing for potential expansion or alternative uses beyond the current triplex and ADU.
Established Income & Well-Maintained: A well-maintained triplex offering strong current income and reliable cash flow from three existing units, providing immediate stability for investors.
Functional Units & Private Access: Each of the three units features functional layouts with natural light and private access, enhancing tenant appeal and retention.

Cons

MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =7405, other record lot size in square feet = 7630. Living area discrepancy between mls listing and other public or private record. mls listing living area = 1826, other record living area = 1552.
Age of Property: Built in 1948, the property's age may imply potential for higher ongoing maintenance costs, capital expenditures for system upgrades, or less modern amenities compared to newer constructions.
Recent Price Reduction: A recent price reduction from $1,299,900 to $1,250,000 could indicate initial overpricing or market resistance, potentially signaling a slower sale or further negotiation.
Unit Mix Limitation: The current unit mix consists primarily of 1-bedroom units, which might limit the tenant demographic, potentially excluding larger families or those seeking more space, affecting long-term rental flexibility.

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 housing market trends by state