709 E Chestnut Ave, Santa Ana, CA, 92701
About This Home
The Chestnut Apartments is a turnkey, 12-unit apartment building located in the heart of Santa Ana. Built in 1983 and just minutes away from the historic Downtown District, this property represents one of the most attractive multifamily investment opportunities in the county. It boasts a compelling 6.2% CAP Rate based on current rental income. Further enhancing the investment potential, buyers have the option to assume the existing financing, which requires only a 30% down payment and features a below-market fixed interest rate that remains in effect through November 2029. This advantageous financing presents a rare opportunity to take advantage of positive leverage, dramatically increasing the cash-on-cash return. The Chestnut Apartments redefines urban living with spacious studio apartment, each generously proportioned to function as complete one-bedroom units. Enhancing the living experience, every unit is equipped with its own washer and dryer, offering tenants the convenience of in-home laundry facilities. Recent extensive interior renovations elevate the property to new heights, featuring luxurious materials, contemporary kitchens, stainless steel appliances, vinyl/plank flooring, upgraded bathrooms, and a range of other enhancements. The exterior of the property has undergone a fresh transformation with new paint and state-of-theart exterior lighting, adding to the overall appeal. Previously, ownership had received full approval for the addition of three Accessory Dwelling Units (ADUs). These ADU's, once constructed, add a projected 29.7% increase in gross income.
Getting Around
Very Walkable
Some Transit
BikeableSchools
Construction
Condition
- Year built: 1983
Type & Style
- Home type: MultiFamily
- Property subType: Multi Family
Interior
Appliances
- Laundry features: See Remarks
Bedrooms & Bathrooms
- Bathrooms: 12
Features
- Common walls with other units/homes: No Common Walls
Interior Area
- Total structure area: 7,032
- Total interior livable area: 7,032 sqft
Property
Details
- Parcel number: 40407212
- Zoning: R3
- Special condition: Standard
Features
- Levels: Two
- Stories: 2
- Entry location: Street
- Pool features: None
Lot
- Lot size: 6,848 sqft
Parking
- Total spaces: 12
- Parking features: Garage
- Has garage: Yes
- Attached garage spaces: 12
- Covered spaces: 12
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Earthquake
- Heat Wave
- Inland Flooding
How This Home’s Risks Compare
FEMA Declared Disasters in Orange County and California
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $17,950 | $215,400 |
| Home Insurance * | $436 | $5,232 |
| Property Taxes | $1,893 | $22,716 |
| Electricity | $1,507 | $18,095 |
| Total | $21,786 | $261,432 |
Income You'd Need if You Spent...
California FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
No zestimate history available
Price History
| Date | Event | Price |
|---|---|---|
| 2025-05-19 | Listed for sale | $3,550,000 |
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