Courtesy of: Christian Ehlers 01246292 | Corcoran Global Living
Purchase Type: Sale
MLS ID: SB21251874
Days On Market: 15
Year Build: 1948
Lot size: 0.403
Property Type: Commercial Sale
Property Subtype: Mixed Use
New Construction: No
Swimming Pool: No
Address: 4518 W 1st Street
City: Santa Ana
Neighborhood: 69 - Santa Ana South Of First
Opportunity for developer, investor, or owner-user to purchase a property at land-value that will produce income during permitting process.
The property presently consists of 17,550 sf of land with a 1,600 square foot commercial building, a residential building containing approximately 1,024 square feet, and a residential building containing approximately 840 square feet.
Current commercial tenant is a Sports Bar with a Type 48 liquor license permitting on-site liquor and beer, no food requirement, paying $4,100 per month, current through Covid-19, with current Net Operating Income $45,160 and proforma NOI of $31,485 after transfer due to property tax assessment.
The neighborhood is a mixed-use neighborhood, with residential, commercial and industrial uses, with high visibility and daily traffic in the range of 20-30k per day. The neighborhood enjoys the positive regional access influence created by its close proximity to the Santa Ana (5) Freeway, the San Diego (4050 Freeway, the Garden Grove (22) Freeway, and the Costa Mesa (55) Freeway.
The structures have significant deferred maintenance and highest and best use is most likely to remove current improvements and re-develop. Based on current information and belief, portions of the residential structures may have been constructed without permits. According to public records, the total gross building area is 2,170 square feet, which presumably excludes the unpermitted additions
Various uses may be permitted by C5 Arterial Zoning, including: Administrative and professional offices, retail and service use, parking lots, churches, chapels, theatres, restaurants and cafe's, schools and studios, childcare facilities, two-family dwellings not exceeding 1 unit per three thousand square feet of lot area, provided such units front on a secondary or local street; gymnasiums and health clubs. Uses possible with Conditional Use Permit: hotels, motels, lodging houses, care homes; mixed use development where ground floor is dedicated commercial use and dwellings are on second floor; hospitals; public utility structures; eating establishments with drive through or walk-up window service; enclosed car wash establishments; laundries; eating establishments open at any time between hours of 12am and 5am located within 150 feet of residentially zoned or used property; retail markets; banquet facilities; Buyer to verify with City of Santa Ana.