Two-Bedroom Residential Income
For Sale
$498,000
2148 Ronda Granada, Laguna Woods, CA 92637
Laguna Woods, CA
Property Size1,110 SF
Lot Size0.03 Acres
Price / SF$448.65
Days on Market65
Property Features for 2148 Ronda Granada
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Family Room, Bathroom 1, Laundry Room
Parking
1
Parking features
Carport
Spa
1
Window features
Skylight(s), Shutters, Plantation Shutters
Patio and Porch features
Patio
Interior features
Storage, Formica Counters
Appliances
Electric Oven, Electric Cooktop, Range Hood, Refrigerator, Disposal, Dishwasher, Vented Exhaust Fan, Microwave, Water Heater
Subdivision
Leisure World (LW)
Lot features
Cul-De-Sac
Elementary school district
Saddleback Valley Unified
Middle school district
Saddleback Valley Unified
High school district
Saddleback Valley Unified
Directions
Enter gate 5 off El Toro, Turn right at Via Mariposa East, Turn Right to Ronda Granada, Turn Right to Cul de Sac 209, turn left, Follow in to the right to 2148
Standard status
Active
Size
1,110 SF
Lot size
0.03 Acres
Taxes and HOA fees
HOA Fee
$827 Monthly
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Wall Furnace, Heat Pump (Heating)
Cooling system
Window Unit(s), Heat Pump, Electric, Wall/Window Unit(s)
Water source
Public
Amenities
gated courtyard
partially covered tiled patio
lemon tree
light wood-look luxury vinyl plank flooring
skylights
sliding glass doors
second oversized tiled patio
galley kitchen
freshly painted white cabinetry
updated countertops
recessed lighting
solar tube
cast-iron tub with shower
utility closet pre-plumbed for stackable washer and dryer
plantation shutters
ceiling fan
heating and air-conditioning unit
two golf courses
seven clubhouses
five swimming pools
four hot pools
three fitness centers
tennis and pickleball courts
equestrian center
performing arts center
garden centers
arts and crafts facilities
clubs and social organizations
Building Details
Year built
1966
Floors in Building
1
Number of units
4
Flooring type
Vinyl
Building materials
Adobe
Roof type
Flat
Architectural style
Modern
Additional Structures
Storage
Listing Agency:
Laguna Premier Realty Inc.
(949) 900-6930
Listed By:
Bob DePew · License #02057870
(714) 350-6565
Added: Jun 26
Changed: Aug 25
Last Checked: Aug 29 at 8:06PM
MLS# OC26159548
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,110-square-foot, single-level Cordoba model co-op includes two bedrooms, two bathrooms, a living room, dining area, galley kitchen, and utility closet. The interior features vinyl flooring, large windows, two skylights, updated countertops, painted cabinetry, recessed lighting, and extensive closet storage. A washer and dryer can be installed in the pre-plumbed utility area. The home also offers two private tiled patios, including a gated courtyard patio with partial cover and a second patio adjoining the dining area. Additional features include a carport, public water and sewer, a heat pump, wall furnace, and window or wall/window cooling units.
The property is located within the 55+ Laguna Woods Village community. Resident amenities include two golf courses, seven clubhouses, five swimming pools, four hot pools, three fitness centers, tennis and pickleball courts, an equestrian center, performing arts center, garden centers, and arts and crafts facilities.
The property is located within the 55+ Laguna Woods Village community. Resident amenities include two golf courses, seven clubhouses, five swimming pools, four hot pools, three fitness centers, tennis and pickleball courts, an equestrian center, performing arts center, garden centers, and arts and crafts facilities.
Key Highlights
- 1,110‑square‑foot Cordoba model co‑op with two bedrooms and two bathrooms
- Two oversized tiled patios, including a gated courtyard with partial cover
- Galley kitchen with painted cabinetry, updated countertops, appliances, and recessed lighting
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,187
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.25%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$423,740
$423.7K
Cap Rate 7%
$302,671
$302.7K
Cap Rate 9%
$235,411
$235.4K
Market Conditions
NOI Build-Up for 1,110 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$40.0K $36.00/SF
− Vacancy
−$1.4K −$1.30/SF
EGI
$38.5K $34.70/SF
− OpEx
−$17.3K −$15.62/SF
NOI
$21.2K $19.09/SF
Area
Orange County, CA
Vacancy
3.60%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$423,740
Cap Rate 7%
$302,671
Cap Rate 9%
$235,411
Alternative Uses
Best Use
Apartment 5plus
$302.7K
$264.8K – $353.1K
NOI $21,187 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$372.8K
$326.2K – $435.0K
NOI $26,098 @ 7.0% cap · market cap 5.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,560
Businesses Nearby
Explore this area
Business Placement
Demographics for 92637, CA
17,644
Population
13,494
Households
1.3
Avg Household Size
75
Median Age
52%
College-Educated
97%
High-School Grad
3.0 sq mi
ZIP Area
5,881
Density / Sq Mi
$60,235
Median Household Income
$40,375
Median Earnings
$2,232
Median Rent
$364,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Single-level Cordoba co-op with two patios, updated kitchen finishes, generous storage, and access to Laguna Woods Village amenities.
Where is this residential income property located?
The property is located at 2148 Ronda Granada Laguna Woods, CA.
What is the asking price?
The asking price for this property is $498,000.
What are key features of this property?
This property features: 1,110‑square‑foot Cordoba model co‑op with two bedrooms and two bathrooms; Two oversized tiled patios, including a gated courtyard with partial cover; Galley kitchen with painted cabinetry, updated countertops, appliances, and recessed lighting
