Residential Income Property with
For Sale
$229,000
2189 Via Mariposa E, Laguna Woods, CA 92637
Laguna Woods, CA
Property Size675 SF
Lot Size0.02 Acres
Price / SF$339.26
Days on Market83
Property Features for 2189 Via Mariposa E
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Kitchen, Bedroom 1, Laundry Room, Bathroom 1
Parking
1
Parking features
Carport, Assigned
Spa
1
Window features
Plantation Shutters
Patio and Porch features
Patio
Interior features
Laminate Counters, Unfurnished, Ceiling Fan(s)
Appliances
Disposal, Electric Water Heater, Refrigerator, Self Cleaning Oven, Vented Exhaust Fan, Free-Standing Range, Electric Range
Subdivision
Leisure World (LW)
Lot features
Walkstreet, Sprinkler System
Elementary school district
Saddleback Valley Unified
Middle school district
Saddleback Valley Unified
High school district
Saddleback Valley Unified
Directions
Enter in through gate 5 off El Toro Rd. Turn right on Via Mariposa East. Follow down and the home will be on the left.
Standard status
Active
Size
675 SF
Lot size
0.02 Acres
Taxes and HOA fees
HOA Fee
$859 Monthly
Utilities
Utilities
Phone Available
Heating system
Heat Pump (Heating), Radiant
Cooling system
Heat Pump
Water source
Public
Amenities
front patio
Building Details
Year built
1968
Floors in Building
1
Number of units
12
Flooring type
Vinyl, Wood
Building materials
Stucco, Drywall Walls
Architectural style
Bungalow
Listing Agency:
HomeSmart, Evergreen Realty
(949) 365-1888
Listed By:
Trace Donaldson · License #01957958
(949) 357-3566
Added: Jun 2
Changed: Aug 20
Last Checked: Aug 23 at 7:06AM
MLS# OC26119019
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 675-square-foot bungalow co-op residence at 2189 Via Mariposa E includes one bedroom, one bathroom, a kitchen, laundry room, and a spacious front patio. Interior improvements include new LVT flooring, white walls, laminate kitchen countertops, plantation shutters, and a heat pump serving both heating and cooling. The bathroom has a large vanity, taller toilet, and tub-shower combination, while the bedroom accommodates a king-size bed and bedroom furnishings.
Built in 1968, the home features stucco and drywall construction, wood and vinyl flooring, a public water source, and an assigned carport. Appliances are owned and maintained by the HOA, including the refrigerator, electric range, self-cleaning oven, disposal, electric water heater, and vented exhaust fan. The property is located in Laguna Woods, California, within ZIP Code 92637.
Built in 1968, the home features stucco and drywall construction, wood and vinyl flooring, a public water source, and an assigned carport. Appliances are owned and maintained by the HOA, including the refrigerator, electric range, self-cleaning oven, disposal, electric water heater, and vented exhaust fan. The property is located in Laguna Woods, California, within ZIP Code 92637.
Key Highlights
- 675‑square‑foot bungalow co‑op residence
- One bedroom and one bathroom with kitchen and laundry room
- Front patio and assigned carport
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
$12,884
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
5.63%
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%
$257,680
$257.7K
Cap Rate 7%
$184,057
$184.1K
Cap Rate 9%
$143,156
$143.2K
Market Conditions
NOI Build-Up for 675 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
$24.3K $36.00/SF
− Vacancy
−$875 −$1.30/SF
EGI
$23.4K $34.70/SF
− OpEx
−$10.5K −$15.62/SF
NOI
$12.9K $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%
$257,680
Cap Rate 7%
$184,057
Cap Rate 9%
$143,156
Alternative Uses
Best Use
Apartment 5plus
$184.1K
$161.1K – $214.7K
NOI $12,884 @ 7.0% cap · market cap 5.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$226.7K
$198.4K – $264.5K
NOI $15,870 @ 7.0% cap · market cap 6.93%
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
2,399
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 - One-bedroom co-op residence with updated finishes, a private patio, and HOA-maintained appliances.
Where is this residential income property located?
The property is located at 2189 Via Mariposa E Laguna Woods, CA.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: 675‑square‑foot bungalow co‑op residence; One bedroom and one bathroom with kitchen and laundry room; Front patio and assigned carport
