Remodeled 2BR/2BA Co-op
For Sale
Under Contract
$539,000
251 Calle Aragon, Laguna Woods, CA 92637
Laguna Woods, CA
Property Size995 SF
Price / SF$541.71
Days on Market78
Property Features for 251 Calle Aragon
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Rooms
Bathroom 1, Kitchen, Bathroom 2, Laundry Room, Bedroom 2, Bedroom 1
Parking
1
Parking features
Carport, Covered, Guest, Assigned
Spa
1
Window features
Double Pane Windows, Screens, Skylight(s), Drapes
Patio and Porch features
Patio
Interior features
Crown Molding, Quartz Counters, Recessed Lighting, Cathedral Ceiling(s)
Appliances
Disposal, Electric Water Heater, Microwave, Refrigerator, Electric Range, Ice Maker, Water Line to Refrigerator, Dishwasher
Subdivision
Leisure World (LW)
Elementary school district
Saddleback Valley Unified
Middle school district
Saddleback Valley Unified
High school district
Saddleback Valley Unified
Directions
Enter Gate 1, turn right on Calle Aragon and left into CDS 28
Standard status
Active Under Contract
Size
995 SF
Taxes and HOA fees
HOA Fee
$827 Monthly
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating), Zoned, Heat Pump (Heating), Electric (Heating)
Cooling system
Heat Pump, Ductless, Electric, Zoned
Water source
Public
Building Details
Year built
1965
Floors in Building
1
Number of units
1
Flooring type
Vinyl
Architectural style
Cottage
Listing Agency:
Laguna Premier Realty Inc.
(949) 900-6930
Listed By:
Donna Empfield · License #01386605
(949) 939-5747
Added: Jun 7
Changed: Aug 21
Last Checked: Aug 23 at 12:06PM
MLS# OC26124243
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.
Remodeled in 2019, this 2-bedroom, 2-bath “Valencia” co-op cottage features a double door entry with exterior tile flooring and a patio area. Inside, you’ll find dual pane windows, vinyl plank flooring, smooth ceilings, and recessed lighting. The home includes a 2-zone mini-split system, an in-unit washer/dryer located in a hallway closet between the bedrooms, and an open kitchen with white shaker cabinetry, quartz counters, and a breakfast bar. The living room has a skylight set into the vaulted ceiling, and there is a slider that connects to a tiled interior atrium with a stacked stone wall.
The guest bedroom includes a Murphy bed with built-in storage and a view into the atrium. The guest bath offers a quartz-topped vanity, tiled floor, and a tiled walk-in shower with a glass door. The primary suite includes additional closet space and a spacious bath with a quartz-topped dual-sink vanity and a tub/shower combination with a glass enclosure.
Located at 251 Calle Aragon in Laguna Woods, the cottage is described as being in a park-like walk-up area.
The guest bedroom includes a Murphy bed with built-in storage and a view into the atrium. The guest bath offers a quartz-topped vanity, tiled floor, and a tiled walk-in shower with a glass door. The primary suite includes additional closet space and a spacious bath with a quartz-topped dual-sink vanity and a tub/shower combination with a glass enclosure.
Located at 251 Calle Aragon in Laguna Woods, the cottage is described as being in a park-like walk-up area.
Key Highlights
- Remodeled 2 bed/2 bath "Valencia" co‑op cottage completed in 2019, with kitchen and bathroom reconfiguration
- Interior includes double‑door entry, crown molding, recessed lighting, cathedral ceilings, and double pane windows
- Kitchen features quartz counters, white shaker cabinets, and gunmetal appliances including refrigerator, electric range, microwave, dishwasher, and disposal
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
$18,992
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
3.52%
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%
$379,840
$379.8K
Cap Rate 7%
$271,314
$271.3K
Cap Rate 9%
$211,022
$211.0K
Market Conditions
NOI Build-Up for 995 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
$35.8K $36.00/SF
− Vacancy
−$1.3K −$1.30/SF
EGI
$34.5K $34.70/SF
− OpEx
−$15.5K −$15.62/SF
NOI
$19.0K $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%
$379,840
Cap Rate 7%
$271,314
Cap Rate 9%
$211,022
Alternative Uses
Best Use
Apartment 5plus
$271.3K
$237.4K – $316.5K
NOI $18,992 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$334.2K
$292.4K – $389.9K
NOI $23,394 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,213
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?
Single family property - 2019 remodeled Valencia-style co-op cottage with a double-door entry, atrium, vaulted ceilings, and in-home W/D.
Where is this single family property located?
The property is located at 251 Calle Aragon Laguna Woods, CA.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: Remodeled 2 bed/2 bath "Valencia" co‑op cottage completed in 2019, with kitchen and bathroom reconfiguration; Interior includes double‑door entry, crown molding, recessed lighting, cathedral ceilings, and double pane windows; Kitchen features quartz counters, white shaker cabinets, and gunmetal appliances including refrigerator, electric range, microwave, dishwasher, and disposal
