Historic Santa Ana Commercial
For Sale
Contact for pricing
1002 W 3rd St, Santa Ana, CA 92703
Historic building in Santa Ana, suitable for multiple uses.
Property Size2,400 SF
Price / SF$479.17
Days on Market196
Property Features for 1002 W 3rd St
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Office, Retail
Building Details
Year Built
1918
Listing Agency:
NAI Capital HQ
(818) 742-1632
Listed By:
Jared Swedelson · License #CA 02105146
Source:
Crexi
Added: Jan 30
Changed: Aug 8
Last Checked: Jul 23 at 4:53AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI Capital HQ
Investment Insights
Based on property information with market context.
This historic commercial building, originally the Busy Bee Market established in 1918, is located in the heart of Santa Ana. The property is a designated historic building and a well-known local landmark. The building was thoughtfully infused with imported marble and stone in the 1980s. Situated one block from the OC Streetcar and directly across from the Orange County District Attorney’s Office and the Orange County Sheriff’s Department, the location benefits from consistent tenant demand, enhanced safety, and additional parking opportunities. Recently operating as a successful deli, this 2,400-square-foot commercial space is well suited for a multitude of uses in the P zone. Adjacent parcels, a recently renovated multifamily fourplex and two vacant lots totaling 6,250 SF are also available for sale.
Key Highlights
- Historic landmark building (Busy Bee Market) established in 1918.
- Prime location in the heart of Santa Ana, one block from the OC Streetcar.
- Strategic location across from the Orange County District Attorney’s Office and Sheriff’s Department.
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
$38,642
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
3.36%
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%
$772,840
$772.8K
Cap Rate 7%
$552,029
$552.0K
Cap Rate 9%
$429,356
$429.4K
Market Conditions
NOI Build-Up for 2,400 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
$59.0K $24.60/SF
− Vacancy
−$3.8K −$1.60/SF
EGI
$55.2K $23.00/SF
− OpEx
−$16.6K −$6.90/SF
NOI
$38.6K $16.10/SF
Area
ZIP 92703
Vacancy
6.50%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
30.00%
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%
$772,840
Cap Rate 7%
$552,029
Cap Rate 9%
$429,356
Alternative Uses
Best Use
Retail
$552.0K
$483.0K – $644.0K
NOI $38,642 @ 7.0% cap · market cap 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$694.6K
$607.8K – $810.4K
NOI $48,625 @ 7.0% cap · market cap 4.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,186
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 92703, CA
65,621
Population
14,644
Households
4.5
Avg Household Size
34
Median Age
13%
College-Educated
60%
High-School Grad
4.2 sq mi
ZIP Area
15,624
Density / Sq Mi
$80,817
Median Household Income
$33,363
Median Earnings
$1,922
Median Rent
$585,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Historic building in Santa Ana, suitable for multiple uses.
Where is this storefront property located?
The property is located at 1002 W 3rd St Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Historic landmark building (Busy Bee Market) established in 1918.; Prime location in the heart of Santa Ana, one block from the OC Streetcar.; Strategic location across from the Orange County District Attorney’s Office and Sheriff’s Department.
