Six-Story Mixed-Use
For Sale
$9,200,000
102 4th Street, Santa Ana, CA 92701
Historic six-story property combines office and retail space with renovated creative interiors and distinctive exposed finishes.
Property Size35,419 SF
Price / SF$259.75
Days on Market224
Property Features for 102 4th Street
General Information
Standard status
Active
Size
35,419 SF
Property subtype
General Commercial
Occupancy
70%
Building Details
Year Built
1923
Stories
6
Tenancy
Multi
Listing Agency:
Economos Dewolf, Inc.
(949) 576-2751
Listed By:
Geoffrey Dewolf · License #01319312
Source:
Xome
Added: Dec 29, 2025
Changed: Aug 8
Last Checked: Aug 10 at 3:36AM
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 Economos Dewolf, Inc.
Investment Insights
Based on property information with market context.
106 West is a six-story mixed-use building with a steel-frame and concrete structural system, originally constructed in 1923 for the First National Bank. The property totals 35,419 square feet above a basement vault and is described as approximately 60% office and 40% retail, with 70% leased in its current configuration. Notable design elements include expansive 5,500 square foot floor plates and abundant natural light, with exposed brick and concrete finishes throughout. Four floors have undergone extensive renovation, creating modern creative office environments supported by high ceilings and original detailing.
The building is located in Santa Ana’s Artists Village and Civic Center area, where the property’s tenant mix is supported by nearby government offices and cultural institutions, along with a growing base of dining and retail amenities referenced in the remarks. Additional access improvements are described as pending, with the OC Streetcar line scheduled to debut in 2026.
For tenants, buyers, and operators, the combination of renovated creative office space and in-place retail occupancy may appeal to teams seeking a mixed-use platform in a historic downtown setting. The offering is also described as including Mills Act tax advantages and proximity to major infrastructure improvements totaling $54 million, providing additional considerations for long-term ownership planning.
The building is located in Santa Ana’s Artists Village and Civic Center area, where the property’s tenant mix is supported by nearby government offices and cultural institutions, along with a growing base of dining and retail amenities referenced in the remarks. Additional access improvements are described as pending, with the OC Streetcar line scheduled to debut in 2026.
For tenants, buyers, and operators, the combination of renovated creative office space and in-place retail occupancy may appeal to teams seeking a mixed-use platform in a historic downtown setting. The offering is also described as including Mills Act tax advantages and proximity to major infrastructure improvements totaling $54 million, providing additional considerations for long-term ownership planning.
Key Highlights
- Historic six‑story mixed‑use building with 35,419 SF over a basement vault, originally built in 1923 for the First National Bank
- Tenant mix and occupancy: approximately 60% office and 40% retail occupancy; currently 70% leased
- Construction and layout include steel‑frame and concrete construction with expansive 5,500 SF floor plates and abundant natural light
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
$592,302
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
6.44%
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%
$11,846,040
$11.8M
Cap Rate 7%
$8,461,457
$8.5M
Cap Rate 9%
$6,581,133
$6.6M
Market Conditions
NOI Build-Up for 35,419 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
$892.6K $25.20/SF
− Vacancy
−$46.4K −$1.31/SF
EGI
$846.1K $23.89/SF
− OpEx
−$253.8K −$7.17/SF
NOI
$592.3K $16.72/SF
Area
ZIP 92701
Vacancy
5.20%
Lease Rate
$25.20 /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%
$11,846,040
Cap Rate 7%
$8,461,457
Cap Rate 9%
$6,581,133
Alternative Uses
Best Use
Retail
$8.46M
$7.40M – $9.87M
NOI $592,302 @ 7.0% cap · market cap 6.44%
Second Best
Office B
$8.22M
$7.19M – $9.58M
NOI $575,063 @ 7.0% cap · market cap 6.25%
Theoretical Best
Multifamily LT 5
$10.96M
$9.59M – $12.79M
NOI $767,154 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
70%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,637
Businesses Nearby
Explore this area
Business Placement
Demographics for 92701, CA
48,789
Population
13,470
Households
3.6
Avg Household Size
32
Median Age
11%
College-Educated
62%
High-School Grad
3.2 sq mi
ZIP Area
15,247
Density / Sq Mi
$68,697
Median Household Income
$33,846
Median Earnings
$1,650
Median Rent
$608,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Historic six-story property combines office and retail space with renovated creative interiors and distinctive exposed finishes.
Where is this office building located?
The property is located at 102 4th Street Santa Ana, CA.
What is the asking price?
The asking price for this property is $9,200,000.
What are key features of this property?
This property features: Historic six‑story mixed‑use building with 35,419 SF over a basement vault, originally built in 1923 for the First National Bank; Tenant mix and occupancy: approximately 60% office and 40% retail occupancy; currently 70% leased; Construction and layout include steel‑frame and concrete construction with expansive 5,500 SF floor plates and abundant natural light
