18-Unit Apartment
For Sale
$4,300,000
1213 W Brook, Santa Ana, CA 92703
Two-story multifamily property with a varied unit mix and established in-place operations.
Property Size12,357 SF
Days on Market210
Property Features for 1213 W Brook
General Information
Standard status
Active
Size
12,357 SF
Property subtype
Apartment
Building Details
Building Size
12,357 SF
Year Built
1961
Listing Agency:
Mike Marcu, Broker
Listed By:
Mike Marcu · License #00919594
(559) 638-3651
Source:
Altamirarealty
Added: Feb 10
Changed: Sep 8
Last Checked: Aug 2 at 9:03AM
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 Mike Marcu, Broker
Investment Insights
Based on property information with market context.
This two-story apartment property contains 18 units arranged as 14 one-bedroom residences, two two-bedroom/one-bath units, and two two-bedroom/two-bath units. The configuration provides a range of residential layouts within a single multifamily asset, with apartments described as functional and consistent across the property.
Located in Santa Ana, California, the building is part of the Brook Street portfolio. Portfolio offerings include three additional properties with 12, 11, and 11 units, respectively; the assets may be acquired individually or in combination, with concurrent closing contemplated for the group. The portfolio also has access to the 5, 22, 55, and 405 freeways and is positioned near major employment corridors.
The property is offered with an 11.24 Gross Rent Multiplier and a 5.65% capitalization rate. These operating metrics provide clear reference points for evaluating the asset within the multifamily market.
Located in Santa Ana, California, the building is part of the Brook Street portfolio. Portfolio offerings include three additional properties with 12, 11, and 11 units, respectively; the assets may be acquired individually or in combination, with concurrent closing contemplated for the group. The portfolio also has access to the 5, 22, 55, and 405 freeways and is positioned near major employment corridors.
The property is offered with an 11.24 Gross Rent Multiplier and a 5.65% capitalization rate. These operating metrics provide clear reference points for evaluating the asset within the multifamily market.
Key Highlights
- 18‑unit, two‑story apartment building in Santa Ana, California
- Unit mix includes 14 one‑bedroom units
- Two 2‑bedroom/1‑bath units and two 2‑bedroom/2‑bath units
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
$207,263
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
4.82%
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%
$4,145,260
$4.1M
Cap Rate 7%
$2,960,900
$3.0M
Cap Rate 9%
$2,302,922
$2.3M
Market Conditions
NOI Build-Up for 12,357 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
$393.0K $31.80/SF
− Vacancy
−$16.1K −$1.30/SF
EGI
$376.8K $30.50/SF
− OpEx
−$169.6K −$13.72/SF
NOI
$207.3K $16.77/SF
Area
ZIP 92703
Vacancy
4.10%
Lease Rate
$31.80 /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%
$4,145,260
Cap Rate 7%
$2,960,900
Cap Rate 9%
$2,302,922
Alternative Uses
Best Use
Apartment 5plus
$2.96M
$2.59M – $3.45M
NOI $207,263 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.58M
$3.13M – $4.17M
NOI $250,356 @ 7.0% cap · market cap 5.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
873
Businesses Nearby
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story multifamily property with a varied unit mix and established in-place operations.
Where is this apartment building located?
The property is located at 1213 W Brook Santa Ana, CA.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: 18‑unit, two‑story apartment building in Santa Ana, California; Unit mix includes 14 one‑bedroom units; Two 2‑bedroom/1‑bath units and two 2‑bedroom/2‑bath units
