Four-Unit Apartment
New
For Sale
$1,200,000
1221 N Lacy St, Santa Ana, CA 92701
Four two-bedroom residences each include a garage space, with shared laundry and open parking on site.
Property Size3,715 SF
Days on Market7
Property Features for 1221 N Lacy St
General Information
Standard status
Active
Size
3,715 SF
Property subtype
Investment
Property Condition
Severity
Repairs Needed
Evidence
interiors are largely original
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
on-site laundry facility
Building Details
Building Size
3,715 SF
Year Built
1948
Units
4
Listed By:
Justin Butler
Source:
Elliman
Added: Oct 16
Last Checked: Oct 20 at 10:35PM
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 Justin Butler
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains four two-bedroom, one-bath residences. Each unit has a garage space, and residents also have access to open parking and an on-site laundry facility. The building dates to 1948, and the interiors are largely original. An ADU may be possible, subject to verification with the City of Santa Ana.
The property is approximately 0.9 miles from Downtown Santa Ana and about 0.3 miles from the planned Santa Ana Blvd and Lacy St station on the OC Streetcar line. I-5 and the Santa Ana Regional Transportation Center are also accessible from the property.
The property is approximately 0.9 miles from Downtown Santa Ana and about 0.3 miles from the planned Santa Ana Blvd and Lacy St station on the OC Streetcar line. I-5 and the Santa Ana Regional Transportation Center are also accessible from the property.
Key Highlights
- Four two‑bedroom, one‑bath units
- Each residence has a garage space; open parking is also available
- On‑site laundry facility
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$80,465
Cap Rate
6.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,609,300
$1.6M
Cap Rate 7%
$1,149,500
$1.1M
Cap Rate 9%
$894,056
$894.1K
Market Conditions
NOI Build-Up for 3,715 SF
Gross rent
$120.4K $32.40/SF
− Vacancy
−$5.4K −$1.46/SF
EGI
$114.9K $30.94/SF
− OpEx
−$34.5K −$9.28/SF
NOI
$80.5K $21.66/SF
Area
ZIP 92701
Vacancy
4.50%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,609,300
Cap Rate 7%
$1,149,500
Cap Rate 9%
$894,056
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.01M – $1.34M
NOI $80,465 @ 7.0% cap · market cap 6.71%
Second Best
Apartment 5plus
$1.05M
$923.0K – $1.23M
NOI $73,837 @ 7.0% cap · market cap 6.15%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,005
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom residences each include a garage space, with shared laundry and open parking on site.
Where is this quadplex located?
The property is located at 1221 N Lacy St Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Four two‑bedroom, one‑bath units; Each residence has a garage space; open parking is also available; On‑site laundry facility
