Contemporary Mixed-Use Live-Work
New
For Sale
$975,000
123 E City Place Drive, Santa Ana, CA 92705
Santa Ana, CA
Property Size1,919 SF
Lot Size0.02 Acres
Price / SF$508.08
Days on Market2
Property Features for 123 E City Place Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
2
Bathrooms
3
Half bathrooms
1
Rooms
Bedroom 2, Bathroom 1, Bathroom 2, Kitchen, Laundry Room, Bedroom 1, Bathroom 3
Parking
2
Parking features
Garage
Window features
Double Pane Windows, Drapes
Patio and Porch features
Patio
Interior features
Balcony
Appliances
Water Heater, Disposal, Refrigerator, Gas Range, Dishwasher
Subdivision
Other (OTHR)
Lot features
Level, Park Nearby
Elementary school district
Santa Ana Unified
Middle school district
Santa Ana Unified
High school district
Santa Ana Unified
Directions
Located across from Main Place mall. Enter City Place
Standard status
Active
APN
93897173
Size
1,919 SF
Lot size
0.02 Acres
Taxes and HOA fees
HOA Fee
$510 Monthly
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Amenities
balcony
Building Details
Year built
2006
Floors in Building
3
Number of units
185
Flooring type
Wood, Tile
Building materials
Stucco
Architectural style
Contemporary
Listing Agency:
First Team Real Estate
(714) 974-9191
Listed By:
Erin Williamson · License #01168509
(714) 612-4297
Added: Sep 13
Last Checked: Sep 14 at 4:06AM
MLS# PW26200229
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.
This three-level mixed-use property combines a commercial-zoned first level with an extensively finished residential layout above. The 1,919-square-foot interior includes three bedrooms, three bathrooms, an open kitchen, dining and living areas, a laundry room, and a primary suite with dual vanities and a marble shower. Interior details include Carrera and Calacatta marble, custom cabinetry, Venetian plaster walls, designer lighting, wood and tile flooring, and stainless steel appliances. Central air conditioning, a full-size laundry room, and a two-car garage add practical functionality.
Outdoor features include a walk-out balcony, patio, and a 20-foot roll-up door. The property was built in 2006 and uses public water and public sewer. Its contemporary design was created by architect Steven Ehrlich, with the first level designated for commercial use. The property is located in City Place near the 5, 57, 22, and 55 freeways, with shopping and dining within walking distance.
Outdoor features include a walk-out balcony, patio, and a 20-foot roll-up door. The property was built in 2006 and uses public water and public sewer. Its contemporary design was created by architect Steven Ehrlich, with the first level designated for commercial use. The property is located in City Place near the 5, 57, 22, and 55 freeways, with shopping and dining within walking distance.
Key Highlights
- 1,919‑square‑foot mixed‑use live‑work property
- Commercial zoning on the first level
- Three‑level layout with 3 bedrooms and 3 bathrooms
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
$30,455
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
3.12%
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%
$609,100
$609.1K
Cap Rate 7%
$435,071
$435.1K
Cap Rate 9%
$338,389
$338.4K
Market Conditions
NOI Build-Up for 1,919 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
$53.0K $27.60/SF
− Vacancy
−$4.2K −$2.21/SF
EGI
$48.7K $25.39/SF
− OpEx
−$18.3K −$9.52/SF
NOI
$30.5K $15.87/SF
Area
ZIP 92705
Vacancy
8.00%
Lease Rate
$27.60 /SF/Yr
Expense Ratio
37.50%
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%
$609,100
Cap Rate 7%
$435,071
Cap Rate 9%
$338,389
Alternative Uses
Best Use
Mixed Use
$435.1K
$380.7K – $507.6K
NOI $30,455 @ 7.0% cap · market cap 3.12%
Second Best
Office B
$432.3K
$378.3K – $504.4K
NOI $30,263 @ 7.0% cap · market cap 3.10%
Theoretical Best
Specialty Retail
$576.7K
$504.6K – $672.9K
NOI $40,371 @ 7.0% cap · market cap 4.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,080
Businesses Nearby
Explore this area
Business Placement
Demographics for 92705, CA
45,902
Population
16,642
Households
2.8
Avg Household Size
40
Median Age
46%
College-Educated
87%
High-School Grad
11.8 sq mi
ZIP Area
3,890
Density / Sq Mi
$125,928
Median Household Income
$51,830
Median Earnings
$2,250
Median Rent
$1,135,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-level commercial-zoned residence with custom finishes, flexible workspace potential, and direct garage access.
Where is this mixed-use property located?
The property is located at 123 E City Place Drive Santa Ana, CA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 1,919‑square‑foot mixed‑use live‑work property; Commercial zoning on the first level; Three‑level layout with 3 bedrooms and 3 bathrooms
