Multifamily Property with Four
For Sale
$1,399,000
508 W Edinger, Santa Ana, CA 92707
Four tenant-occupied residences share one lot along W Edinger Street and are offered in as-is condition.
Property Size3,077 SF
Days on Market45
Property Features for 508 W Edinger
General Information
Standard status
Active
Size
3,077 SF
Property subtype
Investment
Building Details
Building Size
3,077 SF
Year Built
1939
Units
4
Listed By:
Ming Chen
(949) 836-7010
Source:
Elliman
Added: Jul 21
Changed: Sep 2
Last Checked: Sep 2 at 8:40PM
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 Ming Chen
Investment Insights
Based on property information with market context.
This multifamily property consists of four single-family cottages situated on one lot. The residences are currently occupied by tenants and are being offered in as-is condition. The improvements date to 1939, while the land area totals over 14300+ SQFT.
The property includes frontage along W Edinger Street and is associated with 504, 506, and 508 W Edinger in Santa Ana, along with 1508 Ross Street S. Santa Ana. WalkScore is 74, BikeScore is 75, and TransitScore is 45, reflecting walkable and bike-friendly access with some transit service.
The property includes frontage along W Edinger Street and is associated with 504, 506, and 508 W Edinger in Santa Ana, along with 1508 Ross Street S. Santa Ana. WalkScore is 74, BikeScore is 75, and TransitScore is 45, reflecting walkable and bike-friendly access with some transit service.
Key Highlights
- Four single‑family cottages on one lot
- Over 14300+ SQFT lot size
- Currently occupied by tenants
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
$53,353
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
3.81%
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%
$1,067,060
$1.1M
Cap Rate 7%
$762,186
$762.2K
Cap Rate 9%
$592,811
$592.8K
Market Conditions
NOI Build-Up for 3,077 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
$79.4K $25.80/SF
− Vacancy
−$3.2K −$1.03/SF
EGI
$76.2K $24.77/SF
− OpEx
−$22.9K −$7.43/SF
NOI
$53.4K $17.34/SF
Area
ZIP 92707
Vacancy
3.99%
Lease Rate
$25.80 /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%
$1,067,060
Cap Rate 7%
$762,186
Cap Rate 9%
$592,811
Alternative Uses
Best Use
Multifamily LT 5
$762.2K
$666.9K – $889.2K
NOI $53,353 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$703.2K
$615.3K – $820.4K
NOI $49,222 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$843.8K
$738.3K – $984.4K
NOI $59,064 @ 7.0% cap · market cap 4.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
750
Businesses Nearby
Explore this area
Business Placement
Demographics for 92707, CA
56,456
Population
14,767
Households
3.8
Avg Household Size
33
Median Age
17%
College-Educated
65%
High-School Grad
5.2 sq mi
ZIP Area
10,857
Density / Sq Mi
$99,491
Median Household Income
$35,582
Median Earnings
$2,141
Median Rent
$635,600
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?
Multifamily property - Four tenant-occupied residences share one lot along W Edinger Street and are offered in as-is condition.
Where is this multifamily property located?
The property is located at 508 W Edinger Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Four single‑family cottages on one lot; Over 14300+ SQFT lot size; Currently occupied by tenants
