Multifamily
For Sale
$1,025,000
1609 Cedar, Santa Ana, CA 92707
Multifamily property constructed in 1961 in Orange County.
Property Size3,052 SF
Days on Market29
Property Features for 1609 Cedar
General Information
Standard status
Active
Size
3,052 SF
Total Parking Spaces
3
Property subtype
Residential Income
Net Operating Income
$48,020
Building Details
Building Size
3,052 SF
Year Built
1961
Buildings
1
Stories
2
Listing Agency:
Hoyt Real Estate Inc
(949) 619-6159
Listed By:
Matthew Hoyt · License #01426139
(949) 619-6159
Source:
Evrealestate
Added: Jul 16
Changed: Aug 10
Last Checked: Aug 13 at 4:51AM
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 Hoyt Real Estate Inc
Investment Insights
Based on property information with market context.
This multifamily property at 1609 Cedar in Santa Ana was constructed in 1961. The property is located in Orange County, with directions provided from Edinger to Cedar.
Key Highlights
- Multifamily property at 1609 Cedar, Santa Ana, CA 92707
- Constructed in 1961
- Located in Orange County
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
$48,822
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
4.76%
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%
$976,440
$976.4K
Cap Rate 7%
$697,457
$697.5K
Cap Rate 9%
$542,467
$542.5K
Market Conditions
NOI Build-Up for 3,052 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
$92.7K $30.36/SF
− Vacancy
−$3.9K −$1.28/SF
EGI
$88.8K $29.08/SF
− OpEx
−$39.9K −$13.09/SF
NOI
$48.8K $16.00/SF
Area
ZIP 92707
Vacancy
4.20%
Lease Rate
$30.36 /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%
$976,440
Cap Rate 7%
$697,457
Cap Rate 9%
$542,467
Alternative Uses
Best Use
Apartment 5plus
$697.5K
$610.3K – $813.7K
NOI $48,822 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$836.9K
$732.3K – $976.4K
NOI $58,584 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,856
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 - Multifamily property constructed in 1961 in Orange County.
Where is this multifamily property located?
The property is located at 1609 Cedar Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: Multifamily property at 1609 Cedar, Santa Ana, CA 92707; Constructed in 1961; Located in Orange County
