Duplex With Private Enclosed
For Sale
$995,000
1618 Freeman St, Santa Ana, CA 92706
Two distinct residences include central HVAC, interior laundry areas, and detached garages.
Property Size1,715 SF
Lot Size0.18 Acres
Price / SF$580.17
Days on Market23
Property Features for 1618 Freeman St
General Information
Standard status
Active
Size
1,715 SF
Lot size
0.18 Acres
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
private enclosed backyard
detached one-car garage
interior laundry areas
central HVAC systems
Listing Agency:
Elite Representation Real Estate
(310) 387-0482
Listed By:
Melissa Barlow · License #1498928
(310) 387-0482
Source:
Exprealty
Added: Aug 8
Changed: Aug 22
Last Checked: Aug 29 at 3:47PM
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 Elite Representation Real Estate
Investment Insights
Based on property information with market context.
This duplex contains 1,715 square feet across two residences. One unit is a remodeled two-bedroom, one-bath home, while the second offers one bedroom and one bath with original character. Both residences include central HVAC, interior laundry areas, a private enclosed backyard, and a detached one-car garage.
The property occupies an 8,032-square-foot lot with mature trees and established greenery. Shopping, local dining, Santa Ana College, and commuter routes are located nearby, adding convenient access to daily services, education, and transportation.
The property occupies an 8,032-square-foot lot with mature trees and established greenery. Shopping, local dining, Santa Ana College, and commuter routes are located nearby, adding convenient access to daily services, education, and transportation.
Key Highlights
- Two‑unit duplex with 1,715 square feet of building area
- Remodeled 2‑bedroom, 1‑bath unit paired with a 1‑bedroom, 1‑bath residence
- Each unit has a private enclosed backyard
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
$31,029
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%
$620,580
$620.6K
Cap Rate 7%
$443,271
$443.3K
Cap Rate 9%
$344,767
$344.8K
Market Conditions
NOI Build-Up for 1,715 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
$46.3K $27.00/SF
− Vacancy
−$2.0K −$1.15/SF
EGI
$44.3K $25.85/SF
− OpEx
−$13.3K −$7.75/SF
NOI
$31.0K $18.09/SF
Area
Santa Ana, CA
Vacancy
4.27%
Lease Rate
$27.00 /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%
$620,580
Cap Rate 7%
$443,271
Cap Rate 9%
$344,767
Alternative Uses
Best Use
Multifamily LT 5
$443.3K
$387.9K – $517.2K
NOI $31,029 @ 7.0% cap · market cap 3.12%
Second Best
Apartment 5plus
$393.8K
$344.6K – $459.4K
NOI $27,565 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$579.5K
$507.1K – $676.1K
NOI $40,566 @ 7.0% cap · market cap 4.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,427
Businesses Nearby
Explore this area
Business Placement
Demographics for 92706, CA
35,621
Population
10,473
Households
3.4
Avg Household Size
35
Median Age
23%
College-Educated
69%
High-School Grad
3.5 sq mi
ZIP Area
10,177
Density / Sq Mi
$96,424
Median Household Income
$36,850
Median Earnings
$1,890
Median Rent
$839,100
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?
Duplex - Two distinct residences include central HVAC, interior laundry areas, and detached garages.
Where is this duplex located?
The property is located at 1618 Freeman St Santa Ana, CA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,715 square feet of building area; Remodeled 2‑bedroom, 1‑bath unit paired with a 1‑bedroom, 1‑bath residence; Each unit has a private enclosed backyard
