Duplex With Renovation
For Sale
$699,900
1618 W 3rd, Santa Ana, CA 92703
Built in 1922 and offered as-is, the property is positioned for cosmetic and functional upgrades.
Property Size1,869 SF
Days on Market10
Property Features for 1618 W 3rd
General Information
Standard status
Active
Size
1,869 SF
Property subtype
Duplex
Property Condition
Severity
Repairs Needed
Evidence
fixer-upper
Additional Details
Highway Access
Yes
Building Details
Building Size
1,869 SF
Year Built
1922
Listing Agency:
Seven Gables Real Estate
Listed By:
Eduardo Vargas · License #01219811
Source:
Stephanieyounggroup
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 29 at 2:44PM
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 Seven Gables Real Estate
Investment Insights
Based on property information with market context.
This duplex property at 1618 W 3rd in Santa Ana was built in 1922 and is being offered in its current as-is condition. The asset requires renovation, with both cosmetic and functional improvements identified as part of its repositioning potential.
The property is centrally situated with access to Interstate 5 and State Route 22. Downtown Santa Ana, shopping, dining, schools, and employment centers are also identified in the surrounding area, providing access to a range of everyday services and community destinations.
The property is centrally situated with access to Interstate 5 and State Route 22. Downtown Santa Ana, shopping, dining, schools, and employment centers are also identified in the surrounding area, providing access to a range of everyday services and community destinations.
Key Highlights
- Duplex property at 1618 W 3rd, Santa Ana, CA 92703
- Constructed in 1922
- Sold in as‑is condition
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
$33,840
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
4.83%
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%
$676,800
$676.8K
Cap Rate 7%
$483,429
$483.4K
Cap Rate 9%
$376,000
$376.0K
Market Conditions
NOI Build-Up for 1,869 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
$50.5K $27.00/SF
− Vacancy
−$2.1K −$1.13/SF
EGI
$48.3K $25.87/SF
− OpEx
−$14.5K −$7.76/SF
NOI
$33.8K $18.11/SF
Area
ZIP 92703
Vacancy
4.20%
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%
$676,800
Cap Rate 7%
$483,429
Cap Rate 9%
$376,000
Alternative Uses
Best Use
Multifamily LT 5
$483.4K
$423.0K – $564.0K
NOI $33,840 @ 7.0% cap · market cap 4.83%
Second Best
Apartment 5plus
$447.8K
$391.9K – $522.5K
NOI $31,349 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$540.9K
$473.3K – $631.1K
NOI $37,866 @ 7.0% cap · market cap 5.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,067
Businesses Nearby
Explore this area
Business Placement
Demographics for 92703, CA
65,621
Population
14,644
Households
4.5
Avg Household Size
34
Median Age
13%
College-Educated
60%
High-School Grad
4.2 sq mi
ZIP Area
15,624
Density / Sq Mi
$80,817
Median Household Income
$33,363
Median Earnings
$1,922
Median Rent
$585,900
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 - Built in 1922 and offered as-is, the property is positioned for cosmetic and functional upgrades.
Where is this duplex located?
The property is located at 1618 W 3rd Santa Ana, CA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Duplex property at 1618 W 3rd, Santa Ana, CA 92703; Constructed in 1922; Sold in as‑is condition
