Medical Office Building with Dual
For Sale
Contact for pricing
1654 E 4th St, Santa Ana, CA 92701
Medical office building offering flexibility for a main-floor lease, with upstairs office space retained by the seller.
Property Size2,740 SF
Price / SF$538.32
Days on Market138
Property Features for 1654 E 4th St
General Information
Standard status
Active
Size
2,740 SF
Class
C
Property subtype
Office
Investment Type
Owner/User
Building Details
Year Built
1946
Stories
2
Tenancy
Single
Listing Agency:
Lee & Associates - Newport Beach
Listed By:
Charlie Winn · License #01151176
(714) 271-2963
Source:
Crexi
Added: Apr 24
Changed: Aug 26
Last Checked: Sep 8 at 7:50AM
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 Lee & Associates - Newport Beach
Investment Insights
Based on property information with market context.
1654 E 4th St is a medical office building offered for sale. The property includes office space across multiple levels, with an option described by the seller for a medical professional to lease the main-floor medical office.
According to the seller, in that scenario the seller would lease the downstairs portion while retaining the upstairs office for personal use. The building is located at 1654 E 4th St in Santa Ana, CA 92701.
This configuration can support an owner-occupant setup while allowing a tenant to operate from the main-floor medical office, depending on the lease arrangement terms agreed upon.
According to the seller, in that scenario the seller would lease the downstairs portion while retaining the upstairs office for personal use. The building is located at 1654 E 4th St in Santa Ana, CA 92701.
This configuration can support an owner-occupant setup while allowing a tenant to operate from the main-floor medical office, depending on the lease arrangement terms agreed upon.
Key Highlights
- Medical office building built in 1946.
- Main‑floor medical office available for lease to a medical professional.
- Seller will lease the downstairs portion while retaining upstairs office space for personal use.
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
$44,487
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
3.02%
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%
$889,740
$889.7K
Cap Rate 7%
$635,529
$635.5K
Cap Rate 9%
$494,300
$494.3K
Market Conditions
NOI Build-Up for 2,740 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
$72.3K $26.40/SF
− Vacancy
−$13.0K −$4.75/SF
EGI
$59.3K $21.65/SF
− OpEx
−$14.8K −$5.41/SF
NOI
$44.5K $16.24/SF
Area
ZIP 92701
Vacancy
18.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$889,740
Cap Rate 7%
$635,529
Cap Rate 9%
$494,300
Alternative Uses
Best Use
Office B
$635.5K
$556.1K – $741.5K
NOI $44,487 @ 7.0% cap · market cap 3.02%
Second Best
Healthcare Medical
$601.5K
$526.3K – $701.8K
NOI $42,107 @ 7.0% cap · market cap 2.85%
Theoretical Best
Multifamily LT 5
$847.8K
$741.8K – $989.1K
NOI $59,347 @ 7.0% cap · market cap 4.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,083
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92701, CA
48,789
Population
13,470
Households
3.6
Avg Household Size
32
Median Age
11%
College-Educated
62%
High-School Grad
3.2 sq mi
ZIP Area
15,247
Density / Sq Mi
$68,697
Median Household Income
$33,846
Median Earnings
$1,650
Median Rent
$608,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Tustin Santa Ana Vet Hospital — 741 W First St, Tustin, CA 92780
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building offering flexibility for a main-floor lease, with upstairs office space retained by the seller.
Where is this medical office space located?
The property is located at 1654 E 4th St Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: Medical office building built in 1946.; Main‑floor medical office available for lease to a medical professional.; Seller will lease the downstairs portion while retaining upstairs office space for personal use.
