Four-Unit
For Sale
$1,500,000
1735 W Washington, Santa Ana, CA 92706
Two detached homes and a duplex provide a diversified residential unit configuration on a sizable Santa Ana parcel.
Property Size3,056 SF
Lot Size0.30 Acres
Days on Market16
Property Features for 1735 W Washington
General Information
Standard status
Active
Size
3,056 SF
Lot size
0.30 Acres
Property subtype
Apartment
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
4
Building Details
Building Size
3,056 SF
Year Built
1950
Buildings
3
Listing Agency:
Greysteel California, Inc.
(949) 307-9469
Listed By:
Christian Espinoza · License #02062988
Source:
Stephanieyounggroup
Added: Jul 29
Changed: Aug 2
Last Checked: Aug 12 at 2:29PM
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 Greysteel California, Inc.
Investment Insights
Based on property information with market context.
This four-unit multifamily property combines two detached single-family homes with a duplex. Each detached residence contains two bedrooms and one bathroom, while the duplex includes two one-bedroom, one-bathroom units. The improvements were built in 1950 and occupy an approximately 13,068-square-foot lot. All four units are occupied by long-term tenants, creating an established rental profile.
The property is located at 1735 W Washington Avenue in Santa Ana, near Santa Ana College, Downtown Santa Ana, employment centers, public transportation, shopping, dining, and entertainment. Regional access includes the 5, 22, 55, and 57 Freeways. Potential future development of accessory dwelling units may be explored, subject to buyer verification of feasibility and applicable City of Santa Ana requirements. Rent increases are subject to the city’s rent control guidelines.
The property is located at 1735 W Washington Avenue in Santa Ana, near Santa Ana College, Downtown Santa Ana, employment centers, public transportation, shopping, dining, and entertainment. Regional access includes the 5, 22, 55, and 57 Freeways. Potential future development of accessory dwelling units may be explored, subject to buyer verification of feasibility and applicable City of Santa Ana requirements. Rent increases are subject to the city’s rent control guidelines.
Key Highlights
- Four residential units: two detached two‑bedroom homes plus a two‑unit duplex
- ±13,068 SF lot at 1735 W Washington Avenue
- Unit mix includes two 2‑bedroom/1‑bath homes and two 1‑bedroom/1‑bath units
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
$55,292
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
3.69%
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%
$1,105,840
$1.1M
Cap Rate 7%
$789,886
$789.9K
Cap Rate 9%
$614,356
$614.4K
Market Conditions
NOI Build-Up for 3,056 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
$82.5K $27.00/SF
− Vacancy
−$3.5K −$1.15/SF
EGI
$79.0K $25.85/SF
− OpEx
−$23.7K −$7.75/SF
NOI
$55.3K $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%
$1,105,840
Cap Rate 7%
$789,886
Cap Rate 9%
$614,356
Alternative Uses
Best Use
Multifamily LT 5
$789.9K
$691.2K – $921.5K
NOI $55,292 @ 7.0% cap · market cap 3.69%
Second Best
Apartment 5plus
$701.7K
$614.0K – $818.6K
NOI $49,118 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$1.03M
$903.6K – $1.20M
NOI $72,285 @ 7.0% cap · market cap 4.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
998
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?
Quadplex - Two detached homes and a duplex provide a diversified residential unit configuration on a sizable Santa Ana parcel.
Where is this quadplex located?
The property is located at 1735 W Washington Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Four residential units: two detached two‑bedroom homes plus a two‑unit duplex; ±13,068 SF lot at 1735 W Washington Avenue; Unit mix includes two 2‑bedroom/1‑bath homes and two 1‑bedroom/1‑bath units
