Santa Ana Four-Unit Apartment
For Sale
Contact for pricing
1813 Cedar, Santa Ana, CA 92707
Well-maintained four-unit apartment building in Santa Ana.
Property Size2,800 SF
Price / SF$410.71
Days on Market329
Property Features for 1813 Cedar
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Multifamily
Zoning
R3
Listing Agency:
HomeSmart, Evergreen Realty
Listed By:
Marcus Bevans · License #02068413
Source:
Crexi
Added: Oct 6, 2025
Changed: Aug 8
Last Checked: Jul 19 at 7:12AM
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 HomeSmart, Evergreen Realty
Investment Insights
Based on property information with market context.
This well-maintained four-unit apartment building in Santa Ana is being offered for sale for the first time in over 25 years. The property provides long-term ownership stability in a location with limited four-unit inventory. Each unit features 2 bedrooms and 1 bath. According to the seller, each unit is approximately 700 sq. ft., but the buyer is advised to verify this information. The property includes five covered carport spaces. An on-site coin-operated laundry provides additional income. All units are occupied on month-to-month leases. The property has been consistently maintained over decades, reflecting pride of ownership.
Key Highlights
- Well‑maintained four‑unit apartment building in Santa Ana.
- First time on the market in over 25 years.
- Long‑term ownership stability in a location where four‑unit inventory is limited.
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
$48,550
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
4.22%
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%
$971,000
$971.0K
Cap Rate 7%
$693,571
$693.6K
Cap Rate 9%
$539,444
$539.4K
Market Conditions
NOI Build-Up for 2,800 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
$72.2K $25.80/SF
− Vacancy
−$2.9K −$1.03/SF
EGI
$69.4K $24.77/SF
− OpEx
−$20.8K −$7.43/SF
NOI
$48.6K $17.34/SF
Area
ZIP 92707
Vacancy
3.99%
Lease Rate
$25.80 /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%
$971,000
Cap Rate 7%
$693,571
Cap Rate 9%
$539,444
Alternative Uses
Best Use
Multifamily LT 5
$693.6K
$606.9K – $809.2K
NOI $48,550 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$639.9K
$559.9K – $746.5K
NOI $44,791 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$767.8K
$671.8K – $895.8K
NOI $53,747 @ 7.0% cap · market cap 4.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,943
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?
Quadplex - Well-maintained four-unit apartment building in Santa Ana.
Where is this quadplex located?
The property is located at 1813 Cedar Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Well‑maintained four‑unit apartment building in Santa Ana.; First time on the market in over 25 years.; Long‑term ownership stability in a location where four‑unit inventory is limited.
