Historic Santa Ana Empire
For Sale
$4,500,000
204 N Broadway, Santa Ana, CA 92701
Mixed-use building in historic downtown Santa Ana with retail and office.
Property Size22,011 SF
Price / SF$204.44
Days on Market262
Property Features for 204 N Broadway
General Information
Standard status
Active
Size
22,011 SF
Property subtype
Retail
Net Operating Income
$393,484
Building Details
Building Size
22,011 SF
Year Built
1931
Listing Agency:
FTGU Commercial Real Estate
(714) 604-5175
Listed By:
Fernando Crisantos · License #CalDRE #01972227
(714) 604-5175
Source:
Svnvanguard
Added: Nov 21, 2025
Changed: Aug 8
Last Checked: Aug 8 at 4:54AM
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 FTGU Commercial Real Estate
Investment Insights
Based on property information with market context.
The Empire Building is available for sale, presenting an opportunity for immediate occupancy by an owner-user. The property features two retail spaces with high ceilings and built-out interiors suitable for retail or restaurant tenants. The second floor includes office suites that can be leased in their current condition or reconfigured into an open-concept layout with shared amenities. The building has 17 parking spaces and is located in historic downtown Santa Ana. The building has Art Deco architectural significance.
Key Highlights
- Prime owner user opportunity
- Two retail spaces with high ceilings and largely built‑out interiors ideal for retail or restaurant tenants
- Historic Downtown Santa Ana location
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
$368,084
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
8.18%
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%
$7,361,680
$7.4M
Cap Rate 7%
$5,258,343
$5.3M
Cap Rate 9%
$4,089,822
$4.1M
Market Conditions
NOI Build-Up for 22,011 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
$554.7K $25.20/SF
− Vacancy
−$28.8K −$1.31/SF
EGI
$525.8K $23.89/SF
− OpEx
−$157.8K −$7.17/SF
NOI
$368.1K $16.72/SF
Area
ZIP 92701
Vacancy
5.20%
Lease Rate
$25.20 /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%
$7,361,680
Cap Rate 7%
$5,258,343
Cap Rate 9%
$4,089,822
Alternative Uses
Best Use
Retail
$5.26M
$4.60M – $6.13M
NOI $368,084 @ 7.0% cap · market cap 8.18%
Second Best
Office B
$5.11M
$4.47M – $5.96M
NOI $357,371 @ 7.0% cap · market cap 7.94%
Theoretical Best
Multifamily LT 5
$6.81M
$5.96M – $7.95M
NOI $476,745 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,537
Businesses Nearby
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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Frequently Asked Questions
What type of property is this?
Retail space - Mixed-use building in historic downtown Santa Ana with retail and office.
Where is this retail space located?
The property is located at 204 N Broadway Santa Ana, CA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Prime owner user opportunity; Two retail spaces with high ceilings and largely built‑out interiors ideal for retail or restaurant tenants; Historic Downtown Santa Ana location
