Historic Duplex with Private
For Sale
$925,000
207 W Buffalo Avenue, Santa Ana, CA 92706
Two residential units with vintage detailing, mixed commercial and residential zoning, and a secluded rear yard.
Property Size1,968 SF
Days on Market12
Property Features for 207 W Buffalo Avenue
General Information
Standard status
Active
Size
1,968 SF
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
private backyard
Building Details
Building Size
1,968 SF
Year Built
1922
Listing Agency:
Keller Williams Realty
(714) 426-3800
Listed By:
Kevin Shuler · License #01953088
Source:
Stephanieyounggroup
Added: Aug 19
Changed: Aug 24
Last Checked: Aug 29 at 4:05PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Built in 1922, this duplex contains a 2-bedroom, 1-bath unit and a 1-bedroom, 1-bath unit, each retaining period character and craftsmanship. The property is listed on Santa Ana’s Historic Registry and carries commercial and residential zoning. A spacious private backyard extends behind the buildings and adds outdoor space to the property’s existing configuration.
The address is adjacent to Floral Park and within walking distance of the Bowers Museum, Discovery Cube, and MainPlace Mall. Park Santiago is also nearby, with playgrounds, walking trails, and lawn bowling. Walk Score is 93, Bike Score is 66, and Transit Score is 52, providing a measurable picture of access to surrounding destinations and transportation options.
The address is adjacent to Floral Park and within walking distance of the Bowers Museum, Discovery Cube, and MainPlace Mall. Park Santiago is also nearby, with playgrounds, walking trails, and lawn bowling. Walk Score is 93, Bike Score is 66, and Transit Score is 52, providing a measurable picture of access to surrounding destinations and transportation options.
Key Highlights
- Duplex built in 1922 with 2‑bedroom and 1‑bedroom units
- Unit mix includes 2‑bedroom, 1‑bath and 1‑bedroom, 1‑bath residences
- Commercial and residential zoning
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
$35,607
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
3.85%
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%
$712,140
$712.1K
Cap Rate 7%
$508,671
$508.7K
Cap Rate 9%
$395,633
$395.6K
Market Conditions
NOI Build-Up for 1,968 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
$53.1K $27.00/SF
− Vacancy
−$2.3K −$1.15/SF
EGI
$50.9K $25.85/SF
− OpEx
−$15.3K −$7.75/SF
NOI
$35.6K $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%
$712,140
Cap Rate 7%
$508,671
Cap Rate 9%
$395,633
Alternative Uses
Best Use
Multifamily LT 5
$508.7K
$445.1K – $593.5K
NOI $35,607 @ 7.0% cap · market cap 3.85%
Second Best
Apartment 5plus
$451.9K
$395.4K – $527.2K
NOI $31,631 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$665.0K
$581.9K – $775.8K
NOI $46,550 @ 7.0% cap · market cap 5.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,587
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?
Duplex - Two residential units with vintage detailing, mixed commercial and residential zoning, and a secluded rear yard.
Where is this duplex located?
The property is located at 207 W Buffalo Avenue Santa Ana, CA.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Duplex built in 1922 with 2‑bedroom and 1‑bedroom units; Unit mix includes 2‑bedroom, 1‑bath and 1‑bedroom, 1‑bath residences; Commercial and residential zoning
