Historic Duplex with Cape Cod
For Sale
$925,000
207 W Buffalo Avenue, Santa Ana, CA 92706
Santa Ana, CA
Property Size1,968 SF
Lot Size0.16 Acres
Price / SF$470.02
Days on Market52
Property Features for 207 W Buffalo Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Laundry Room, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Family Room
Parking
2
Parking features
Driveway, Garage
Window features
Wood Frames
Interior features
Unfurnished, Ceiling Fan(s), Tile Counters
Fireplace
1
Appliances
Water Heater, Gas Range, Gas Oven
Subdivision
Other (OTHR)
Lot features
Rectangular Lot, Level, 2-5 Units/ Acre, Front Yard, Back Yard, Lawn
Elementary school district
Santa Ana Unified
Middle school district
Santa Ana Unified
High school district
Santa Ana Unified
Directions
Located between Main Street and Broadway, North of 17th Street.
Standard status
Active
APN
39910110
Size
1,968 SF
Lot size
0.16 Acres
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Wall Furnace
Water source
Public
Building Details
Year built
1922
Floors in Building
2
Number of units
2
Flooring type
Wood
Roof type
Composition
Architectural style
Cape Cod, Bungalow
Listing Agency:
Keller Williams Realty
(714) 426-3800
Listed By:
Kevin Shuler · License #01953088
(949) 633-6668
Added: Jun 30
Changed: Aug 20
Last Checked: Aug 20 at 11:06AM
MLS# PW26180780
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,968-square-foot duplex was built in 1922 and combines Cape Cod and bungalow architectural elements. The property includes a two-bedroom, one-bath residence and a one-bedroom, one-bath residence, with wood flooring, tile counters, ceiling fans, gas cooking appliances, and wall-furnace heating. A fireplace, laundry room, family room, driveway, and garage add to the existing improvements. Public water and sewer serve the property, which occupies 0.16 acres and includes a private rear yard. The property is listed on Santa Ana’s Historic Registry and carries Commercial & Residential zoning.
Located at 207 W Buffalo Avenue in Santa Ana, the duplex is within walking distance of the Bowers Museum, Discovery Cube, MainPlace Mall, and Park Santiago. The property is in ZIP Code 92706 and Orange County.
Located at 207 W Buffalo Avenue in Santa Ana, the duplex is within walking distance of the Bowers Museum, Discovery Cube, MainPlace Mall, and Park Santiago. The property is in ZIP Code 92706 and Orange County.
Key Highlights
- 1,968‑square‑foot duplex built in 1922
- Two‑bedroom, one‑bath unit plus one‑bedroom, one‑bath unit
- 0.16‑acre parcel with a private rear yard
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 residences offer a two-bedroom layout alongside a one-bedroom unit within a registered historic property.
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: 1,968‑square‑foot duplex built in 1922; Two‑bedroom, one‑bath unit plus one‑bedroom, one‑bath unit; 0.16‑acre parcel with a private rear yard
