Santa Ana Commercial Building
For Sale
$4,295,000
2215 N Broadway, Santa Ana, CA 92706
Freestanding commercial building on a large lot in Santa Ana.
Property Size16,290 SF
Lot Size0.58 Acres
Price / SF$263.66
Days on Market148
Property Features for 2215 N Broadway
General Information
Standard status
Active
Size
16,290 SF
Lot size
0.58 Acres
Property subtype
Commercial
Building Details
Building Size
16,290 SF
Listing Agency:
Keller Williams Costa Mesa
(949) 933-0488
Listed By:
Thomas Kadar · License #01912823
(949) 933-0488
Source:
Elliman
Added: Mar 31
Changed: Aug 22
Last Checked: Aug 24 at 6:49AM
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 Costa Mesa
Investment Insights
Based on property information with market context.
Located along a highly trafficked corridor in Santa Ana, the property at 2215 N Broadway offers a freestanding commercial building with approximately 16,290 square feet of space on a lot of approximately 0.81 acres. The two-story building benefits from high street visibility, significant traffic volume, and convenient access to the 5, 22, and 55 freeways. Zoned Professional (P), the property accommodates a variety of uses, including medical, dental, office, financial institutions, childcare, and other professional services. The building features an open floor plan, multiple signage opportunities, and a large on-site parking area accessible from both Broadway and Buffalo Avenue. Situated in central Orange County, the property is near MainPlace Mall, Santa Ana College, the Bowers Museum, and Discovery Cube.
Key Highlights
- High‑traffic location on Broadway with excellent street visibility.
- Versatile Professional (P) zoning allows for a wide range of uses (medical, office, financial, etc.).
- Convenient access to the 5, 22, and 55 freeways.
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
$294,723
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
6.86%
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%
$5,894,460
$5.9M
Cap Rate 7%
$4,210,329
$4.2M
Cap Rate 9%
$3,274,700
$3.3M
Market Conditions
NOI Build-Up for 16,290 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
$420.3K $25.80/SF
− Vacancy
−$27.3K −$1.68/SF
EGI
$393.0K $24.12/SF
− OpEx
−$98.2K −$6.03/SF
NOI
$294.7K $18.09/SF
Area
Santa Ana, CA
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
25.00%
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%
$5,894,460
Cap Rate 7%
$4,210,329
Cap Rate 9%
$3,274,700
Alternative Uses
Best Use
Office B
$4.21M
$3.68M – $4.91M
NOI $294,723 @ 7.0% cap · market cap 6.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.50M
$4.82M – $6.42M
NOI $385,315 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Freestanding commercial building on a large lot in Santa Ana.
Where is this office building located?
The property is located at 2215 N Broadway Santa Ana, CA.
What is the asking price?
The asking price for this property is $4,295,000.
What are key features of this property?
This property features: High‑traffic location on Broadway with excellent street visibility.; Versatile Professional (P) zoning allows for a wide range of uses (medical, office, financial, etc.).; Convenient access to the 5, 22, and 55 freeways.
