Freestanding Medical Office
For Sale
$4,295,000
2215 N Broadway, Santa Ana, CA 92706
COMMERCIAL - Santa Ana, CA
Property Size16,290 SF
Lot Size0.81 Acres
Price / SF$263.66
Days on Market145
Property Features for 2215 N Broadway
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
main cross streets are broadway and santa clara ave
Subdivision
70 - Santa Ana North of First
Standard status
Active
APN
39910109
Lot size
0.81 Acres
Utilities
Cooling system
Central Air
Listing Agency:
Keller Williams Legacy · Keller Williams Realty
(949) 734-6581
Listed By:
Luis Anaya · License #01902377
(714) 651-8830
Added: Mar 25
Changed: Aug 4
Last Checked: Aug 16 at 7:06AM
MLS# PW26065071
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.
2215 N Broadway is a freestanding, two-story commercial building featuring an open floor plan and multiple signage opportunities. The property sits on a generous lot and includes a large on-site parking field with access from Broadway and Buffalo Avenue.
Located along a heavily traveled Santa Ana corridor, the site offers convenient access to the 5, 22, and 55 freeways. It is positioned near MainPlace Mall, Santa Ana College, the Bowers Museum, and Discovery Cube.
Zoned Professional (P), the property allows for a wide range of professional uses, including medical, dental, office, financial institutions, childcare, and other professional services, supporting flexibility for an owner-user or investor.
Located along a heavily traveled Santa Ana corridor, the site offers convenient access to the 5, 22, and 55 freeways. It is positioned near MainPlace Mall, Santa Ana College, the Bowers Museum, and Discovery Cube.
Zoned Professional (P), the property allows for a wide range of professional uses, including medical, dental, office, financial institutions, childcare, and other professional services, supporting flexibility for an owner-user or investor.
Key Highlights
- ±16,290 SF two‑story freestanding commercial building on a ±0.81‑acre lot
- Zoned Professional (P) with flexibility for uses including medical, dental, office, financial institutions, and childcare
- Central Air (Central Air) cooling
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
Healthcare Medical
$3.80M
$3.33M – $4.43M
NOI $266,009 @ 7.0% cap · market cap 6.19%
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
Lease Details
Yes
Highway access
Yes
Paved road access
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 - Two-story freestanding building with open floor plans and a large on-site parking field.
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: ±16,290 SF two‑story freestanding commercial building on a ±0.81‑acre lot; Zoned Professional (P) with flexibility for uses including medical, dental, office, financial institutions, and childcare; Central Air (Central Air) cooling
