Two-Level Live-Work
For Sale
$799,999
Pending
223 N Bush, Santa Ana, CA 92701
Flexible property combining a signage-ready storefront with contemporary residential space and dedicated parking.
Property Size1,911 SF
Days on Market24
Property Features for 223 N Bush
General Information
Standard status
Pending
Size
1,911 SF
Total Parking Spaces
2
Property subtype
Mixed Use
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Floor
1-2
Amenities
central air conditioning
private attached 2-car garage
balcony/covered patio
guest parking
Building Details
Building Size
1,911 SF
Year Built
2003
Tenancy
Single
Listing Agency:
Elevate Real Estate Agency
(626) 622-8511
Listed By:
Darcy Woolman · License #01406869
Source:
Altamirarealty
Added: Jul 20
Changed: Aug 8
Last Checked: Aug 12 at 3:12PM
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 Elevate Real Estate Agency
Investment Insights
Based on property information with market context.
This two-level live-work property combines a commercial storefront with residential accommodations in a contemporary loft setting. The first and second levels feature an open layout, 12-foot ceilings, tinted windows, central air conditioning, and updated finishes. The kitchen includes new Samsung appliances and connects with the main living area. A separate bedroom, office, or flex room with an attached full bathroom adds functional separation, while built-in storage supports both business and residential needs.
The storefront is designed for visible signage and can accommodate a boutique business, creative studio, office, or showroom. The property is located at 223 N Bush in Downtown Santa Ana, with major freeways and the Santa Ana Regional Transportation Center nearby. Restaurants, galleries, breweries, coffee shops, and live music venues are located within a block. Additional features include a private attached 2-car garage with overhead storage, a balcony or covered patio, and guest parking. Built in 2003.
The storefront is designed for visible signage and can accommodate a boutique business, creative studio, office, or showroom. The property is located at 223 N Bush in Downtown Santa Ana, with major freeways and the Santa Ana Regional Transportation Center nearby. Restaurants, galleries, breweries, coffee shops, and live music venues are located within a block. Additional features include a private attached 2-car garage with overhead storage, a balcony or covered patio, and guest parking. Built in 2003.
Key Highlights
- Two‑level live‑work layout with commercial and residential components
- 12‑foot ceilings and expansive tinted windows
- Signage‑ready storefront suited to a boutique business, studio, office, or showroom
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
$31,957
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
3.99%
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%
$639,140
$639.1K
Cap Rate 7%
$456,529
$456.5K
Cap Rate 9%
$355,078
$355.1K
Market Conditions
NOI Build-Up for 1,911 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
$48.2K $25.20/SF
− Vacancy
−$2.5K −$1.31/SF
EGI
$45.7K $23.89/SF
− OpEx
−$13.7K −$7.17/SF
NOI
$32.0K $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%
$639,140
Cap Rate 7%
$456,529
Cap Rate 9%
$355,078
Alternative Uses
Best Use
Retail
$456.5K
$399.5K – $532.6K
NOI $31,957 @ 7.0% cap · market cap 3.99%
Second Best
Office B
$443.2K
$387.8K – $517.1K
NOI $31,027 @ 7.0% cap · market cap 3.88%
Theoretical Best
Multifamily LT 5
$591.3K
$517.4K – $689.9K
NOI $41,391 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,637
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?
Live-work space - Flexible property combining a signage-ready storefront with contemporary residential space and dedicated parking.
Where is this live-work space located?
The property is located at 223 N Bush Santa Ana, CA.
What is the asking price?
The asking price for this property is $799,999.
What are key features of this property?
This property features: Two‑level live‑work layout with commercial and residential components; 12‑foot ceilings and expansive tinted windows; Signage‑ready storefront suited to a boutique business, studio, office, or showroom
