Fourplex with Private
For Sale
$1,698,000
2232 Joana, Santa Ana, CA 92705
Four-unit residential property with varied layouts, private outdoor areas, and convenient access to shopping, dining, and freeway routes.
Property Size4,110 SF
Days on Market132
Property Features for 2232 Joana
General Information
Standard status
Active
Size
4,110 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/2BA, 2 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
4
Building Details
Building Size
4,110 SF
Year Built
1969
Buildings
1
Stories
2
Units
4
Listing Agency:
RePro Realty
Listed By:
Andro Chavez · License #01149545
(714) 549-5900
Source:
Elliman
Added: Apr 24
Changed: Aug 31
Last Checked: Aug 31 at 4:44PM
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 RePro Realty
Investment Insights
Based on property information with market context.
This fourplex, built in 1969, offers a varied unit mix suited to multiple household configurations. The property includes one three-bedroom, two-bath unit; two two-bedroom, two-bath units; and one one-bedroom, one-bath unit. Private outdoor space is provided through a back patio, a larger patio area, and decks serving the upper-level residences.
Located at 2232 Joana in Santa Ana, the property has access to nearby freeway routes, shopping, and dining. WalkScore is 81, categorized as Very Walkable; BikeScore is 51, categorized as Bikeable; and TransitScore is 43, categorized as Some Transit.
Located at 2232 Joana in Santa Ana, the property has access to nearby freeway routes, shopping, and dining. WalkScore is 81, categorized as Very Walkable; BikeScore is 51, categorized as Bikeable; and TransitScore is 43, categorized as Some Transit.
Key Highlights
- Fourplex with one 3‑bedroom unit, two 2‑bedroom units, and one 1‑bedroom unit
- Unit mix includes three 2‑bath residences and one 1‑bath residence
- Private patios and upper‑level patio decks provide outdoor space
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
$74,362
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
4.38%
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%
$1,487,240
$1.5M
Cap Rate 7%
$1,062,314
$1.1M
Cap Rate 9%
$826,244
$826.2K
Market Conditions
NOI Build-Up for 4,110 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
$111.0K $27.00/SF
− Vacancy
−$4.7K −$1.15/SF
EGI
$106.2K $25.85/SF
− OpEx
−$31.9K −$7.75/SF
NOI
$74.4K $18.09/SF
Area
ZIP 92705
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%
$1,487,240
Cap Rate 7%
$1,062,314
Cap Rate 9%
$826,244
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$929.5K – $1.24M
NOI $74,362 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$943.7K
$825.7K – $1.10M
NOI $66,059 @ 7.0% cap · market cap 3.89%
Theoretical Best
Specialty Retail
$1.24M
$1.08M – $1.44M
NOI $86,464 @ 7.0% cap · market cap 5.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
916
Businesses Nearby
Explore this area
Business Placement
Demographics for 92705, CA
45,902
Population
16,642
Households
2.8
Avg Household Size
40
Median Age
46%
College-Educated
87%
High-School Grad
11.8 sq mi
ZIP Area
3,890
Density / Sq Mi
$125,928
Median Household Income
$51,830
Median Earnings
$2,250
Median Rent
$1,135,600
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?
Quadplex - Four-unit residential property with varied layouts, private outdoor areas, and convenient access to shopping, dining, and freeway routes.
Where is this quadplex located?
The property is located at 2232 Joana Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,698,000.
What are key features of this property?
This property features: Fourplex with one 3‑bedroom unit, two 2‑bedroom units, and one 1‑bedroom unit; Unit mix includes three 2‑bath residences and one 1‑bath residence; Private patios and upper‑level patio decks provide outdoor space
