Multifamily Property with Private
For Sale
$1,595,000
Pending
2236 E Franzen, Santa Ana, CA 92705
Fully occupied apartment property with varied floor plans, resident laundry, individual utility metering, and dedicated parking improvements.
Property Size4,213 SF
Days on Market25
Property Features for 2236 E Franzen
General Information
Standard status
Pending
Size
4,213 SF
Total Parking Spaces
6
Property subtype
Apartment
Occupancy
100%
Additional Details
Utilities to Site
Yes
Amenities
on-site laundry facility
private patios and balconies
wall air conditioning
fireplace in the three-bedroom unit
Building Details
Building Size
4,213 SF
Year Built
1969
Listing Agency:
Morgan Skenderian
Listed By:
Rick Applebaum · License #01273871
Source:
Stephanieyounggroup
Added: Aug 12
Changed: Aug 31
Last Checked: Aug 28 at 3:29PM
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 Morgan Skenderian
Investment Insights
Based on property information with market context.
2236 E Franzen is a well-maintained multifamily property in Santa Ana with one-, two-, and three-bedroom apartment homes averaging more than 1,050 square feet per unit. Resident features include private patios and balconies, wall air conditioning, on-site laundry, and a fireplace in the three-bedroom residence. Parking includes four single-car garages and two open spaces, with additional street parking available.
The property is positioned near the Tustin and Orange borders. Electricity and gas are individually metered. Recent improvements include re-plumbing one unit in 2022, rebuilding the balconies, and adding fencing around most private patios. The asset has maintained full occupancy and was built in 1969.
The property is positioned near the Tustin and Orange borders. Electricity and gas are individually metered. Recent improvements include re-plumbing one unit in 2022, rebuilding the balconies, and adding fencing around most private patios. The asset has maintained full occupancy and was built in 1969.
Key Highlights
- One-, two-, and three‑bedroom apartment mix averaging more than 1,050 square feet per unit
- Fully occupied multifamily property in Santa Ana near the Tustin and Orange borders
- Four single‑car garages plus two open parking spaces
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
$67,714
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
4.25%
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%
$1,354,280
$1.4M
Cap Rate 7%
$967,343
$967.3K
Cap Rate 9%
$752,378
$752.4K
Market Conditions
NOI Build-Up for 4,213 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
$128.9K $30.60/SF
− Vacancy
−$5.8K −$1.38/SF
EGI
$123.1K $29.22/SF
− OpEx
−$55.4K −$13.15/SF
NOI
$67.7K $16.07/SF
Area
ZIP 92705
Vacancy
4.50%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
45.00%
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%
$1,354,280
Cap Rate 7%
$967,343
Cap Rate 9%
$752,378
Alternative Uses
Best Use
Apartment 5plus
$967.3K
$846.4K – $1.13M
NOI $67,714 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.27M
$1.11M – $1.48M
NOI $88,631 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Utilities to site
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?
Multifamily property - Fully occupied apartment property with varied floor plans, resident laundry, individual utility metering, and dedicated parking improvements.
Where is this multifamily property located?
The property is located at 2236 E Franzen Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: One-, two-, and three‑bedroom apartment mix averaging more than 1,050 square feet per unit; Fully occupied multifamily property in Santa Ana near the Tustin and Orange borders; Four single‑car garages plus two open parking spaces
