Refreshed
For Sale
$1,499,000
Pending
2318 Franzen, Santa Ana, CA 92705
Unit mix includes three-bedroom, two-bedroom, and one-bedroom layouts.
Property Size4,180 SF
Days on Market81
Property Features for 2318 Franzen
General Information
Standard status
Pending
Size
4,180 SF
Property subtype
Quadruplex
Building Details
Building Size
4,180 SF
Year Built
1969
Tenancy
Multi
Listing Agency:
SR White and Associates
Listed By:
Steven White · License #01925218
Source:
Altamirarealty
Added: Jun 10
Changed: Aug 15
Last Checked: Aug 14 at 1:14PM
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 SR White and Associates
Investment Insights
Based on property information with market context.
This Santa Ana quadplex, built in 1969, includes one three-bedroom, two-bath unit, two two-bedroom, two-bath units, and one spacious one-bedroom, one-bath unit. The three-bedroom unit was recently vacated and fully refreshed with a new kitchen, updated bathrooms, mirrored wardrobe closets, a new sliding door, and new flooring throughout.
Additional improvements include new dual pane vinyl windows throughout and a recently painted exterior. The property is located at 2318 Franzen in Santa Ana, California. Units are to be toured with an accepted offer, and tenants should not be disturbed.
Additional improvements include new dual pane vinyl windows throughout and a recently painted exterior. The property is located at 2318 Franzen in Santa Ana, California. Units are to be toured with an accepted offer, and tenants should not be disturbed.
Key Highlights
- Four‑unit property with one 3‑bedroom, 2‑bath unit, two 2‑bedroom, 2‑bath units, and one 1‑bedroom, 1‑bath unit
- Recently vacated 3‑bedroom unit fully refreshed
- New kitchen, updated bathrooms, mirrored wardrobe closets, new sliding door, and new flooring in 3‑bedroom unit
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
$75,629
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
5.05%
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%
$1,512,580
$1.5M
Cap Rate 7%
$1,080,414
$1.1M
Cap Rate 9%
$840,322
$840.3K
Market Conditions
NOI Build-Up for 4,180 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
$112.9K $27.00/SF
− Vacancy
−$4.8K −$1.15/SF
EGI
$108.0K $25.85/SF
− OpEx
−$32.4K −$7.75/SF
NOI
$75.6K $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%
$1,512,580
Cap Rate 7%
$1,080,414
Cap Rate 9%
$840,322
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$945.4K – $1.26M
NOI $75,629 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$959.8K
$839.8K – $1.12M
NOI $67,184 @ 7.0% cap · market cap 4.48%
Theoretical Best
Specialty Retail
$1.26M
$1.10M – $1.47M
NOI $87,937 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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 - Unit mix includes three-bedroom, two-bedroom, and one-bedroom layouts.
Where is this quadplex located?
The property is located at 2318 Franzen Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Four‑unit property with one 3‑bedroom, 2‑bath unit, two 2‑bedroom, 2‑bath units, and one 1‑bedroom, 1‑bath unit; Recently vacated 3‑bedroom unit fully refreshed; New kitchen, updated bathrooms, mirrored wardrobe closets, new sliding door, and new flooring in 3‑bedroom unit
