Legal Two-Unit
For Sale
Contact for pricing
2525 W 10th, Santa Ana, CA 92703
Two residential units offer a three-bedroom layout with an established tenant arrangement.
Property Size1,900 SF
Price / SF$473.16
Days on Market121
Property Features for 2525 W 10th
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Multifamily
Zoning
Public Rec
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
999 Investments, Inc
(949) 678-0681
Listed By:
Lily Le · License #01816537
Source:
Crexi
Added: May 2
Changed: Aug 29
Last Checked: Aug 29 at 4:05PM
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 999 Investments, Inc
Investment Insights
Based on property information with market context.
This legal duplex contains approximately 1,900 square feet across two residential units. Each unit is configured with 3 bedrooms and 1 bathroom, creating a consistent layout throughout the property. The units are occupied and described as well maintained, with long-term tenants in place.
Located in Santa Ana at 2525 W 10th, the property is identified under Public Rec zoning. Its two-unit configuration supports an owner-occupant arrangement with a separate residence on site, or continued use as a residential income property.
Located in Santa Ana at 2525 W 10th, the property is identified under Public Rec zoning. Its two-unit configuration supports an owner-occupant arrangement with a separate residence on site, or continued use as a residential income property.
Key Highlights
- Legal duplex with approximately 1,900 square feet
- Two units, each offering 3 bedrooms and 1 bathroom
- Long‑term tenants occupy both units
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
$34,402
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
3.83%
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%
$688,040
$688.0K
Cap Rate 7%
$491,457
$491.5K
Cap Rate 9%
$382,244
$382.2K
Market Conditions
NOI Build-Up for 1,900 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
$51.3K $27.00/SF
− Vacancy
−$2.2K −$1.13/SF
EGI
$49.1K $25.87/SF
− OpEx
−$14.7K −$7.76/SF
NOI
$34.4K $18.11/SF
Area
ZIP 92703
Vacancy
4.20%
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%
$688,040
Cap Rate 7%
$491,457
Cap Rate 9%
$382,244
Alternative Uses
Best Use
Multifamily LT 5
$491.5K
$430.0K – $573.4K
NOI $34,402 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$455.3K
$398.4K – $531.2K
NOI $31,869 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$549.9K
$481.2K – $641.6K
NOI $38,494 @ 7.0% cap · market cap 4.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
933
Businesses Nearby
Explore this area
Business Placement
Demographics for 92703, CA
65,621
Population
14,644
Households
4.5
Avg Household Size
34
Median Age
13%
College-Educated
60%
High-School Grad
4.2 sq mi
ZIP Area
15,624
Density / Sq Mi
$80,817
Median Household Income
$33,363
Median Earnings
$1,922
Median Rent
$585,900
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?
Duplex - Two residential units offer a three-bedroom layout with an established tenant arrangement.
Where is this duplex located?
The property is located at 2525 W 10th Santa Ana, CA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Legal duplex with approximately 1,900 square feet; Two units, each offering 3 bedrooms and 1 bathroom; Long‑term tenants occupy both units
