Remodeled Quadplex with
For Sale
$1,799,000
Pending
2625 W Orion, Santa Ana, CA 92704
Updated four-unit property with remodeled interiors, private laundry hookups, and newer HVAC systems.
Property Size4,500 SF
Days on Market131
Property Features for 2625 W Orion
General Information
Standard status
Pending
Size
4,500 SF
Property subtype
Investment
Building Details
Building Size
4,500 SF
Year Built
1970
Stories
2
Units
4
Listing Agency:
New Empire Realty
(714) 537-1111
Listed By:
Hung Hoang · License #01198103
(714) 537-1111
Source:
Elliman
Added: Apr 24
Changed: Aug 31
Last Checked: Aug 30 at 10:52PM
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 New Empire Realty
Investment Insights
Based on property information with market context.
This 1970-built quadplex at 2625 W Orion in Santa Ana has undergone extensive updating. The unit mix includes one three-bedroom, two-bath residence and three two-bedroom, two-bath residences. Improvements include newer windows and doors, renovated kitchens and bathrooms throughout, and individual washer and dryer hookups for each unit.
Five-car garages are positioned at the rear along the alley. Newer HVAC systems serve the units. The property has a Walk Score of 56, a Transit Score of 41, and a Bike Score of 44, reflecting some walkability, transit access, and bikeability.
Five-car garages are positioned at the rear along the alley. Newer HVAC systems serve the units. The property has a Walk Score of 56, a Transit Score of 41, and a Bike Score of 44, reflecting some walkability, transit access, and bikeability.
Key Highlights
- One 3‑bedroom, 2‑bath unit plus three 2‑bedroom, 2‑bath units
- Almost completely remodeled with new kitchens and bathrooms throughout
- Newer windows, doors, and HVAC systems
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
$77,613
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
4.31%
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%
$1,552,260
$1.6M
Cap Rate 7%
$1,108,757
$1.1M
Cap Rate 9%
$862,367
$862.4K
Market Conditions
NOI Build-Up for 4,500 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
$116.1K $25.80/SF
− Vacancy
−$5.2K −$1.16/SF
EGI
$110.9K $24.64/SF
− OpEx
−$33.3K −$7.39/SF
NOI
$77.6K $17.25/SF
Area
ZIP 92704
Vacancy
4.50%
Lease Rate
$25.80 /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%
$1,552,260
Cap Rate 7%
$1,108,757
Cap Rate 9%
$862,367
Alternative Uses
Best Use
Multifamily LT 5
$1.11M
$970.2K – $1.29M
NOI $77,613 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$997.9K
$873.2K – $1.16M
NOI $69,854 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,623 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
926
Businesses Nearby
Explore this area
Business Placement
Demographics for 92704, CA
82,841
Population
20,887
Households
4
Avg Household Size
35
Median Age
20%
College-Educated
68%
High-School Grad
7.4 sq mi
ZIP Area
11,195
Density / Sq Mi
$94,249
Median Household Income
$37,925
Median Earnings
$2,147
Median Rent
$641,600
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 - Updated four-unit property with remodeled interiors, private laundry hookups, and newer HVAC systems.
Where is this quadplex located?
The property is located at 2625 W Orion Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: One 3‑bedroom, 2‑bath unit plus three 2‑bedroom, 2‑bath units; Almost completely remodeled with new kitchens and bathrooms throughout; Newer windows, doors, and HVAC systems
