Fourplex with Updated
For Sale
$1,995,000
2808 Santiago Road, Fullerton, CA 92835
Tenant-occupied fourplex with varied unit layouts and private outdoor space for every residence.
Property Size4,997 SF
Days on Market58
Property Features for 2808 Santiago Road
General Information
Standard status
Active
Size
4,997 SF
Property subtype
Quadruplex
Building Details
Building Size
4,997 SF
Year Built
1966
Listing Agency:
Katnik Brothers R.E. Services
Listed By:
John Katnik · License #01881694
(714) 353-2609
Source:
Velocityrealtysd
Added: Aug 4
Changed: Sep 24
Last Checked: Sep 30 at 4:40PM
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 Katnik Brothers R.E. Services
Investment Insights
Based on property information with market context.
This four-unit residential income property includes one three-bedroom, two-bath residence and three two-bedroom, two-bath residences. All units are currently tenant-occupied. Property improvements include a new roof, newer HVAC and furnace systems, dual-pane windows, and a mix of tile, laminate, and carpet flooring. Private patios or balconies are provided for each residence. Unit A also includes an upgraded kitchen with white shaker cabinetry and stainless steel appliances, while other units feature partially updated kitchen finishes, private patios, balconies, or outdoor areas.
The property is located in Fullerton near Morningside Plaza shopping and restaurants, a local coffee shop, and Coyote Hills Golf Course. Additional nearby destinations include parks, Fullerton Sports Complex, St. Jude Medical Center, Cal State Fullerton, and Brea Mall. The property also offers access to the 57 and 91 freeways.
The property is located in Fullerton near Morningside Plaza shopping and restaurants, a local coffee shop, and Coyote Hills Golf Course. Additional nearby destinations include parks, Fullerton Sports Complex, St. Jude Medical Center, Cal State Fullerton, and Brea Mall. The property also offers access to the 57 and 91 freeways.
Key Highlights
- Four units currently occupied
- Unit mix includes one 3 bed/2 bath and three 2 bed/2 bath residences
- New roof with newer HVAC and furnace 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
$90,411
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
4.53%
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%
$1,808,220
$1.8M
Cap Rate 7%
$1,291,586
$1.3M
Cap Rate 9%
$1,004,567
$1.0M
Market Conditions
NOI Build-Up for 4,997 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
$134.9K $27.00/SF
− Vacancy
−$5.8K −$1.15/SF
EGI
$129.2K $25.85/SF
− OpEx
−$38.7K −$7.75/SF
NOI
$90.4K $18.09/SF
Area
Fullerton, CA
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%
$1,808,220
Cap Rate 7%
$1,291,586
Cap Rate 9%
$1,004,567
Alternative Uses
Best Use
Multifamily LT 5
$1.29M
$1.13M – $1.51M
NOI $90,411 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,465 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$1.61M
$1.41M – $1.87M
NOI $112,479 @ 7.0% cap · market cap 5.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
480
Businesses Nearby
Explore this area
Business Placement
Demographics for 92835, CA
25,450
Population
9,644
Households
2.6
Avg Household Size
45
Median Age
55%
College-Educated
94%
High-School Grad
5.7 sq mi
ZIP Area
4,465
Density / Sq Mi
$138,487
Median Household Income
$66,130
Median Earnings
$2,410
Median Rent
$981,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Tenant-occupied fourplex with varied unit layouts and private outdoor space for every residence.
Where is this quadplex located?
The property is located at 2808 Santiago Road Fullerton, CA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Four units currently occupied; Unit mix includes one 3 bed/2 bath and three 2 bed/2 bath residences; New roof with newer HVAC and furnace systems
