Historic Mixed-Use Santa Ana
For Sale
Contact for pricing
302 West 4th Street, Santa Ana, CA 92701
Iconic commercial asset in vibrant downtown Santa Ana.
Property Size9,200 SF
Price / SF$461.96
Days on Market86
Property Features for 302 West 4th Street
General Information
Standard status
Active
Size
9,200 SF
Property subtype
Retail, Office, Mixed Use
Investment Type
Owner/User
Building Details
Year Built
1920
Listing Agency:
FTGU Commercial Real Estate
(949) 558-0312
Listed By:
Fernando Crisantos · License #CA 01972227
Source:
Crexi
Added: May 15
Changed: Aug 8
Last Checked: Aug 6 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 FTGU Commercial Real Estate
Investment Insights
Based on property information with market context.
Located in the heart of Historic Downtown Santa Ana, this property represents a rare opportunity to acquire an iconic commercial asset. The property is positioned along one of Orange County’s most vibrant urban corridors. Rich in architectural character and deeply tied to Santa Ana’s early commercial history, the property blends historic significance with future repositioning and investment potential. Originally associated with early Santa Ana merchant Levi Gilmaker in the late 1800s, the property became part of the city’s growing commercial core during Santa Ana’s formative years. The property later evolved into a prominent downtown structure serving the expanding business district and remains a recognizable landmark. The property is positioned within the thriving Downtown Santa Ana district and benefits from exceptional walkability, strong pedestrian traffic, nearby public parking, and close proximity to the Federal Courthouse, Civic Center, Artist Village, restaurants, breweries, coffee shops, nightlife, and creative office users. Downtown Santa Ana has become one of Southern California’s most active urban environments, attracting entrepreneurs, hospitality groups, artists, developers, and owner-users seeking authentic historic spaces. The property offers a compelling opportunity for investors, developers, hospitality operators, creative office users, retailers, and owner-users seeking a flagship presence in one of Orange County’s fastest-evolving urban districts. The property’s historic identity, irreplaceable location, and flexible future use potential create a unique opportunity for long-term value creation. The property has a size of 9200 square feet and is suitable for mixed-use, office, storefront, and retail purposes.
Key Highlights
- Prime location in the heart of Historic Downtown Santa Ana.
- Iconic commercial asset with rich architectural character dating back to the late 1800s.
- Exceptional walkability and strong pedestrian traffic within the vibrant Calle Cuatro corridor.
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
$153,849
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
3.62%
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%
$3,076,980
$3.1M
Cap Rate 7%
$2,197,843
$2.2M
Cap Rate 9%
$1,709,433
$1.7M
Market Conditions
NOI Build-Up for 9,200 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
$231.8K $25.20/SF
− Vacancy
−$12.1K −$1.31/SF
EGI
$219.8K $23.89/SF
− OpEx
−$65.9K −$7.17/SF
NOI
$153.8K $16.72/SF
Area
ZIP 92701
Vacancy
5.20%
Lease Rate
$25.20 /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%
$3,076,980
Cap Rate 7%
$2,197,843
Cap Rate 9%
$1,709,433
Alternative Uses
Best Use
Retail
$2.20M
$1.92M – $2.56M
NOI $153,849 @ 7.0% cap · market cap 3.62%
Second Best
Office B
$2.13M
$1.87M – $2.49M
NOI $149,371 @ 7.0% cap · market cap 3.51%
Theoretical Best
Multifamily LT 5
$2.85M
$2.49M – $3.32M
NOI $199,266 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,637
Businesses Nearby
Explore this area
Business Placement
Demographics for 92701, CA
48,789
Population
13,470
Households
3.6
Avg Household Size
32
Median Age
11%
College-Educated
62%
High-School Grad
3.2 sq mi
ZIP Area
15,247
Density / Sq Mi
$68,697
Median Household Income
$33,846
Median Earnings
$1,650
Median Rent
$608,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Iconic commercial asset in vibrant downtown Santa Ana.
Where is this mixed-use property located?
The property is located at 302 West 4th Street Santa Ana, CA.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: Prime location in the heart of Historic Downtown Santa Ana.; Iconic commercial asset with rich architectural character dating back to the late 1800s.; Exceptional walkability and strong pedestrian traffic within the vibrant Calle Cuatro corridor.
