Santa Ana Renovated Apartment
For Sale
Contact for pricing
317 S Flower Street, Santa Ana, CA 92703
20-unit renovated apartment complex in Santa Ana with strong cashflow.
Property Size10,350 SF
Price / SF$480.58
Days on Market141
Property Features for 317 S Flower Street
General Information
Standard status
Active
Size
10,350 SF
Class
C
Property subtype
Multifamily
Zoning
Assessor
Occupancy
100%
Net Operating Income
$329,511
Building Details
Year Built
1985
Year Renovated
2021
Buildings
1
Stories
2
Units
20
Listing Agency:
Alliance Investment Real Estate Group
(949) 250-0400
Listed By:
Ruben Khorsandi · License #01085411
Source:
Crexi
Added: Mar 26
Changed: Aug 8
Last Checked: Aug 10 at 8:38AM
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 Alliance Investment Real Estate Group
Investment Insights
Based on property information with market context.
Flower Street Apartments is a 20-unit gated apartment complex located in Santa Ana. The property has been completely renovated, with approximately $500,000 spent over the last 5 years on both the interiors and exterior. The units feature new kitchens with quartz countertops and stainless steel appliances, as well as new bathrooms/showers with new vanities, tile shower walls, and high-efficiency toilets. Additional interior upgrades include LED recessed lighting and new windows. Exterior renovations include paint, new staircases and decking, a security camera system, exterior lighting, and new landscaping. The building is equipped with a fire sprinkler system throughout. Each unit has a large patio/balcony. The property is individually metered for both gas and electric and has its own water heater. There is a laundry room with owned equipment that generates additional monthly cashflow. The property size is 10350 square feet.
Key Highlights
- High 6.9% CAP Rate based on actual rents.
- Completely renovated with approximately $500,000 spent in the last 5 years.
- 20‑unit gated apartment complex in Santa Ana.
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
$173,600
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
3.49%
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%
$3,472,000
$3.5M
Cap Rate 7%
$2,480,000
$2.5M
Cap Rate 9%
$1,928,889
$1.9M
Market Conditions
NOI Build-Up for 10,350 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
$329.1K $31.80/SF
− Vacancy
−$13.5K −$1.30/SF
EGI
$315.6K $30.50/SF
− OpEx
−$142.0K −$13.72/SF
NOI
$173.6K $16.77/SF
Area
ZIP 92703
Vacancy
4.10%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
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%
$3,472,000
Cap Rate 7%
$2,480,000
Cap Rate 9%
$1,928,889
Alternative Uses
Best Use
Apartment 5plus
$2.48M
$2.17M – $2.89M
NOI $173,600 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.00M
$2.62M – $3.49M
NOI $209,693 @ 7.0% cap · market cap 4.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,068
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?
Apartment building - 20-unit renovated apartment complex in Santa Ana with strong cashflow.
Where is this apartment building located?
The property is located at 317 S Flower Street Santa Ana, CA.
What is the asking price?
The asking price for this property is $4,974,000.
What are key features of this property?
This property features: High 6.9% CAP Rate based on actual rents.; Completely renovated with approximately $500,000 spent in the last 5 years.; 20‑unit gated apartment complex in Santa Ana.
