12-Unit Apartment
New
For Sale
$2,975,000
409 E Pine Street, Santa Ana, CA 92701
Residents have access to on-site laundry, gated entry, and patios or balconies in select units.
Property Size8,628 SF
Lot Size0.32 Acres
Days on Market3
Property Features for 409 E Pine Street
General Information
Standard status
Active
Size
8,628 SF
Net Rentable
8,628 SF
Lot size
0.32 Acres
Property subtype
Apartment
Units
Unit Mix
4 x 1BR/1BA, 8 x 2BR/1BA
Multifamily Units
12
Additional Details
Cap Rate
6%
Taxes and HOA fees
Annual Taxes
$33,305
Amenities
on-site laundry
gated entry
individual water heaters
patios/balconies
Building Details
Building Size
8,628 SF
Year Built
1983
Listing Agency:
Morgan Skenderian
Listed By:
Garrett Blair · License #02026908
Source:
Velocityrealtysd
Added: Oct 8
Changed: Oct 10
Last Checked: Oct 10 at 2:23AM
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 Morgan Skenderian
Investment Insights
Based on property information with market context.
This 12-unit apartment property comprises two adjoining parcels with 8,628 square feet of rentable area on a 14,000-square-foot lot. Constructed in 1983, the unit mix includes four one-bedroom, one-bathroom apartments and eight two-bedroom, one-bathroom apartments. Property features include on-site laundry, gated entry, individual water heaters, and patios or balconies in some units. Improvements include roof restoration, HVAC replacements, a water heater replacement, and updates to select interiors.
The property is offered at a 6% cap rate based on current income. Its configuration combines multiple apartment layouts with shared laundry and controlled entry.
The property is offered at a 6% cap rate based on current income. Its configuration combines multiple apartment layouts with shared laundry and controlled entry.
Key Highlights
- 12 apartments across two contiguous parcels
- 8,628 square feet of rentable area on a 14,000‑square‑foot lot
- Unit mix: four 1BR/1BA units and eight 2BR/1BA units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$171,484
Cap Rate
5.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,429,680
$3.4M
Cap Rate 7%
$2,449,771
$2.4M
Cap Rate 9%
$1,905,378
$1.9M
Market Conditions
NOI Build-Up for 8,628 SF
Gross rent
$326.1K $37.80/SF
− Vacancy
−$14.4K −$1.66/SF
EGI
$311.8K $36.14/SF
− OpEx
−$140.3K −$16.26/SF
NOI
$171.5K $19.88/SF
Area
ZIP 92701
Vacancy
4.40%
Lease Rate
$37.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,429,680
Cap Rate 7%
$2,449,771
Cap Rate 9%
$1,905,378
Alternative Uses
Best Use
Apartment 5plus
$2.45M
$2.14M – $2.86M
NOI $171,484 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.67M
$2.34M – $3.11M
NOI $186,877 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
3,641
Businesses Nearby
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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
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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?
Apartment building - Residents have access to on-site laundry, gated entry, and patios or balconies in select units.
Where is this apartment building located?
The property is located at 409 E Pine Street Santa Ana, CA.
What is the asking price?
The asking price for this property is $2,975,000.
What are key features of this property?
This property features: 12 apartments across two contiguous parcels; 8,628 square feet of rentable area on a 14,000‑square‑foot lot; Unit mix: four 1BR/1BA units and eight 2BR/1BA units
