6-Unit Apartment
For Sale
$1,879,000
415 W Pine, Santa Ana, CA 92701
Updated apartments feature private entries, patios, parking, and in-unit washer and dryer hookups.
Property Size4,200 SF
Days on Market15
Property Features for 415 W Pine
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Mixed Use
Additional Details
Multifamily Units
6
Amenities
washer/dryer hookups
AC and Heating
Garage and Reserved parking
large private patios
dual pane windows
private front and rear entries
Building Details
Building Size
4,200 SF
Year Built
1921
Listing Agency:
R L M Equities
(949) 862-1020
Listed By:
Randall Mycorn · License #02078223
Source:
Stephanieyounggroup
Added: Jul 29
Changed: Aug 2
Last Checked: Aug 12 at 2:05PM
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 R L M Equities
Investment Insights
Based on property information with market context.
This apartment property includes six units with one- and two-bedroom layouts, along with cottage-style residences that do not share walls. Interior features include updated kitchens and bathrooms, vinyl flooring, dual-pane windows, air conditioning, heating, and washer and dryer hookups. Several units also provide private front and rear entries and large patios. Garage and reserved parking are included, while all structures have new roofing. A large basement remains unused and unrented, providing additional on-site space.
The property is located at 415 W Pine in Santa Ana, within walking distance of multiple schools, parks, the OC Civic Center, and Historic Downtown Santa Ana. Originally built in 1921, the building combines multiple residential layouts with parking, outdoor areas, and recently improved building components.
The property is located at 415 W Pine in Santa Ana, within walking distance of multiple schools, parks, the OC Civic Center, and Historic Downtown Santa Ana. Originally built in 1921, the building combines multiple residential layouts with parking, outdoor areas, and recently improved building components.
Key Highlights
- Six‑unit apartment property with one- and two‑bedroom floor plans
- Cottage‑style units with no shared walls
- New roofing installed on all structures
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
$83,476
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
4.44%
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%
$1,669,520
$1.7M
Cap Rate 7%
$1,192,514
$1.2M
Cap Rate 9%
$927,511
$927.5K
Market Conditions
NOI Build-Up for 4,200 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
$158.8K $37.80/SF
− Vacancy
−$7.0K −$1.66/SF
EGI
$151.8K $36.14/SF
− OpEx
−$68.3K −$16.26/SF
NOI
$83.5K $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 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%
$1,669,520
Cap Rate 7%
$1,192,514
Cap Rate 9%
$927,511
Alternative Uses
Best Use
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,476 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.30M
$1.14M – $1.52M
NOI $90,969 @ 7.0% cap · market cap 4.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
3,641
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated apartments feature private entries, patios, parking, and in-unit washer and dryer hookups.
Where is this apartment building located?
The property is located at 415 W Pine Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,879,000.
What are key features of this property?
This property features: Six‑unit apartment property with one- and two‑bedroom floor plans; Cottage‑style units with no shared walls; New roofing installed on all structures
