Triplex Property with Rear
New
For Sale
$885,000
421 E Walnut, Santa Ana, CA 92701
The property pairs an early-1900s front home with a separate rear structure near Downtown Santa Ana.
Property Size2,425 SF
Days on Market5
Property Features for 421 E Walnut
General Information
Standard status
Active
Size
2,425 SF
Property subtype
Triplex
Additional Details
Public Transit
Yes
Building Details
Building Size
2,425 SF
Year Built
1905
Buildings
2
Listing Agency:
First Team Real Estate
Listed By:
Chris Skawinski · License #01309752
(949) 759-5747
Source:
Altamirarealty
Added: Sep 27
Changed: Sep 30
Last Checked: Sep 30 at 5:52PM
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 First Team Real Estate
Investment Insights
Based on property information with market context.
Built in 1905, the property has a front residence and a detached rear building. The front home began as a two-bedroom, one-bath house and now has a second bathroom. The rear structure was originally configured as two one-bedroom, one-bath units; it is currently rented as one two-bedroom, two-bath residence with a single kitchen. These changes were made without permits, so the unit count, square footage, zoning, and permit status require verification with the relevant county and city offices.
The address is on E Walnut in Santa Ana, a short distance from Downtown. Nearby context identified for the property includes dining and arts destinations, transit, schools, and major freeways.
The address is on E Walnut in Santa Ana, a short distance from Downtown. Nearby context identified for the property includes dining and arts destinations, transit, schools, and major freeways.
Key Highlights
- Front residence and separate rear building
- Front home dates to 1905
- Front residence has 2 bedrooms and 2 bathrooms
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
$52,524
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
5.93%
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%
$1,050,480
$1.1M
Cap Rate 7%
$750,343
$750.3K
Cap Rate 9%
$583,600
$583.6K
Market Conditions
NOI Build-Up for 2,425 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
$78.6K $32.40/SF
− Vacancy
−$3.5K −$1.46/SF
EGI
$75.0K $30.94/SF
− OpEx
−$22.5K −$9.28/SF
NOI
$52.5K $21.66/SF
Area
ZIP 92701
Vacancy
4.50%
Lease Rate
$32.40 /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%
$1,050,480
Cap Rate 7%
$750,343
Cap Rate 9%
$583,600
Alternative Uses
Best Use
Multifamily LT 5
$750.3K
$656.6K – $875.4K
NOI $52,524 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$688.5K
$602.5K – $803.3K
NOI $48,197 @ 7.0% cap · market cap 5.45%
Theoretical Best
—
—
same as Best Use
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
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
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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?
Triplex - The property pairs an early-1900s front home with a separate rear structure near Downtown Santa Ana.
Where is this triplex located?
The property is located at 421 E Walnut Santa Ana, CA.
What is the asking price?
The asking price for this property is $885,000.
What are key features of this property?
This property features: Front residence and separate rear building; Front home dates to 1905; Front residence has 2 bedrooms and 2 bathrooms
