Remodeled Residential Income
For Sale
$322,000
46 CALLE ARAGON, Laguna Woods, CA 92637
Laguna Woods, CA
Property Size1,040 SF
Lot Size0.23 Acres
Price / SF$309.62
Days on Market48
Property Features for 46 CALLE ARAGON
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Rooms
Laundry Room, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 1, Kitchen
Parking features
Carport, Guest
Spa
1
Patio and Porch features
Deck
Interior features
Balcony, Living Room Balcony, Recessed Lighting, Cathedral Ceiling(s)
Appliances
Disposal, Electric Water Heater, Refrigerator, Electric Oven, Electric Cooktop
Subdivision
Leisure World (LW)
Elementary school district
Saddleback Valley Unified
Middle school district
Saddleback Valley Unified
High school district
Saddleback Valley Unified
Directions
Gate 1 off El Toro to stop sign take left follow signs to CDS 34 on the Right
Standard status
Active
Size
1,040 SF
Lot size
0.23 Acres
Taxes and HOA fees
HOA Fee
$826 Monthly
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1965
Floors in Building
1
Number of units
1
Flooring type
Tile
Listing Agency:
RE/MAX Select One · RE/MAX International
(949) 270-1901
Listed By:
Ken Dembowski · License #01061678
(714) 846-3800
Added: Jul 14
Changed: Aug 25
Last Checked: Aug 30 at 4:06AM
MLS# OC26152603
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,040-square-foot end unit combines a remodeled interior with an open great-room layout, cathedral ceilings, and extensive natural light. The kitchen has newer countertops, recessed lighting, stainless steel sink, custom backsplash, generous cabinetry, and newer appliances. Porcelain tile flooring, custom shutters, and Mitsubishi split HVAC provide updated finishes and room-by-room climate control. The primary suite is separated from the main living areas and includes three closets, views, and a remodeled bathroom with a walk-in shower. A second walk-in shower serves the home, while the laundry area includes an LG stacked washer and dryer.
The residence opens to an expansive deck and includes a nearby carport plus guest parking. Clubhouse 1 and Clubhouse 3 are within walking distance. Additional features include public water and sewer, a spa, and a 2018 EZ-GO street-legal golf cart included with the sale. The unit was freshly painted in spring 2025.
The residence opens to an expansive deck and includes a nearby carport plus guest parking. Clubhouse 1 and Clubhouse 3 are within walking distance. Additional features include public water and sewer, a spa, and a 2018 EZ-GO street-legal golf cart included with the sale. The unit was freshly painted in spring 2025.
Key Highlights
- 1,040‑square‑foot end unit with remodeled interior
- Expansive deck, balcony, and views
- Mitsubishi split HVAC with forced air conditioning and heat
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
$19,851
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
6.16%
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%
$397,020
$397.0K
Cap Rate 7%
$283,586
$283.6K
Cap Rate 9%
$220,567
$220.6K
Market Conditions
NOI Build-Up for 1,040 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
$37.4K $36.00/SF
− Vacancy
−$1.3K −$1.30/SF
EGI
$36.1K $34.70/SF
− OpEx
−$16.2K −$15.62/SF
NOI
$19.9K $19.09/SF
Area
Orange County, CA
Vacancy
3.60%
Lease Rate
$36.00 /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%
$397,020
Cap Rate 7%
$283,586
Cap Rate 9%
$220,567
Alternative Uses
Best Use
Apartment 5plus
$283.6K
$248.1K – $330.9K
NOI $19,851 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$349.3K
$305.7K – $407.5K
NOI $24,452 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,999
Businesses Nearby
Explore this area
Business Placement
Demographics for 92637, CA
17,644
Population
13,494
Households
1.3
Avg Household Size
75
Median Age
52%
College-Educated
97%
High-School Grad
3.0 sq mi
ZIP Area
5,881
Density / Sq Mi
$60,235
Median Household Income
$40,375
Median Earnings
$2,232
Median Rent
$364,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - End-unit home with updated kitchen, split HVAC, cathedral ceilings, and a private outdoor deck.
Where is this residential income property located?
The property is located at 46 CALLE ARAGON Laguna Woods, CA.
What is the asking price?
The asking price for this property is $322,000.
What are key features of this property?
This property features: 1,040‑square‑foot end unit with remodeled interior; Expansive deck, balcony, and views; Mitsubishi split HVAC with forced air conditioning and heat
