Single-Level Residential Income
For Sale
$473,000
489 Callie Cadiz, Laguna Woods, CA 92637
Laguna Woods, CA
Property Size1,000 SF
Price / SF$473
Days on Market59
Property Features for 489 Callie Cadiz
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 2, Bathroom 1, Laundry Room, Bedroom 1
Parking
1
Parking features
Guest, Carport
Spa
1
Window features
Insulated Windows
Patio and Porch features
Patio
Appliances
Water Heater, Disposal, Microwave, Refrigerator, Electric Oven, Dishwasher
Subdivision
Leisure World (LW)
View
Park
Elementary school district
Saddleback Valley Unified
Middle school district
Saddleback Valley Unified
High school district
Saddleback Valley Unified
Directions
Gate 1 Avenida Sevilla to Callie Cadiz turn left then right straight end of CDS
Standard status
Active
Size
1,000 SF
Taxes and HOA fees
HOA Fee
$827 Monthly
Utilities
Sewer type
Public Sewer
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
private patio
updated kitchen with granite countertops
skylight
enclosed atrium
window shutters
newer dual-pane windows
in-home washer and dryer
27-hole championship golf course
9-hole executive course
swimming pools
tennis and pickleball courts
fitness centers
clubhouses
equestrian center
performing arts center
craft studios
scenic walking paths
community transportation
Building Details
Year built
1966
Floors in Building
1
Number of units
4
Listing Agency:
Surterre Properties Inc
(949) 545-2000
Listed By:
Dave Dyssegard · License #01895099
(949) 315-1206
Added: Jul 31
Changed: Sep 22
Last Checked: Sep 27 at 11:06PM
MLS# OC26167952
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 single-level Madrid model at 489 Callie Cadiz provides 1000 square feet of residential living space with no unit above or below. The home includes two bedrooms, an updated kitchen with granite countertops, a skylit enclosed atrium, window shutters, newer dual-pane windows, and an in-home washer and dryer. A covered private patio extends the usable outdoor area, while public water and public sewer serve the property. Appliances include a refrigerator, dishwasher, microwave, electric oven, disposal, and water heater. Cooling is provided by wall/window and window units.
The residence is located in Laguna Woods Village, a gated 55+ community in Laguna Woods, California. Community amenities include a 27-hole championship golf course, 9-hole executive course, five swimming pools, tennis and pickleball courts, three fitness centers, seven clubhouses, an equestrian center, performing arts center, craft studios, walking paths, and more than 250 clubs and organizations. Guest parking and a carport are included.
The residence is located in Laguna Woods Village, a gated 55+ community in Laguna Woods, California. Community amenities include a 27-hole championship golf course, 9-hole executive course, five swimming pools, tennis and pickleball courts, three fitness centers, seven clubhouses, an equestrian center, performing arts center, craft studios, walking paths, and more than 250 clubs and organizations. Guest parking and a carport are included.
Key Highlights
- 1000 square feet in a single‑level Madrid model
- Two‑bedroom home with no unit above or below
- Updated kitchen with granite countertops and skylit enclosed atrium
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
$19,087
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
4.04%
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%
$381,740
$381.7K
Cap Rate 7%
$272,671
$272.7K
Cap Rate 9%
$212,078
$212.1K
Market Conditions
NOI Build-Up for 1,000 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
$36.0K $36.00/SF
− Vacancy
−$1.3K −$1.30/SF
EGI
$34.7K $34.70/SF
− OpEx
−$15.6K −$15.62/SF
NOI
$19.1K $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%
$381,740
Cap Rate 7%
$272,671
Cap Rate 9%
$212,078
Alternative Uses
Best Use
Apartment 5plus
$272.7K
$238.6K – $318.1K
NOI $19,087 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$335.9K
$293.9K – $391.9K
NOI $23,512 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,449
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 - Bright Madrid model home with an updated kitchen, private covered patio, and enclosed skylit atrium.
Where is this residential income property located?
The property is located at 489 Callie Cadiz Laguna Woods, CA.
What is the asking price?
The asking price for this property is $473,000.
What are key features of this property?
This property features: 1000 square feet in a single‑level Madrid model; Two‑bedroom home with no unit above or below; Updated kitchen with granite countertops and skylit enclosed atrium
