Santa Ana Triplex with ADU
For Sale
Contact for pricing
500 E 15th, Santa Ana, CA 92701
Well-maintained triplex with approved ADU plans in Santa Ana.
Property Size1,826 SF
Lot Size0.17 Acres
Price / SF$684.56
Days on Market284
Property Features for 500 E 15th
General Information
Standard status
Active
Size
1,826 SF
Lot size
0.17 Acres
Property subtype
Multifamily
Zoning
Public Rec
Building Details
Buildings
3
Stories
1
Units
3
Listing Agency:
Compass
(562) 999-1885
Listed By:
Konstantine Petrakis · License #02114922
Source:
Crexi
Added: Nov 6, 2025
Changed: Aug 8
Last Checked: Aug 15 at 4:18PM
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 Compass
Investment Insights
Based on property information with market context.
The property at 500 E 15th St is a well-maintained triplex located in Santa Ana. The multifamily property has a building size of 1,826 square feet and is situated on a 7,405 square foot R3 lot. The property features three units, each with one bedroom. One unit has 1.5 bathrooms and is approximately 826 square feet, while the other two units each have one bathroom and are approximately 500 square feet. Each residence offers functional layouts with natural light and private access. Approved ADU plans are available for a 515 square foot one-bedroom, one-bath garage conversion, offering additional rental income potential. The property is located near Downtown Santa Ana, schools, and major freeways. It is located within the Santa Ana Unified School District. The R3 zoning allows for future development flexibility. This property is suitable for investors seeking stability and future growth, value-add investors, and 1031 exchange buyers looking to grow their Orange County portfolio.
Key Highlights
- Approved ADU plans for a 515 SF 1‑bedroom, 1‑bath garage conversion, offering immediate potential for increased rental income.
- Strong current income from three existing units, providing immediate cash flow.
- Prime location in the heart of Santa Ana, near Downtown, schools, and major freeways, ensuring consistent tenant demand.
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
$39,550
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
3.16%
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%
$791,000
$791.0K
Cap Rate 7%
$565,000
$565.0K
Cap Rate 9%
$439,444
$439.4K
Market Conditions
NOI Build-Up for 1,826 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
$59.2K $32.40/SF
− Vacancy
−$2.7K −$1.46/SF
EGI
$56.5K $30.94/SF
− OpEx
−$17.0K −$9.28/SF
NOI
$39.6K $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%
$791,000
Cap Rate 7%
$565,000
Cap Rate 9%
$439,444
Alternative Uses
Best Use
Multifamily LT 5
$565.0K
$494.4K – $659.2K
NOI $39,550 @ 7.0% cap · market cap 3.16%
Second Best
Apartment 5plus
$518.5K
$453.7K – $604.9K
NOI $36,292 @ 7.0% cap · market cap 2.90%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,789
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?
Triplex - Well-maintained triplex with approved ADU plans in Santa Ana.
Where is this triplex located?
The property is located at 500 E 15th Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Approved ADU plans for a 515 SF 1‑bedroom, 1‑bath garage conversion, offering immediate potential for increased rental income.; Strong current income from three existing units, providing immediate cash flow.; Prime location in the heart of Santa Ana, near Downtown, schools, and major freeways, ensuring consistent tenant demand.
