Santa Ana Multifamily Investment
For Sale
Contact for pricing
511 E Washington Ave, Santa Ana, CA 92701
30-unit apartment community in desirable Santa Ana neighborhood.
Property Size26,707 SF
Lot Size1.00 Acre
Price / SF$348.22
Days on Market689
Property Features for 511 E Washington Ave
General Information
Standard status
Active
Size
26,707 SF
Class
C
Lot size
1.00 Acre
Property subtype
Multifamily
Zoning
R3
Building Details
Year Built
1964
Listing Agency:
Marcus & Millichap - Orange County
(949) 419-3276
Listed By:
Alex Mobin · License #01845973
Source:
Crexi
Added: Sep 24, 2024
Changed: Aug 8
Last Checked: Aug 8 at 11:49AM
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 Marcus & Millichap - Orange County
Investment Insights
Based on property information with market context.
The Washington Avenue Apartments, constructed in 1964, is a 30-unit apartment community situated in the French Court neighborhood of Santa Ana. The property contains one-, two-, and three-bedroom units, totaling 26,707 square feet on just over one acre of land. The community features a gated entry with a large courtyard, on-site parking including carports, a barbecue area, patios and balconies, and an on-site laundry facility. Recent renovations and upgrades include granite countertops, vinyl plank flooring, new tubs and showers, new appliances, new windows and sliders, new railings, a deck replacement and resurfacing, new A/C units, and replaced water heaters. The property is located in a desirable rental market of Santa Ana, California.
Key Highlights
- Located in the highly desirable French Court neighborhood of Santa Ana, a strong rental market in Southern California.
- Attractive unit mix of one-, two-, and three‑bedroom apartments.
- Recent renovations and upgrades to interiors and exteriors, including granite countertops, new flooring, appliances, windows, and A/C units.
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
$530,808
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
5.71%
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%
$10,616,160
$10.6M
Cap Rate 7%
$7,582,971
$7.6M
Cap Rate 9%
$5,897,867
$5.9M
Market Conditions
NOI Build-Up for 26,707 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
$1.01M $37.80/SF
− Vacancy
−$44.4K −$1.66/SF
EGI
$965.1K $36.14/SF
− OpEx
−$434.3K −$16.26/SF
NOI
$530.8K $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%
$10,616,160
Cap Rate 7%
$7,582,971
Cap Rate 9%
$5,897,867
Alternative Uses
Best Use
Apartment 5plus
$7.58M
$6.64M – $8.85M
NOI $530,808 @ 7.0% cap · market cap 5.71%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$8.26M
$7.23M – $9.64M
NOI $578,458 @ 7.0% cap · market cap 6.22%
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?
Apartment building - 30-unit apartment community in desirable Santa Ana neighborhood.
Where is this apartment building located?
The property is located at 511 E Washington Ave Santa Ana, CA.
What is the asking price?
The asking price for this property is $9,300,000.
What are key features of this property?
This property features: Located in the highly desirable French Court neighborhood of Santa Ana, a strong rental market in Southern California.; Attractive unit mix of one-, two-, and three‑bedroom apartments.; Recent renovations and upgrades to interiors and exteriors, including granite countertops, new flooring, appliances, windows, and A/C units.
