Bungalow Residential Income
For Sale
Under Contract
$399,000
515 Calle Aragon Unit B, Laguna Woods, CA 92637
Laguna Woods, CA
Property Size953 SF
Lot Size0.02 Acres
Price / SF$418.68
Days on Market110
Property Features for 515 Calle Aragon Unit B
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Kitchen, Bedroom 1, Bathroom 1, Bathroom 2, Laundry Room, Bedroom 2
Parking features
Assigned, Carport
Spa
1
Window features
Skylight(s), Double Pane Windows, Plantation Shutters
Patio and Porch features
Patio
Pool private
1
Interior features
Laminate Counters, Unfurnished, High Ceilings, Ceiling Fan(s)
Appliances
Disposal, Electric Water Heater, Refrigerator, Vented Exhaust Fan, Electric Oven, Dishwasher, Electric Cooktop
Subdivision
Leisure World (LW)
Lot features
Corner Lot, Patio Home, Cul-De-Sac, Close to Clubhouse
View
Park
Elementary school district
Saddleback Valley Unified
Middle school district
Saddleback Valley Unified
High school district
Saddleback Valley Unified
Directions
Enter through gate 3 off Moulton Pkwy. Follow Calle Aragon past clubhouse 3 and straight through the stop sign. The home is located on the lefthand corner of cul du sac #40, just as you enter.
Standard status
Active Under Contract
Size
953 SF
Lot size
0.02 Acres
Taxes and HOA fees
HOA Fee
$827 Monthly
Utilities
Heating system
Heat Pump (Heating), Radiant
Cooling system
Wall/Window Unit(s), Window Unit(s), Heat Pump
Water source
Public
Amenities
wood laminate floors
Berber carpet
smooth ceilings
double pane windows
custom front door
raised counter tops
solar tubes
stack washer/dryer
ceiling fans
new heating units
plantation shutters
front patio with pergola
back patio
Building Details
Year built
1966
Floors in Building
1
Number of units
3
Flooring type
Laminate, Carpet
Building materials
Stucco, Drywall Walls
Roof type
Shingle, Tile
Architectural style
Bungalow
Listing Agency:
HomeSmart, Evergreen Realty
(949) 365-1888
Listed By:
Trace Donaldson · License #01957958
(949) 357-3566
Added: May 6
Changed: Aug 19
Last Checked: Aug 23 at 5:06AM
MLS# OC26098727
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 upgraded bungalow-style co-op manor offers two bedrooms and two full bathrooms, with 953 square feet of comfortable living space and no one above or below you. Built in 1966, the home features wood laminate floors, smooth ceilings, double pane windows, a custom front door, and plantation shutters. Additional interior finishes and features include raised kitchen counter tops and solar tubes in both bathrooms.
Indoor comfort includes new heating units in both bedrooms, plus ceiling fans. Laundry is located in the guest bathroom with a stack washer/dryer. Appliances listed for the home include an electric oven and cooktop, refrigerator, dishwasher, disposal, and an electric water heater; the appliances are still owned by the HOA, and the HOA handles maintenance, repairs, and replacement. The property includes a patio, an assigned carport, and roof shingles and tile.
Outside, the front patio has a pergola-style cover, and the back patio is shared with two other manors. The home sits on a 0.0241-acre lot. It is a short walk to clubhouse 3 (Performing Arts Center), and Serpentine Walk is less than 100 yards away.
Indoor comfort includes new heating units in both bedrooms, plus ceiling fans. Laundry is located in the guest bathroom with a stack washer/dryer. Appliances listed for the home include an electric oven and cooktop, refrigerator, dishwasher, disposal, and an electric water heater; the appliances are still owned by the HOA, and the HOA handles maintenance, repairs, and replacement. The property includes a patio, an assigned carport, and roof shingles and tile.
Outside, the front patio has a pergola-style cover, and the back patio is shared with two other manors. The home sits on a 0.0241-acre lot. It is a short walk to clubhouse 3 (Performing Arts Center), and Serpentine Walk is less than 100 yards away.
Key Highlights
- 953 sq ft two‑bedroom, two‑bath bungalow‑style co‑op with no one above or below
- 0.0241‑acre lot with patio and assigned carport
- Built in 1966 with double pane windows, smooth ceilings, and plantation shutters
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
$18,190
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
4.56%
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%
$363,800
$363.8K
Cap Rate 7%
$259,857
$259.9K
Cap Rate 9%
$202,111
$202.1K
Market Conditions
NOI Build-Up for 953 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
$34.3K $36.00/SF
− Vacancy
−$1.2K −$1.30/SF
EGI
$33.1K $34.70/SF
− OpEx
−$14.9K −$15.62/SF
NOI
$18.2K $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%
$363,800
Cap Rate 7%
$259,857
Cap Rate 9%
$202,111
Alternative Uses
Best Use
Apartment 5plus
$259.9K
$227.4K – $303.2K
NOI $18,190 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$320.1K
$280.1K – $373.5K
NOI $22,407 @ 7.0% cap · market cap 5.62%
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
1,510
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?
Single family property - Upgraded two-bedroom, two-bath bungalow-style co-op with patio, assigned carport, and pool and spa access.
Where is this single family property located?
The property is located at 515 Calle Aragon Unit B Laguna Woods, CA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 953 sq ft two‑bedroom, two‑bath bungalow‑style co‑op with no one above or below; 0.0241‑acre lot with patio and assigned carport; Built in 1966 with double pane windows, smooth ceilings, and plantation shutters
