Renovated Duplex with Corner
For Sale
$775,000
604 S Van Ness Avenue, Santa Ana, CA 92701
Two single-story 1-bedroom, 1-bath units are side-by-side on a corner lot and fully renovated in 2023.
Property Size1,296 SF
Price / SF$597.99
Days on Market187
Property Features for 604 S Van Ness Avenue
General Information
Standard status
Active
Size
1,296 SF
Property subtype
Duplex
Occupancy
100%
Net Operating Income
$52,800
Additional Details
Gross Income
$52,800
Building Details
Building Size
1,296 SF
Year Built
1922
Year Renovated
2023
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
eXp Realty of California Inc
(714) 720-6088
Listed By:
Daniel Poon · License #01897213
Source:
Altamirarealty
Added: Feb 24
Changed: Aug 28
Last Checked: Aug 29 at 3:28PM
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 eXp Realty of California Inc
Investment Insights
Based on property information with market context.
This renovated duplex offers two side-by-side, single-story 1-bedroom, 1-bath units. Each unit is approximately 648 square feet and features modern finishes and functional layouts. Fully renovated in 2023 with permitted upgrades, the property includes new water heaters, new dual-pane windows, energy-efficient mini-split A/C systems, fresh interior and exterior paint, tile flooring throughout, remodeled bathrooms, and upgraded modern kitchens.
The duplex is situated on a desirable corner lot and includes a one-car garage space with an extended driveway for additional parking. The garage structure is shared with the neighboring property, while the units maintain separation.
Built in 1922, the property is currently occupied by long-term tenants. The units are generating monthly income and are described as rented at market value, with the potential for future rent growth. The home is located within walking distance to restaurants, retail shops, and local schools.
The duplex is situated on a desirable corner lot and includes a one-car garage space with an extended driveway for additional parking. The garage structure is shared with the neighboring property, while the units maintain separation.
Built in 1922, the property is currently occupied by long-term tenants. The units are generating monthly income and are described as rented at market value, with the potential for future rent growth. The home is located within walking distance to restaurants, retail shops, and local schools.
Key Highlights
- Fully renovated in 2023 with permitted upgrades
- Two side‑by‑side single‑story 1‑bedroom, 1‑bath units
- Approximately 648 square feet per unit
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
$28,071
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
3.62%
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%
$561,420
$561.4K
Cap Rate 7%
$401,014
$401.0K
Cap Rate 9%
$311,900
$311.9K
Market Conditions
NOI Build-Up for 1,296 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
$42.0K $32.40/SF
− Vacancy
−$1.9K −$1.46/SF
EGI
$40.1K $30.94/SF
− OpEx
−$12.0K −$9.28/SF
NOI
$28.1K $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%
$561,420
Cap Rate 7%
$401,014
Cap Rate 9%
$311,900
Alternative Uses
Best Use
Multifamily LT 5
$401.0K
$350.9K – $467.9K
NOI $28,071 @ 7.0% cap · market cap 3.62%
Second Best
Apartment 5plus
$368.0K
$322.0K – $429.3K
NOI $25,758 @ 7.0% cap · market cap 3.32%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,522
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?
Duplex - Two single-story 1-bedroom, 1-bath units are side-by-side on a corner lot and fully renovated in 2023.
Where is this duplex located?
The property is located at 604 S Van Ness Avenue Santa Ana, CA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Fully renovated in 2023 with permitted upgrades; Two side‑by‑side single‑story 1‑bedroom, 1‑bath units; Approximately 648 square feet per unit
