Tenant-Occupied
For Sale
$1,179,000
608 E Central Ave, Santa Ana, CA 92707
Three separately metered units include a one-bedroom residence and two two-bedroom residences, with enclosed garages for the rear units.
Property Size2,496 SF
Days on Market68
Property Features for 608 E Central Ave
General Information
Standard status
Active
Size
2,496 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
3
Building Details
Building Size
2,496 SF
Year Built
1965
Stories
2
Units
3
Listing Agency:
First Team Real Estate
(714) 604-6908
Listed By:
Teresa Knoll · License #01746290
(714) 604-6908
Source:
Elliman
Added: Jun 24
Changed: Aug 30
Last Checked: Aug 30 at 12:14AM
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 First Team Real Estate
Investment Insights
Based on property information with market context.
This 1965-built triplex contains three independent residences with a 1-bedroom, 1-bath unit on the lower front portion and two 2-bedroom, 1-bath units positioned upstairs and toward the rear. The two latter residences each have an enclosed garage. Gas and electric service are separately metered for every unit, and the property is currently occupied by tenants.
The property is located at 608 E Central Ave in Santa Ana, near parks, schools, churches, retail, restaurants, and other neighborhood services. Access to the 55 and 405 freeways adds regional connectivity. WalkScore is 74, BikeScore is 75, and TransitScore is 45.
The property is located at 608 E Central Ave in Santa Ana, near parks, schools, churches, retail, restaurants, and other neighborhood services. Access to the 55 and 405 freeways adds regional connectivity. WalkScore is 74, BikeScore is 75, and TransitScore is 45.
Key Highlights
- Three‑unit configuration with 1‑bedroom and two 2‑bedroom residences
- Each residence has separate gas and electric meters
- Units B and C include enclosed garages
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
$43,279
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
3.67%
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%
$865,580
$865.6K
Cap Rate 7%
$618,271
$618.3K
Cap Rate 9%
$480,878
$480.9K
Market Conditions
NOI Build-Up for 2,496 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
$64.4K $25.80/SF
− Vacancy
−$2.6K −$1.03/SF
EGI
$61.8K $24.77/SF
− OpEx
−$18.5K −$7.43/SF
NOI
$43.3K $17.34/SF
Area
ZIP 92707
Vacancy
3.99%
Lease Rate
$25.80 /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%
$865,580
Cap Rate 7%
$618,271
Cap Rate 9%
$480,878
Alternative Uses
Best Use
Multifamily LT 5
$618.3K
$541.0K – $721.3K
NOI $43,279 @ 7.0% cap · market cap 3.67%
Second Best
Apartment 5plus
$570.4K
$499.1K – $665.5K
NOI $39,928 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$684.4K
$598.9K – $798.5K
NOI $47,911 @ 7.0% cap · market cap 4.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,143
Businesses Nearby
Explore this area
Business Placement
Demographics for 92707, CA
56,456
Population
14,767
Households
3.8
Avg Household Size
33
Median Age
17%
College-Educated
65%
High-School Grad
5.2 sq mi
ZIP Area
10,857
Density / Sq Mi
$99,491
Median Household Income
$35,582
Median Earnings
$2,141
Median Rent
$635,600
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 - Three separately metered units include a one-bedroom residence and two two-bedroom residences, with enclosed garages for the rear units.
Where is this triplex located?
The property is located at 608 E Central Ave Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,179,000.
What are key features of this property?
This property features: Three‑unit configuration with 1‑bedroom and two 2‑bedroom residences; Each residence has separate gas and electric meters; Units B and C include enclosed garages
