Triplex With Enclosed
For Sale
$1,179,000
Pending
608 E Central Avenue, Santa Ana, CA 92707
Santa Ana, CA
Property Size2,496 SF
Lot Size0.17 Acres
Days on Market64
Property Features for 608 E Central Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Laundry Room, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 1, Bathroom 3, Bedroom 3, Bathroom 1
Parking
2
Subdivision
Other (OTHR)
Lot features
Yard
Elementary school district
Santa Ana Unified
Middle school district
Santa Ana Unified
High school district
Santa Ana Unified
Directions
Main St & E Dyer Rd
Standard status
Pending
APN
01613534
Size
2,496 SF
Lot size
0.17 Acres
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1965
Floors in Building
2
Number of units
3
Listing Agency:
First Team Real Estate North Tustin
(949) 988-3000
Listed By:
Teresa Knoll · License #01746290
(949) 988-3000
Added: Jun 24
Changed: Aug 24
Last Checked: Aug 26 at 11:06PM
MLS# PW26138242
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 2,496-square-foot triplex was built in 1965 and includes three separate residences on a 0.17-acre lot. The unit mix consists of one 1-bedroom, 1-bath residence and two 2-bedroom, 1-bath residences. The two-bedroom units each have an enclosed garage, while the property also provides ample parking. All three units are separately metered for gas and electricity.
The property is currently tenant-occupied and generates rental income. Its Santa Ana address places it within walking distance of parks, schools, churches, shopping, restaurants, and other local amenities. Access to the 55 and 405 freeways adds regional connectivity. Public water and public sewer serve the property.
The property is currently tenant-occupied and generates rental income. Its Santa Ana address places it within walking distance of parks, schools, churches, shopping, restaurants, and other local amenities. Access to the 55 and 405 freeways adds regional connectivity. Public water and public sewer serve the property.
Key Highlights
- Three‑unit property with a 1‑bedroom, 1‑bath unit and two 2‑bedroom, 1‑bath units
- 2,496 square feet on a 0.17‑acre lot
- Units B and C each include an enclosed garage
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 - Gas and electric are separately metered, with public water and sewer serving the property.
Where is this triplex located?
The property is located at 608 E Central Avenue 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 property with a 1‑bedroom, 1‑bath unit and two 2‑bedroom, 1‑bath units; 2,496 square feet on a 0.17‑acre lot; Units B and C each include an enclosed garage
