Renovated Four-Unit Apartment
For Sale
$1,275,000
Pending
626 E 3rd, Santa Ana, CA 92701
Updated one-bedroom residences near Downtown Santa Ana with access to public transportation and major freeways.
Property Size1,740 SF
Lot Size0.14 Acres
Days on Market104
Property Features for 626 E 3rd
General Information
Standard status
Pending
Size
1,740 SF
Lot size
0.14 Acres
Property subtype
Quadruplex
Zoning
SD-84
Additional Details
Highway Access
Yes
Building Details
Building Size
1,740 SF
Year Built
1920
Tenancy
Multi
Listing Agency:
Greysteel California, Inc.
Listed By:
Christian Espinoza · License #02062988
(949) 307-9469
Source:
Stephanieyounggroup
Added: May 28
Changed: Aug 23
Last Checked: Aug 22 at 12:07PM
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 Greysteel California, Inc.
Investment Insights
Based on property information with market context.
This four-unit apartment property at 626 E. 3rd St. in Santa Ana includes four fully updated one-bedroom, one-bathroom residences. Interior and exterior improvements include new appliances, flooring, kitchens, bathrooms, doors, double-pane windows, paint, and A/C units, with work completed to code. The property was built in 1920 and occupies an approximately 6,141 SF lot.
All units are currently achieving market rents, with two units having recently received rental increases. Future annual increases are subject to the City of Santa Ana rent control guidelines. The property is zoned SD-84, which may allow additional units to be added, subject to verification with the City of Santa Ana. It is within walking distance of Downtown Santa Ana amenities and benefits from nearby Amtrak and Metrolink stations, along with access to the 5, 55, and 22 freeways.
All units are currently achieving market rents, with two units having recently received rental increases. Future annual increases are subject to the City of Santa Ana rent control guidelines. The property is zoned SD-84, which may allow additional units to be added, subject to verification with the City of Santa Ana. It is within walking distance of Downtown Santa Ana amenities and benefits from nearby Amtrak and Metrolink stations, along with access to the 5, 55, and 22 freeways.
Key Highlights
- Four fully updated one‑bedroom, one‑bathroom units
- Approximately 6,141 SF lot zoned SD‑84
- Renovations include appliances, flooring, kitchens, bathrooms, doors, windows, paint, 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
$37,687
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
2.96%
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%
$753,740
$753.7K
Cap Rate 7%
$538,386
$538.4K
Cap Rate 9%
$418,744
$418.7K
Market Conditions
NOI Build-Up for 1,740 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
$56.4K $32.40/SF
− Vacancy
−$2.5K −$1.46/SF
EGI
$53.8K $30.94/SF
− OpEx
−$16.2K −$9.28/SF
NOI
$37.7K $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%
$753,740
Cap Rate 7%
$538,386
Cap Rate 9%
$418,744
Alternative Uses
Best Use
Multifamily LT 5
$538.4K
$471.1K – $628.1K
NOI $37,687 @ 7.0% cap · market cap 2.96%
Second Best
Apartment 5plus
$494.0K
$432.3K – $576.4K
NOI $34,583 @ 7.0% cap · market cap 2.71%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,718
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?
Quadplex - Updated one-bedroom residences near Downtown Santa Ana with access to public transportation and major freeways.
Where is this quadplex located?
The property is located at 626 E 3rd Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Four fully updated one‑bedroom, one‑bathroom units; Approximately 6,141 SF lot zoned SD‑84; Renovations include appliances, flooring, kitchens, bathrooms, doors, windows, paint, and A/C units
