Four-Tenant Neighborhood Shopping
For Sale
Contact for pricing
Pending
707 West 17th Street, Santa Ana, CA 92706
Four-tenant neighborhood center with 100% occupancy, renovated in 2023, and located in an Opportunity Zone corridor.
Property Size9,212 SF
Lot Size0.31 Acres
Days on Market26
Property Features for 707 West 17th Street
General Information
Standard status
Pending
Size
9,212 SF
Lot size
0.31 Acres
Property subtype
Retail
Occupancy
100%
Net Operating Income
$179,398
Financials
Asking Price
$2,795,000
Cap Rate
6.42%
Opportunity Zone
Yes
Site & Location
Traffic Count
33,691 vehicles/day
Highway Access
Yes
Building Details
Year Built
1955
Year Renovated
2023
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Los Angeles
(949) 929-5901
Listed By:
Jason Fefer · License #CA 02100489
Source:
Crexi
Added: Jul 16
Changed: Aug 8
Last Checked: Aug 9 at 2:53PM
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 Marcus & Millichap - Los Angeles
Investment Insights
Based on property information with market context.
Marcus & Millichap presents a four-tenant neighborhood shopping center at 707–707 W 17th Street. The property is 100% occupied by a service-oriented tenant mix and totals 9,212 SF on a 0.31-acre site. Originally built in 1955, the center was renovated in 2023 to support long-term functionality and curb appeal.
The property is positioned along West 17th Street, a high-traffic neighborhood corridor with 33,691 VPD, providing visibility to surrounding residential neighborhoods. It is located minutes from Interstate 5, Santa Ana College, and MainPlace Mall within the broader central Orange County trade area.
From an income profile perspective, the center offers a 5.50-year WALT, with staggered expirations, contractual rent increases, and CAM reimbursements. The asset is located within a designated Opportunity Zone. The offering is underwritten at a 6.42% cap rate.
The property is positioned along West 17th Street, a high-traffic neighborhood corridor with 33,691 VPD, providing visibility to surrounding residential neighborhoods. It is located minutes from Interstate 5, Santa Ana College, and MainPlace Mall within the broader central Orange County trade area.
From an income profile perspective, the center offers a 5.50-year WALT, with staggered expirations, contractual rent increases, and CAM reimbursements. The asset is located within a designated Opportunity Zone. The offering is underwritten at a 6.42% cap rate.
Key Highlights
- 4 tenants, 100% occupied by a service‑oriented tenant mix
- 9,212 SF neighborhood shopping center
- 0.31‑acre site
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
$143,928
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
5.15%
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%
$2,878,560
$2.9M
Cap Rate 7%
$2,056,114
$2.1M
Cap Rate 9%
$1,599,200
$1.6M
Market Conditions
NOI Build-Up for 9,212 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
$221.1K $24.00/SF
− Vacancy
−$15.5K −$1.68/SF
EGI
$205.6K $22.32/SF
− OpEx
−$61.7K −$6.70/SF
NOI
$143.9K $15.62/SF
Area
Santa Ana, CA
Vacancy
7.00%
Lease Rate
$24.00 /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%
$2,878,560
Cap Rate 7%
$2,056,114
Cap Rate 9%
$1,599,200
Alternative Uses
Best Use
Retail
$2.06M
$1.80M – $2.40M
NOI $143,928 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.11M
$2.72M – $3.63M
NOI $217,895 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
33,691 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,135
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 92706, CA
35,621
Population
10,473
Households
3.4
Avg Household Size
35
Median Age
23%
College-Educated
69%
High-School Grad
3.5 sq mi
ZIP Area
10,177
Density / Sq Mi
$96,424
Median Household Income
$36,850
Median Earnings
$1,890
Median Rent
$839,100
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Similar Off Market Nearby
- orange ca — 1200 N Main St, Santa Ana, CA 92701
Frequently Asked Questions
What type of property is this?
Shopping center - Four-tenant neighborhood center with 100% occupancy, renovated in 2023, and located in an Opportunity Zone corridor.
Where is this shopping center located?
The property is located at 707 West 17th Street Santa Ana, CA.
What is the asking price?
The asking price for this property is $2,795,000.
What are key features of this property?
This property features: 4 tenants, 100% occupied by a service‑oriented tenant mix; 9,212 SF neighborhood shopping center; 0.31‑acre site
