Santa Ana Multifamily Investment
For Sale
$6,299,850
717 N Garfield Street, Santa Ana, CA 92701
Gated multifamily property in Historic French Park area with upside.
Property Size22,500 SF
Days on Market167
Property Features for 717 N Garfield Street
General Information
Standard status
Active
Size
22,500 SF
Property subtype
Apartment
Building Details
Building Size
22,500 SF
Year Built
1979
Listing Agency:
Alliance Investment RE Group
Listed By:
Ruben Khorsandi · License #01085411
(949) 250-0400
Source:
Stephanieyounggroup
Added: Mar 26
Changed: Aug 28
Last Checked: Sep 7 at 7:12AM
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 Alliance Investment RE Group
Investment Insights
Based on property information with market context.
Located in the Prime Historic French Park area, this gated multifamily property presents a value-add opportunity. The 1979 construction is situated close to an Elementary School, shopping, restaurants, and the freeway, offering convenient access for tenants. The property is also located minutes from Downtown Santa Ana, the Old Orange County Courthouse, the Police Department, and the Santa Ana Metrolink Station. The community is 100% occupied and individually metered for both gas and electric, with tenants responsible for these utilities. The property includes an on-site laundry room and ample parking space, with both garages and covered gated parking available. The property offers huge rental upside.
Key Highlights
- One of the cheapest price per unit properties in Santa Ana.
- Located in the highly desirable Prime Historic French Park area.
- Individually metered for gas and electric (tenant paid).
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
$447,193
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
7.10%
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%
$8,943,860
$8.9M
Cap Rate 7%
$6,388,471
$6.4M
Cap Rate 9%
$4,968,811
$5.0M
Market Conditions
NOI Build-Up for 22,500 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
$850.5K $37.80/SF
− Vacancy
−$37.4K −$1.66/SF
EGI
$813.1K $36.14/SF
− OpEx
−$365.9K −$16.26/SF
NOI
$447.2K $19.88/SF
Area
ZIP 92701
Vacancy
4.40%
Lease Rate
$37.80 /SF/Yr
Expense Ratio
45.00%
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%
$8,943,860
Cap Rate 7%
$6,388,471
Cap Rate 9%
$4,968,811
Alternative Uses
Best Use
Apartment 5plus
$6.39M
$5.59M – $7.45M
NOI $447,193 @ 7.0% cap · market cap 7.10%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$6.96M
$6.09M – $8.12M
NOI $487,336 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,085
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?
Apartment building - Gated multifamily property in Historic French Park area with upside.
Where is this apartment building located?
The property is located at 717 N Garfield Street Santa Ana, CA.
What is the asking price?
The asking price for this property is $6,299,850.
What are key features of this property?
This property features: One of the cheapest price per unit properties in Santa Ana.; Located in the highly desirable Prime Historic French Park area.; Individually metered for gas and electric (tenant paid).
