Multifamily Property with Updated
New
For Sale
$2,050,000
810 S Flower, Santa Ana, CA 92703
Leased multifamily building with renovated interiors, upgraded infrastructure, and predominantly two-bedroom floor plans.
Property Size5,216 SF
Days on Market5
Property Features for 810 S Flower
General Information
Standard status
Active
Size
5,216 SF
Property subtype
Mixed Use
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Building Details
Building Size
5,216 SF
Year Built
1982
Listing Agency:
R L M Equities
Listed By:
Randall Mycorn · License #02078223
(949) 862-1020
Source:
Stephanieyounggroup
Added: Sep 12
Changed: Sep 13
Last Checked: Sep 15 at 10:46AM
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 R L M Equities
Investment Insights
Based on property information with market context.
This multifamily property in Santa Ana was built in 1982 and is fully leased. The unit mix is weighted toward two-bedroom layouts, with refreshed kitchens and bathrooms, recessed lighting, modern flooring, and permitted dual-pane windows. Recent work also includes replacement plumbing for hot and cold water, gas, and sewer systems, along with a permitted deck rebuild completed for SB 721 compliance.
The property is located near Downtown Santa Ana, the Civic Center, Bowers Museum, and Main Place Mall. Access to I-5 is available via 17th Street, while the OC Streetcar transit line provides a connection between Santa Ana and Garden Grove. The in-place cap rate is over 6.6%, and all units are currently leased.
The property is located near Downtown Santa Ana, the Civic Center, Bowers Museum, and Main Place Mall. Access to I-5 is available via 17th Street, while the OC Streetcar transit line provides a connection between Santa Ana and Garden Grove. The in-place cap rate is over 6.6%, and all units are currently leased.
Key Highlights
- Fully leased multifamily property with an in‑place cap rate over 6.6%
- Predominantly spacious 2‑bedroom floor plans
- Built in 1982 with updated kitchens, bathrooms, flooring, and recessed lighting
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
$87,487
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
4.27%
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%
$1,749,740
$1.7M
Cap Rate 7%
$1,249,814
$1.2M
Cap Rate 9%
$972,078
$972.1K
Market Conditions
NOI Build-Up for 5,216 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
$165.9K $31.80/SF
− Vacancy
−$6.8K −$1.30/SF
EGI
$159.1K $30.50/SF
− OpEx
−$71.6K −$13.72/SF
NOI
$87.5K $16.77/SF
Area
ZIP 92703
Vacancy
4.10%
Lease Rate
$31.80 /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%
$1,749,740
Cap Rate 7%
$1,249,814
Cap Rate 9%
$972,078
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.09M – $1.46M
NOI $87,487 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,677 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,489
Businesses Nearby
Explore this area
Business Placement
Demographics for 92703, CA
65,621
Population
14,644
Households
4.5
Avg Household Size
34
Median Age
13%
College-Educated
60%
High-School Grad
4.2 sq mi
ZIP Area
15,624
Density / Sq Mi
$80,817
Median Household Income
$33,363
Median Earnings
$1,922
Median Rent
$585,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Leased multifamily building with renovated interiors, upgraded infrastructure, and predominantly two-bedroom floor plans.
Where is this multifamily property located?
The property is located at 810 S Flower Santa Ana, CA.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: Fully leased multifamily property with an in‑place cap rate over 6.6%; Predominantly spacious 2‑bedroom floor plans; Built in 1982 with updated kitchens, bathrooms, flooring, and recessed lighting
