Santa Ana Renovated Apartment
For Sale
$4,974,000
317 S Flower Street, Santa Ana, CA 92703
20-unit renovated apartment complex in Santa Ana with strong cashflow.
Property Size10,350 SF
Price / SF$480.58
Days on Market563
Property Features for 317 S Flower Street
General Information
Standard status
Active
Size
10,350 SF
Property subtype
Apartment
Site & Location
Neighborhood
Heninger Park
Building Details
Building Size
10,350 SF
Year Built
1985
Listing Agency:
Alliance Investment RE Group
Listed By:
Ruben Khorsandi · License #01085411
(949) 683-6662
Source:
Velocityrealtysd
Added: Apr 10, 2025
Changed: Oct 21
Last Checked: Oct 23 at 2:19PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Flower Street Apartments is a 20-unit gated apartment complex located in Santa Ana. The property has been completely renovated, with approximately $500,000 spent over the last 5 years on both the interiors and exterior. The units feature new kitchens with quartz countertops and stainless steel appliances, as well as new bathrooms/showers with new vanities, tile shower walls, and high-efficiency toilets. Additional interior upgrades include LED recessed lighting and new windows. Exterior renovations include paint, new staircases and decking, a security camera system, exterior lighting, and new landscaping. The building is equipped with a fire sprinkler system throughout. Each unit has a large patio/balcony. The property is individually metered for both gas and electric and has its own water heater. There is a laundry room with owned equipment that generates additional monthly cashflow. The property size is 10350 square feet.
Key Highlights
- High 6.9% CAP Rate based on actual rents.
- Completely renovated with approximately $500,000 spent in the last 5 years.
- 20‑unit gated apartment complex in Santa Ana.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$173,600
Cap Rate
3.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,472,000
$3.5M
Cap Rate 7%
$2,480,000
$2.5M
Cap Rate 9%
$1,928,889
$1.9M
Market Conditions
NOI Build-Up for 10,350 SF
Gross rent
$329.1K $31.80/SF
− Vacancy
−$13.5K −$1.30/SF
EGI
$315.6K $30.50/SF
− OpEx
−$142.0K −$13.72/SF
NOI
$173.6K $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 Rate 5%
$3,472,000
Cap Rate 7%
$2,480,000
Cap Rate 9%
$1,928,889
Alternative Uses
Best Use
Apartment 5plus
$2.48M
$2.17M – $2.89M
NOI $173,600 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.00M
$2.62M – $3.49M
NOI $209,693 @ 7.0% cap · market cap 4.22%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
3,068
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - 20-unit renovated apartment complex in Santa Ana with strong cashflow.
Where is this apartment building located?
The property is located at 317 S Flower Street Santa Ana, CA.
What is the asking price?
The asking price for this property is $4,974,000.
What are key features of this property?
This property features: High 6.9% CAP Rate based on actual rents.; Completely renovated with approximately $500,000 spent in the last 5 years.; 20‑unit gated apartment complex in Santa Ana.
