18-Unit Apartment Building with
For Sale
$3,500,000
902 17th Street, Santa Ana, CA 92701
Well-maintained multifamily property with gated access, landscaped common areas, and a mix of one- and two-bedroom residences.
Property Size10,990 SF
Lot Size0.27 Acres
Price / SF$318.47
Days on Market41
Property Features for 902 17th Street
General Information
Standard status
Active
Size
10,990 SF
Lot size
0.27 Acres
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
18
Amenities
gated entry
courtyard
mature landscaping
Building Details
Year Built
1954
Listing Agency:
CBRE - Ontario
(909) 418-2071
Listed By:
Eric Chen · License #01489184
(909) 418-2071
Source:
Cbre
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 30 at 5:22AM
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 CBRE - Ontario
Investment Insights
Based on property information with market context.
This 18-unit apartment property occupies an 11,547-square-foot lot and was built in 1954. The unit mix includes one- and two-bedroom floor plans averaging 611 square feet. Interior features include appliance-equipped kitchens, wall-to-wall carpeting, and individual wall-mounted air conditioning and heating. The grounds include mature landscaping, a courtyard, gated entry, and a combination of tuck-under and surface parking. Newly reinforced support columns are also in place.
The property is adjacent to the I-5 Freeway and within two miles of Downtown Santa Ana. Grocery stores, pharmacies, restaurants, and specialty retail are accessible on foot, including Target, Starbucks, and Walgreens. Regional connections include the I-5, 55, 57, 22, and 405 freeways, providing access throughout Orange County and to Riverside, San Bernardino, and Los Angeles Counties. Nearby destinations include MainPlace Mall, Disneyland, Angel Stadium, Discovery Cube Orange County, and John Wayne Airport.
The property is adjacent to the I-5 Freeway and within two miles of Downtown Santa Ana. Grocery stores, pharmacies, restaurants, and specialty retail are accessible on foot, including Target, Starbucks, and Walgreens. Regional connections include the I-5, 55, 57, 22, and 405 freeways, providing access throughout Orange County and to Riverside, San Bernardino, and Los Angeles Counties. Nearby destinations include MainPlace Mall, Disneyland, Angel Stadium, Discovery Cube Orange County, and John Wayne Airport.
Key Highlights
- 18 units on an 11,547 SF lot
- One- and two‑bedroom layouts averaging 611 square feet
- Built in 1954 with newly reinforced support columns
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
$218,429
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
6.24%
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%
$4,368,580
$4.4M
Cap Rate 7%
$3,120,414
$3.1M
Cap Rate 9%
$2,426,989
$2.4M
Market Conditions
NOI Build-Up for 10,990 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
$415.4K $37.80/SF
− Vacancy
−$18.3K −$1.66/SF
EGI
$397.1K $36.14/SF
− OpEx
−$178.7K −$16.26/SF
NOI
$218.4K $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%
$4,368,580
Cap Rate 7%
$3,120,414
Cap Rate 9%
$2,426,989
Alternative Uses
Best Use
Apartment 5plus
$3.12M
$2.73M – $3.64M
NOI $218,429 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.40M
$2.98M – $3.97M
NOI $238,037 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,017
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 - Well-maintained multifamily property with gated access, landscaped common areas, and a mix of one- and two-bedroom residences.
Where is this apartment building located?
The property is located at 902 17th Street Santa Ana, CA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 18 units on an 11,547 SF lot; One- and two‑bedroom layouts averaging 611 square feet; Built in 1954 with newly reinforced support columns
