Santa Ana Multifamily Investment
For Sale
$1,889,500
921 N Lacy Street, Santa Ana, CA 92701
Eight-unit apartment building in Santa Ana's French Park neighborhood.
Property Size5,452 SF
Days on Market528
Property Features for 921 N Lacy Street
General Information
Standard status
Active
Size
5,452 SF
Property subtype
Multi Family
Building Details
Building Size
5,452 SF
Year Built
1932
Listing Agency:
Ricci Realty
Listed By:
Albert Ricci · License #01011606
(714) 231-6058
Source:
Stephanieyounggroup
Added: May 13, 2025
Changed: Oct 20
Last Checked: Oct 21 at 3:43AM
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 Ricci Realty
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.
Located in the French Park neighborhood of Santa Ana, this multifamily property features eight units, each with one bedroom and one bathroom. The property includes a profitable laundry room. It presents a value-add opportunity with potential for increased rental income. The property may qualify for the Mills Act property tax act; interested parties should verify with the city. Actual rents are $130,056. Potential market rents are $191,520 per year, based on $1,995 per unit. This property is part of a portfolio of four contiguous properties. The offer is subject to all beneficiaries' approval.
Key Highlights
- Value‑add opportunity to increase annual rental income to $191,520.
- Located in the desirable French Park neighborhood of Santa Ana.
- Eight 1‑bed, 1‑bath units offer a straightforward rental configuration.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$108,360
Cap Rate
5.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,167,200
$2.2M
Cap Rate 7%
$1,548,000
$1.5M
Cap Rate 9%
$1,204,000
$1.2M
Market Conditions
NOI Build-Up for 5,452 SF
Gross rent
$206.1K $37.80/SF
− Vacancy
−$9.1K −$1.66/SF
EGI
$197.0K $36.14/SF
− OpEx
−$88.7K −$16.26/SF
NOI
$108.4K $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 Rate 5%
$2,167,200
Cap Rate 7%
$1,548,000
Cap Rate 9%
$1,204,000
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.35M – $1.81M
NOI $108,360 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.69M
$1.48M – $1.97M
NOI $118,087 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Contact the owner directly
Get the owner's phone numbers and email
Open Analytics
Location Intelligence
Trade Area within ½ mile
3,803
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
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 - Eight-unit apartment building in Santa Ana's French Park neighborhood.
Where is this apartment building located?
The property is located at 921 N Lacy Street Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,889,500.
What are key features of this property?
This property features: Value‑add opportunity to increase annual rental income to $191,520.; Located in the desirable French Park neighborhood of Santa Ana.; Eight 1‑bed, 1‑bath units offer a straightforward rental configuration.
