Upgraded Two-Bedroom Income
New
For Sale
Under Contract
$449,990
923 Avenida Majorca, Laguna Woods, CA 92637
Laguna Woods, CA
Property Size1,050 SF
Price / SF$428.56
Days on Market7
Property Features for 923 Avenida Majorca
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Den, Bathroom 2, Laundry Room, Bathroom 1, Bedroom 2, Bedroom 1
Parking features
Carport
Spa
1
Window features
Double Pane Windows, Skylight(s)
Patio and Porch features
Patio
Interior features
Crown Molding, Unfurnished, Ceiling Fan(s)
Appliances
Disposal, Electric Water Heater, Microwave, Electric Range, Electric Oven, Dishwasher, Electric Cooktop
Subdivision
Other (OTHR)
Elementary school district
Saddleback Valley Unified
Middle school district
Saddleback Valley Unified
High school district
Saddleback Valley Unified
Directions
Enter Gate 3 to Calle Aragon, Turn right on Avenida Majorca. Cul De Sac 58, Carport 682-8
Standard status
Active Under Contract
Size
1,050 SF
Taxes and HOA fees
HOA Fee
$771 Monthly
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Heat Pump, Electric
Water source
Public
Amenities
golf course
tennis
paddle tennis
lawn bowling
fitness center
clubhouse
swimming pool
equestrian center
horse stables
gardening
art studio
shuffleboard courts
craft and hobby workshops
game rooms
billiard rooms
woodshop
free bus transportation
Building Details
Year built
1968
Floors in Building
1
Number of units
4
Flooring type
Laminate, Tile
Architectural style
Mediterranean
Listing Agency:
Laguna Premier Realty Inc.
(949) 900-6930
Listed By:
Lisa Post-Letourneau · License #00879175
(714) 928-3976
Added: Sep 17
Changed: Sep 23
Last Checked: Sep 23 at 3:06PM
MLS# OC26204111
Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,050-square-foot Madrid Model residential property, built in 1968, offers two bedrooms, two bathrooms, and a den. Interior improvements include a remodeled kitchen with granite countertops, stainless steel sink, electric range, oven, dishwasher, microwave, added storage, and counter seating. The living room and dining area feature warm wood flooring, while the kitchen and bathrooms have tile flooring. Crown molding, recessed lighting, smooth ceilings, dual-pane vinyl windows, cedar-lined closets, and updated bathroom fixtures add further detail. A private patio includes extra storage, and stacked washer/dryer hookups are located in the hall closet.
The property includes carport #682-8 and nearby guest parking. Community amenities include a private 27-hole championship golf course, 9-hole executive par 3 courses, tennis, paddle tennis, 5 swimming pools, 7 clubhouses, 2 fitness centers, an equestrian center, gardening areas, workshops, and more than 200 clubs and organizations. Free community bus transportation, shopping, restaurants, freeways, hospital, and medical facilities are also noted nearby.
The property includes carport #682-8 and nearby guest parking. Community amenities include a private 27-hole championship golf course, 9-hole executive par 3 courses, tennis, paddle tennis, 5 swimming pools, 7 clubhouses, 2 fitness centers, an equestrian center, gardening areas, workshops, and more than 200 clubs and organizations. Free community bus transportation, shopping, restaurants, freeways, hospital, and medical facilities are also noted nearby.
Key Highlights
- 1,050‑square‑foot Madrid Model with 2 bedrooms, 2 bathrooms, and a den
- Remodeled kitchen with granite countertops, appliances, storage, and counter seating
- Private patio with additional storage and easy kitchen access
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
$20,042
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
4.45%
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%
$400,840
$400.8K
Cap Rate 7%
$286,314
$286.3K
Cap Rate 9%
$222,689
$222.7K
Market Conditions
NOI Build-Up for 1,050 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
$37.8K $36.00/SF
− Vacancy
−$1.4K −$1.30/SF
EGI
$36.4K $34.70/SF
− OpEx
−$16.4K −$15.62/SF
NOI
$20.0K $19.09/SF
Area
Orange County, CA
Vacancy
3.60%
Lease Rate
$36.00 /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%
$400,840
Cap Rate 7%
$286,314
Cap Rate 9%
$222,689
Alternative Uses
Best Use
Apartment 5plus
$286.3K
$250.5K – $334.0K
NOI $20,042 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$352.7K
$308.6K – $411.5K
NOI $24,687 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
324
Businesses Nearby
Explore this area
Business Placement
Demographics for 92637, CA
17,644
Population
13,494
Households
1.3
Avg Household Size
75
Median Age
52%
College-Educated
97%
High-School Grad
3.0 sq mi
ZIP Area
5,881
Density / Sq Mi
$60,235
Median Household Income
$40,375
Median Earnings
$2,232
Median Rent
$364,900
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated kitchen, private patio, and access to extensive community recreation amenities define this residential property.
Where is this residential income property located?
The property is located at 923 Avenida Majorca Laguna Woods, CA.
What is the asking price?
The asking price for this property is $449,990.
What are key features of this property?
This property features: 1,050‑square‑foot Madrid Model with 2 bedrooms, 2 bathrooms, and a den; Remodeled kitchen with granite countertops, appliances, storage, and counter seating; Private patio with additional storage and easy kitchen access
