Santa Ana Multifamily Investment
For Sale
$1,995,000
925 N Lacy St, Santa Ana, CA 92701
Multifamily property in Santa Ana's French Park neighborhood.
Property Size5,490 SF
Lot Size0.17 Acres
Days on Market176
Property Features for 925 N Lacy St
General Information
Standard status
Active
Size
5,490 SF
Lot size
0.17 Acres
Property subtype
Commercial
Building Details
Building Size
5,490 SF
Year Built
1930
Units
8
Listing Agency:
Ricci Realty
(714) 231-6058
Listed By:
Michael Ricci · License #01011606
Source:
Elliman
Added: Mar 10
Changed: Aug 24
Last Checked: Sep 1 at 7:47PM
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
Investment Insights
Based on property information with market context.
This multifamily property is located in the French Park neighborhood of Santa Ana. It features 8 units, each with 1 bedroom and 1 bathroom. The property presents a value-add opportunity. The property may qualify for the Mills Act property tax act; interested parties should check with the city. The gross potential rents are $191,520, based on 8 units at $1995. Actual rents are $112,272 from long-term tenants.
Key Highlights
- Value‑add opportunity: increase rents from $112,272 to a potential gross of $191,520.
- Located in the desirable French Park neighborhood of Santa Ana.
- Eight 1‑bedroom, 1‑bath units offer a straightforward rental configuration.
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
$109,115
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
5.47%
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%
$2,182,300
$2.2M
Cap Rate 7%
$1,558,786
$1.6M
Cap Rate 9%
$1,212,389
$1.2M
Market Conditions
NOI Build-Up for 5,490 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
$207.5K $37.80/SF
− Vacancy
−$9.1K −$1.66/SF
EGI
$198.4K $36.14/SF
− OpEx
−$89.3K −$16.26/SF
NOI
$109.1K $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%
$2,182,300
Cap Rate 7%
$1,558,786
Cap Rate 9%
$1,212,389
Alternative Uses
Best Use
Apartment 5plus
$1.56M
$1.36M – $1.82M
NOI $109,115 @ 7.0% cap · market cap 5.47%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.70M
$1.49M – $1.98M
NOI $118,910 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 - Multifamily property in Santa Ana's French Park neighborhood.
Where is this apartment building located?
The property is located at 925 N Lacy St Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Value‑add opportunity: increase rents from $112,272 to a potential gross of $191,520.; Located in the desirable French Park neighborhood of Santa Ana.; Eight 1‑bedroom, 1‑bath units offer a straightforward rental configuration.
