Santa Ana Multifamily Investment
For Sale
$1,900,000
Santa, Santa Ana, CA 92704
Two-story, 8-unit building near downtown Santa Ana.
Property Size5,854 SF
Price / SF$324.56
Days on Market263
Property Features for Santa
General Information
Standard status
Active
Size
5,854 SF
Property subtype
Multifamily
Building Details
Building Size
5,854 SF
Year Built
1961
Listing Agency:
FTGU Commercial Real Estate
(714) 604-5175
Listed By:
Fernando Crisantos · License #CalDRE #01972227
(714) 604-5175
Source:
Svn
Added: Nov 21, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:06PM
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 FTGU Commercial Real Estate
Investment Insights
Based on property information with market context.
This two-story, 5,854 sq ft building features eight units: four 1-bedroom/1-bath and four 2-bedroom/1-bath apartments. The property includes eight uncovered parking spaces and on-site laundry facilities. Located in the Townsend/Raitt area of Santa Ana on an 8,646 sq. ft. lot, it is situated minutes from the downtown district, major employers, and transportation hubs. The units are air-conditioned and spacious. Santa Ana, the county seat of Orange County, has a strong rental market. The property is within walking distance of Monte Vista Elementary School. The downtown district is known for its rich culture in the arts and has undergone a huge redevelopment project which included ten new financial buildings, the Civic Center, and other large commercial development projects.
Key Highlights
- Upside potential for increased value.
- Located minutes from the artsy downtown Santa Ana district, major employers, and transportation hubs.
- Eight‑unit building with a mix of one‑bedroom and two‑bedroom apartments.
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
$90,873
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
4.78%
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%
$1,817,460
$1.8M
Cap Rate 7%
$1,298,186
$1.3M
Cap Rate 9%
$1,009,700
$1.0M
Market Conditions
NOI Build-Up for 5,854 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
$172.1K $29.40/SF
− Vacancy
−$6.9K −$1.18/SF
EGI
$165.2K $28.22/SF
− OpEx
−$74.4K −$12.70/SF
NOI
$90.9K $15.52/SF
Area
ZIP 92704
Vacancy
4.00%
Lease Rate
$29.40 /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%
$1,817,460
Cap Rate 7%
$1,298,186
Cap Rate 9%
$1,009,700
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.14M – $1.51M
NOI $90,873 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,793 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
992
Businesses Nearby
Explore this area
Business Placement
Demographics for 92704, CA
82,841
Population
20,887
Households
4
Avg Household Size
35
Median Age
20%
College-Educated
68%
High-School Grad
7.4 sq mi
ZIP Area
11,195
Density / Sq Mi
$94,249
Median Household Income
$37,925
Median Earnings
$2,147
Median Rent
$641,600
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 - Two-story, 8-unit building near downtown Santa Ana.
Where is this apartment building located?
The property is located at Santa Santa Ana, CA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Upside potential for increased value.; Located minutes from the artsy downtown Santa Ana district, major employers, and transportation hubs.; Eight‑unit building with a mix of one‑bedroom and two‑bedroom apartments.
