Santa Ana 24-Unit Multifamily Apartment, 5.94% Cap Rate
Stabilized asset with significant rental upside potential in a growing market.
- Price
- $5,038,880
- Units
- 24
- Cap Rate
- 5.94%
- Building SF
- 15,584
- Land SF
- 15,682
- Year Built
- 1979
- Renovated
- N/A
- $/SF
- $323.34
The numbers
Current vs pro forma
NOI
$299,577
Current
$468,560
Pro forma
Cap Rate
5.94%
Current
9.30%
Pro forma
GRM
11.45
Current
8.21
Pro forma
Rent roll
Unit mix & income
See the full unit-by-unit rent roll
Current and market rents for every unit are in the Offering Memorandum.
Get the full financialsGross rent (annual)
$440,220
Mark-to-market upside
$170,340
Test your assumptions
Run your own ROI
- Effective gross income
- $418,209
- Expenses
- $146,373
- NOI
- $271,836
- Debt service
- $0
- Cash flow
- $271,836
- Cash-on-cash
- 27183585.00%
Sale comps
What the market has paid
| Comp | Address | Units | Built | $/Unit | $/SF | Cap |
|---|---|---|---|---|---|---|
| 1426 Minnie St | Santa Ana | 20 | 1961 | $236,000 | $331 | 6.91% |
| 2221 E Lenita Ln | Santa Ana | 22 | 1969 | $245,455 | $320 | 6.70% |
| 317 S Flower St | Santa Ana | 20 | 1985 | $248,700 | $481 | 6.62% |
| 1923-1927 Minnie St | Santa Ana | 20 | 1959 | $184,000 | $279 | 6.05% |
| Subject | This property | N/A | N/A | N/A | $323.34 | 5.94% |
Location
1910 N Spurgeon
Santa Ana, CA 92706
The property is strategically located between the French Park and Floral Park historic districts of Santa Ana, which are experiencing growing rental demand due to their proximity to Santa Ana College and access to Metrolink stations. Major commuting routes, including the I-5 freeway, provide convenient access to other parts of Orange County, supporting a strong rental market in the area.
The property
Walk the asset
Why this deal
What sets it apart
- 5.94% In-Place Cap Rate
- Provides investors with immediate cash flow and stability from a well-maintained asset.
- $299,577 Net Operating Income
- Solid NOI supports debt service coverage and long-term investment viability.
- Market Rent Upside of $173,340
- Current rents offer a 39.7% potential increase upon turnover, enhancing future cash flow.
- Strong Unit Mix
- 15 one-bed/one-bath and 9 studios meet diverse tenant demand, catering to various renters.
- Located Near Key Amenities
- Proximity to Santa Ana College, Downtown Santa Ana, and major transit options ensures high demand.
- Secured Parking and Laundry Facility
- Attractive tenant features promote retention and add ancillary income through laundry services.
Request the OM
- 8-page branded Offering Memorandum
- Snapshot, highlights, rent roll & financing
- Sale comps and location summary
- Direct line to Alex for follow-up
Alex Duarte, The Duarte Group.
I've helped Southern California investors deploy capital into multifamily, single-family, and luxury properties since 2015. The Duarte Group is a top-performing team with deep roots in Orange County. I source off-market deals like Pine before they ever hit the public market.
- $76M+
- Sales volume
- 156
- Properties sold
- 54
- 5-star reviews
Pre-qualified buyers move first.
Get a 10-minute financing call before you tour. My brother Rene specializes in multifamily DSCR and conventional loans. Same team, same standard.
Rene Duarte
Mortgage Loan Officer
E Mortgage Capital, Inc.
NMLS #1795044
- DSCR & conventional multifamily loans
- 8+ years of investor financing
- Local Santa Ana office, fast closings
3750 S Susan St, Santa Ana, CA 92704
Rene is referenced as a trusted financing resource. You are free to use any lender of your choice. No compensation is exchanged between The Duarte Group and E Mortgage Capital for referrals.
Common questions
What investors ask
- What is the financing structure for this property?
- The property is listed as cash to existing loan, with potential for loan assumption.
- What is the occupancy history of the building?
- The building has maintained stable occupancy, reflecting consistent demand in the area.
- Will there be access for inspections?
- Yes, access for inspections can be arranged following an accepted offer.
- What is the timeline for closing?
- The timeline is flexible and can be discussed based on buyer’s needs and financing options.
- How are the utilities managed?
- Each unit has separate gas and electric meters, with tenants responsible for their own utilities; water is master metered.