Turnkey 6-unit in Santa Ana, day-one 6.85% cap.
Built 1921, fully renovated 2024. 100% occupied. Stabilized rent roll. No value-add lift required, own a cash-flowing OC multifamily asset without the construction risk.
- Price
- $1,875,000
- Units
- 6
- Cap Rate
- 6.85%
- Cash-on-Cash
- 10.63%
- Building SF
- 4,700
- Land SF
- 6,862
- Year Built
- 1921
- Renovated
- 2024
- $/SF
- $398.94
- $/Unit
- $312,500
The numbers
Current vs pro forma
NOI
$128,363
Current
$131,271
Pro forma
Cap Rate
6.85%
Current
7.00%
Pro forma
Cash-on-Cash
10.63%
Current
11.45%
Pro forma
GRM
10.66
Current
10.40
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 financialsOccupancy
100.0%
Gross rent (annual)
$169,500
Mark-to-market upside
$4,380
Test your assumptions
Run your own ROI
- Effective gross income
- $161,025
- Expenses
- $56,359
- NOI
- $104,666
- Debt service
- $0
- Cash flow
- $104,666
- Cash-on-cash
- 10466625.00%
Sale comps
What the market has paid
| Comp | Address | Units | Built | $/Unit | $/SF | Cap |
|---|---|---|---|---|---|---|
| Birch Apartments | 319 S. Birch St., Santa Ana | 14 | 1962 | $345,000 | $425 | 5.80% |
| Santa Ana Apartments | 1521 Santa Ana Blvd, Santa Ana | 5 | 1956 | $290,000 | $380 | 5.90% |
| Wellington Apartments | 425 E. Wellington Ave, Santa Ana | 9 | 1941 | $350,000 | $472 | 5.50% |
| Subject | This property | N/A | N/A | $312,500 | $398.94 | 6.85% |
Location
415 W. Pine St.
Santa Ana, CA 92701
Steps from Historic Downtown Santa Ana, OC Civic Center, Heninger Elementary, and Santa Ana High School. High walkability and low turnover. Tenant demand is sticky across cycles.
The property
Walk the asset
Why this deal
What sets it apart
- Fully renovated in 2024
- Modernized kitchens, baths, flooring, and fixtures. Day-one move-in ready. No capex overhang, no construction risk, no value-add lift required.
- Brand-new roof
- Roof replaced in 2024. The single largest deferred-maintenance line item on a 1921 building is already handled. No reserve hit, no surprise capex in year one.
- 6.85% cap rate, 10.6% cash-on-cash
- Cash-flow from month one. Pro forma stabilizes at a 7.00% cap and 11.45% cash-on-cash. Rare for turnkey OC multifamily under $2M.
- 100% occupied at acquisition
- Stabilized rent roll with paying tenants in place. No lease-up risk, no vacancy reposition, no holding-cost drag during transition.
- Below-comp pricing
- Comp average is $447/SF across Santa Ana. Pine is offered at $398.94/SF, a built-in equity cushion against recent trades.
- Walkable urban Santa Ana location
- Steps to Historic Downtown Santa Ana, OC Civic Center, Heninger Elementary, and Santa Ana High School. High tenant demand, low turnover.
- 5-Year Interest-Only financing available
- 60% LTV at 5.80% interest-only structure already sourced. $748K down, $65K annual debt service. Maximizes early-year cash flow.
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
- Is this property on the MLS?
- Not yet. This is an off-market preview for our investor sphere before public listing. Early access means less competition and more time for due diligence.
- What's the offer / DD timeline?
- Standard OC multifamily terms: 17-day due diligence, 21-day loan contingency, 30-day close. Flexible for the right buyer, especially all-cash or 1031 exchange.
- Are the financing terms in the OM locked in?
- The 5-year interest-only at 5.80% and 60% LTV is a quote from a relationship lender we've worked with on similar OC deals. Final terms depend on your credit profile and lender selection.
- What are current rents vs. market?
- Rents are already close to market. This isn't a forced repositioning. Modest organic upside as leases roll, but the core thesis is stabilized cash flow, not aggressive rent growth.
- Is there a Matterport or in-person tour available?
- Yes. After you download the OM, I'll coordinate a private walk-through or virtual tour at your convenience.
- What about Santa Ana rent control?
- Santa Ana operates under California's AB-1482 framework with local protections. We'll cover the full rent-cap math and registry implications on our call.