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Bishop Apartments 1003 W Bishop St 24 Unit Apartment Building $5,200,000 ($216,667/Unit) 6.46% Cap Rate Santa Ana, CA 92703
Investment Highlights
- Under 10 GRM
- Well-Maintained Property
- Stabilized Cash Flow
- Mix of 1 and 2 Bedrooms
- Ample Parking
- Desirable Rental Location Near Schools
Executive Summary
Skyline Commercial Real Estate is pleased to present The Bishop Apartments, a well-maintained multifamily investment opportunity in the heart of Santa Ana. The property features a desirable mix of primarily one- and two-bedroom units, generating stable cash flow and strong tenant demand. Recent capital improvements, including seismic retrofitting, combined with a newly constructed ADU, on-site laundry, private patio space, and ample parking, position the property for continued performance and future upside. The Bishop Apartments offers investors a compelling opportunity to acquire a quality asset with stable in-place income and long-term appreciation potential in one of Orange County's strongest rental markets.
Financial Summary (Actual - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $5,200,000 | Property Subtype | Apartment |
| Price Per Unit | $216,667 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.46% | Lot Size | 0.56 AC |
| Sale Condition | 1031 Exchange | Building Size | 15,873 SF |
| Gross Rent Multiplier | 9.96 | No. Stories | 2 |
| No. Units | 24 | Year Built | 1965 |
| Property Type | Multifamily | Parking Ratio | 1.51/1,000 SF |
| Zoning | R4 - Multiple Family Residential | ||
| Price | $5,200,000 |
| Price Per Unit | $216,667 |
| Sale Type | Investment |
| Cap Rate | 6.46% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 9.96 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.56 AC |
| Building Size | 15,873 SF |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 1.51/1,000 SF |
| Zoning | R4 - Multiple Family Residential |
Amenities
Unit Amenities
- Balcony
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Grill
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 20 | - | 660 |
| 2+1 | 4 | - | 833 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 010-121-46 | Improvements Assessment | $887,505 (2025) |
| Land Assessment | $4,460,290 (2025) | Total Assessment | $5,347,795 (2025) |
Property Taxes
Parcel Number
010-121-46
Land Assessment
$4,460,290 (2025)
Improvements Assessment
$887,505 (2025)
Total Assessment
$5,347,795 (2025)
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