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French Park 2 On A Lot 833 N Lacy St 8 Unit Apartment Building $1,995,000 ($249,375/Unit) 4.41% Cap Rate Santa Ana, CA 92701
INVESTMENT HIGHLIGHTS
- Corner Lot
- On-Site Coin-Op Laundry
- Value-Add Opportunity
EXECUTIVE SUMMARY
Great Value-Add opportunity in the renowned French Park neighborhood in Santa Ana. Located 1 block away from East Civic Center Drive. Be right in the action of the redevelopment going on in Downtown Santa Ana. This is a pair of fourplexes, one facing 506 Vance St and one facing 833 N Lacy. Both have a similar layout: eight one-bedroom floorplans with an eat-in kitchen, living room, and full bathroom. There are four ground-level units and four units on the second level, all with individual access. A third building houses the community/coin-op washer and dryer; the washer/dryer units are leased. Seven one-car garage spaces are available for tenant use; three face the alley towards the North East, and four face Vance St on the North West Side. The units' flooring is a combination of laminate tile and vinyl flooring, and countertops are tile. All tenants are on a month-to-month tenancy.
DATA ROOM Click Here to Access
- Operating and Financials
- Third Party Reports
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$129,864
|
$22.09
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$129,864
|
$22.09
|
| Taxes |
$21,945
|
$3.73
|
| Operating Expenses |
$19,988
|
$3.40
|
| Total Expenses |
$41,933
|
$7.13
|
| Net Operating Income |
$87,931
|
$14.95
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $129,864 |
| Annual Per SF | $22.09 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $129,864 |
| Annual Per SF | $22.09 |
| Taxes | |
|---|---|
| Annual | $21,945 |
| Annual Per SF | $3.73 |
| Operating Expenses | |
|---|---|
| Annual | $19,988 |
| Annual Per SF | $3.40 |
| Total Expenses | |
|---|---|
| Annual | $41,933 |
| Annual Per SF | $7.13 |
| Net Operating Income | |
|---|---|
| Annual | $87,931 |
| Annual Per SF | $14.95 |
PROPERTY FACTS
| Price | $1,995,000 | Building Class | C |
| Price Per Unit | $249,375 | Lot Size | 0.20 AC |
| Sale Type | Investment | Building Size | 5,880 SF |
| Cap Rate | 4.41% | Average Occupancy | 100% |
| Gross Rent Multiplier | 14 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1946 |
| Property Type | Multifamily | Parking Ratio | 1.19/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | SD-19 - Specific Development No.19 | ||
| Price | $1,995,000 |
| Price Per Unit | $249,375 |
| Sale Type | Investment |
| Cap Rate | 4.41% |
| Gross Rent Multiplier | 14 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 5,880 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1946 |
| Parking Ratio | 1.19/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | SD-19 - Specific Development No.19 |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Disposal
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Oven
- Tub/Shower
- Family Room
- Vinyl Flooring
SITE AMENITIES
- Laundry Facilities
- Gas Range
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | $1,800 | 650 - 670 |
Walk Score®
Walker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 398-042-01 | Total Assessment | $2,300,000 (2025) |
| Land Assessment | $1,955,472 (2025) | Annual Taxes | $21,945 ($3.73/SF) |
| Improvements Assessment | $344,528 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
398-042-01
Land Assessment
$1,955,472 (2025)
Improvements Assessment
$344,528 (2025)
Total Assessment
$2,300,000 (2025)
Annual Taxes
$21,945 ($3.73/SF)
Tax Year
2024
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French Park 2 On A Lot | 833 N Lacy St
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