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French Park 2 On A Lot 833 N Lacy St 8 Unit Apartment Building $1,995,000 ($249,375/Unit) 4.38% 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.
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- Operating and Financials
- Third Party Reports
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$139,392
|
$23.71
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$4,181
|
$0.71
|
| Effective Gross Income |
$135,211
|
$23.00
|
| Taxes |
$27,951
|
$4.75
|
| Operating Expenses |
$19,796
|
$3.37
|
| Total Expenses |
$47,747
|
$8.12
|
| Net Operating Income |
$87,464
|
$14.87
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $139,392 |
| Annual Per SF | $23.71 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $4,181 |
| Annual Per SF | $0.71 |
| Effective Gross Income | |
|---|---|
| Annual | $135,211 |
| Annual Per SF | $23.00 |
| Taxes | |
|---|---|
| Annual | $27,951 |
| Annual Per SF | $4.75 |
| Operating Expenses | |
|---|---|
| Annual | $19,796 |
| Annual Per SF | $3.37 |
| Total Expenses | |
|---|---|
| Annual | $47,747 |
| Annual Per SF | $8.12 |
| Net Operating Income | |
|---|---|
| Annual | $87,464 |
| Annual Per SF | $14.87 |
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 | 4.38% | Average Occupancy | 100% |
| Gross Rent Multiplier | 14.3 | 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 | 4.38% |
| Gross Rent Multiplier | 14.3 |
| 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 |
Moderately walkable
70/100
Very drivable
80/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 398-042-01 | Total Assessment | $2,300,000 |
| Land Assessment | $1,955,472 | Annual Taxes | $27,951 ($4.75/SF) |
| Improvements Assessment | $344,528 | Tax Year | 2025 |
Property Taxes
Parcel Number
398-042-01
Land Assessment
$1,955,472
Improvements Assessment
$344,528
Total Assessment
$2,300,000
Annual Taxes
$27,951 ($4.75/SF)
Tax Year
2025
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