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935 W Bishop St 12 Unit Apartment Building $4,050,000 ($337,500/Unit) 6.99% Cap Rate Santa Ana, CA 92703
INVESTMENT HIGHLIGHTS
- 7.0% Cap Rate on Current Rents with Upside
- Option for 4.2% Assumable Fixed Rate Financing
- Existing Units are all Two Bedrooms
- Finance with as Little as 25% Down Payment
- Approved for 3 ADU's
- All Interiors Fully Renovated; In-Unit Washer/Dryers
EXECUTIVE SUMMARY
Morgan Skenderian, Inc., is pleased to present this fully renovated, 12-unit multifamily property located in the heart of Santa Ana, The offering presents a compelling investment opportunity with strong in-place cash flow and significant future upside. Built in 1971, the building consists entirely of spacious two-bedroom, one-bathroom units, each thoughtfully upgraded to meet modern tenant expectations. All interiors have been completely renovated, featuring in-unit washers and dryers, ceiling fans, and private patios or balconies. Residents also benefit from the convenience of onsite laundry facilities and the added security of controlled, secured entry. These high demand amenities support tenant retention and enhance the property's competitive position in the local rental market.
Currently operating at a 7.0% CAP rate on actual rents, this property offers the rare advantage of assumable fixed-rate financing at 4.2%, providing an excellent opportunity
for stabilized leverage in today’s interest rate environment.
Ownership is in the process of obtaining full approval for the addition of three Accessory Dwelling Units (ADUs). These ADU's, once constructed, add a projected 25.9% increase in gross income.
Currently operating at a 7.0% CAP rate on actual rents, this property offers the rare advantage of assumable fixed-rate financing at 4.2%, providing an excellent opportunity
for stabilized leverage in today’s interest rate environment.
Ownership is in the process of obtaining full approval for the addition of three Accessory Dwelling Units (ADUs). These ADU's, once constructed, add a projected 25.9% increase in gross income.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$369,936
|
$37.81
|
| Other Income |
$18,600
|
$1.90
|
| Vacancy Loss |
$11,656
|
$1.19
|
| Effective Gross Income |
$376,880
|
$38.52
|
| Taxes |
$48,256
|
$4.93
|
| Operating Expenses |
$45,539
|
$4.65
|
| Total Expenses |
$93,795
|
$9.59
|
| Net Operating Income |
$283,085
|
$28.93
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $369,936 |
| Annual Per SF | $37.81 |
| Other Income | |
|---|---|
| Annual | $18,600 |
| Annual Per SF | $1.90 |
| Vacancy Loss | |
|---|---|
| Annual | $11,656 |
| Annual Per SF | $1.19 |
| Effective Gross Income | |
|---|---|
| Annual | $376,880 |
| Annual Per SF | $38.52 |
| Taxes | |
|---|---|
| Annual | $48,256 |
| Annual Per SF | $4.93 |
| Operating Expenses | |
|---|---|
| Annual | $45,539 |
| Annual Per SF | $4.65 |
| Total Expenses | |
|---|---|
| Annual | $93,795 |
| Annual Per SF | $9.59 |
| Net Operating Income | |
|---|---|
| Annual | $283,085 |
| Annual Per SF | $28.93 |
PROPERTY FACTS
| Price | $4,050,000 | Apartment Style | Garden |
| Price Per Unit | $337,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.41 AC |
| Cap Rate | 6.99% | Building Size | 9,784 SF |
| Gross Rent Multiplier | 10.42 | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1971/2023 |
| Property Subtype | Apartment | Parking Ratio | 3.65/1,000 SF |
| Zoning | C3 | ||
| Price | $4,050,000 |
| Price Per Unit | $337,500 |
| Sale Type | Investment |
| Cap Rate | 6.99% |
| Gross Rent Multiplier | 10.42 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.41 AC |
| Building Size | 9,784 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1971/2023 |
| Parking Ratio | 3.65/1,000 SF |
| Zoning | C3 |
AMENITIES
UNIT AMENITIES
- Balcony
- Washer/Dryer Hookup
- Ceiling Fans
- Patio
SITE AMENITIES
- Controlled Access
- Courtyard
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 12 | $2,514 | 815 |
1 1
Walk Score®
Very Walkable (71)
PROPERTY TAXES
| Parcel Number | 010-121-40 | Total Assessment | $3,204,848 (2025) |
| Land Assessment | $2,653,020 (2025) | Annual Taxes | $48,256 ($4.93/SF) |
| Improvements Assessment | $551,828 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
010-121-40
Land Assessment
$2,653,020 (2025)
Improvements Assessment
$551,828 (2025)
Total Assessment
$3,204,848 (2025)
Annual Taxes
$48,256 ($4.93/SF)
Tax Year
2024
CONTACTS
-
Rick Applebaum -
Paul Espinosa -
Garrett Blair -
Morgan-Skenderian Investment Real Estate Group
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935 W Bishop St
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