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Bishop Apartments 1003 W Bishop St 24 Unit Apartment Building $7,537,968 CAD ($314,082 CAD/Unit) 6.07% Cap Rate Santa Ana, CA 92703
INVESTMENT HIGHLIGHTS
- Attractive Unit Mix comprised of 20 one-bedroom units and 4 two-bedroom units, offering a balanced mix that appeals to a wide tenant base
- Desirable Santa Ana Location providing residents with easy access to the shops, restaurants, and nightlife along 4th Street
- Convenient access to major freeways (I-5, SR-55, and SR-22), retail centers, and regional job hubs in Irvine, Costa Mesa, and Anaheim
- In-Demand Upgraded Units featuring vinyl plank flooring, shaker-style cabinets, & granite countertops
- Central Orange County Location in the heart of Santa Ana
EXECUTIVE SUMMARY
The Leeson Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present 1003 West Bishop Street, a 23+1 unit multifamily investment opportunity located in the city of Santa Ana, California.
The property encompasses an approximately 15,873 square foot building situated on a 0.56-acre lot. 1003 West Bishop Street is comprised of a desirable unit mix of four two-bedroom units and twenty one-bedroom unit, one of which is non conforming. Many units have been tastefully upgraded with modern finishes including vinyl plank flooring, shaker-style cabinetry, and granite countertops, providing investors with a stable asset that already benefits from interior improvements and continued rental appeal.
Originally constructed in 1965, 1003 West Bishop Street features amenities designed to attract and retain tenants, including tuck-under parking, an on-site laundry facility, and a spacious outdoor common area equipped for BBQs and gatherings. These features enhance resident satisfaction and contribute to long-term tenancy.
Strategically positioned in Santa Ana, the property benefits from strong rental demand, driven by the city’s role as the county seat of Orange County and its proximity to key employment, education, and cultural hubs. Residents enjoy convenient access to major freeways (I-5, SR-55, and SR-22), local retail centers, and entertainment destinations, as well as being within commuting distance to regional job centers in Irvine, Costa Mesa, and Anaheim.
For investors, 1003 West Bishop Street presents the opportunity to acquire a well-located, mid-sized multifamily property with an attractive unit mix, recent renovations, and reliable tenant demand in a supply-constrained Orange County market.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
The property encompasses an approximately 15,873 square foot building situated on a 0.56-acre lot. 1003 West Bishop Street is comprised of a desirable unit mix of four two-bedroom units and twenty one-bedroom unit, one of which is non conforming. Many units have been tastefully upgraded with modern finishes including vinyl plank flooring, shaker-style cabinetry, and granite countertops, providing investors with a stable asset that already benefits from interior improvements and continued rental appeal.
Originally constructed in 1965, 1003 West Bishop Street features amenities designed to attract and retain tenants, including tuck-under parking, an on-site laundry facility, and a spacious outdoor common area equipped for BBQs and gatherings. These features enhance resident satisfaction and contribute to long-term tenancy.
Strategically positioned in Santa Ana, the property benefits from strong rental demand, driven by the city’s role as the county seat of Orange County and its proximity to key employment, education, and cultural hubs. Residents enjoy convenient access to major freeways (I-5, SR-55, and SR-22), local retail centers, and entertainment destinations, as well as being within commuting distance to regional job centers in Irvine, Costa Mesa, and Anaheim.
For investors, 1003 West Bishop Street presents the opportunity to acquire a well-located, mid-sized multifamily property with an attractive unit mix, recent renovations, and reliable tenant demand in a supply-constrained Orange County market.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$717,433
|
$45.20
|
| Other Income |
$14,346
|
$0.90
|
| Vacancy Loss |
$21,524
|
$1.36
|
| Effective Gross Income |
$710,255
|
$44.75
|
| Taxes |
$83,886
|
$5.28
|
| Operating Expenses |
$168,638
|
$10.62
|
| Total Expenses |
$252,525
|
$15.91
|
| Net Operating Income |
$457,731
|
$28.84
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $717,433 |
| Annual Per SF | $45.20 |
| Other Income (CAD) | |
|---|---|
| Annual | $14,346 |
| Annual Per SF | $0.90 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $21,524 |
| Annual Per SF | $1.36 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $710,255 |
| Annual Per SF | $44.75 |
| Taxes (CAD) | |
|---|---|
| Annual | $83,886 |
| Annual Per SF | $5.28 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $168,638 |
| Annual Per SF | $10.62 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $252,525 |
| Annual Per SF | $15.91 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $457,731 |
| Annual Per SF | $28.84 |
PROPERTY FACTS
| Price | $7,537,968 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $314,082 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.56 AC |
| Cap Rate | 6.07% | Building Size | 15,873 SF |
| Gross Rent Multiplier | 10.3 | No. Stories | 2 |
| No. Units | 24 | Year Built | 1965 |
| Property Type | Multifamily | Parking Ratio | 1.51/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R4 - Multiple Family Residential | ||
| Price | $7,537,968 CAD |
| Price Per Unit | $314,082 CAD |
| Sale Type | Investment |
| Cap Rate | 6.07% |
| Gross Rent Multiplier | 10.3 |
| 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
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 20 | - | 660 |
| 2+1 | 4 | - | 830 |
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PROPERTY TAXES
| Parcel Number | 010-121-46 | Total Assessment | $7,465,094 CAD |
| Land Assessment | $6,226,208 CAD | Annual Taxes | $83,886 CAD ($5.28 CAD/SF) |
| Improvements Assessment | $1,238,886 CAD | Tax Year | 2025 Payable 2025 |
PROPERTY TAXES
Parcel Number
010-121-46
Land Assessment
$6,226,208 CAD
Improvements Assessment
$1,238,886 CAD
Total Assessment
$7,465,094 CAD
Annual Taxes
$83,886 CAD ($5.28 CAD/SF)
Tax Year
2025 Payable 2025
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Bishop Apartments | 1003 W Bishop St
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