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Farney Apartments 116 S Orange Ave 18 Unit Apartment Building $5,217,030 CAD ($289,835 CAD/Unit) 5.82% Cap Rate Santa Ana, CA 92701
Investment Highlights
- $204,167 Price/Unit
- Prime Rental Location just a few Blocks from Downtown/4th Street Market
- Projected 31% in Rental Upside, Over 13% Cash on Cash Return on Market Rents
- Newer Roofs (2022), Electrical Panels (2024) and SB721 Compliant
- Long Term, Multigenerational Ownership
- Estimate of 30% Increase in Value Upon Stabilization
Executive Summary
This well-maintained 18-unit apartment community presents a compelling value-add opportunity in the heart of a rapidly evolving urban core. The property features all one bedroom units and offers desirable amenities including private garages, secured access, a central landscaped courtyard, and on-site laundry, creating strong tenant appeal. Recentcapital improvements include new roofs, replaced electrical panels, and full SB 721 compliance, significantly reducing near-term maintenance and risk. Offered at an
exceptionally attractive $204,167 per unit, the asset delivers impressive fundamentals with approximately 31% rent upside, over 13% cash flow on market rents, and projected
30% equity growth upon stabilization.
Situated blocks from Downtown Santa Ana and the vibrant 4th Street Market, residents enjoy walkable access to a thriving mix of dining, entertainment, nightlife, and cultural
attractions, along with proximity to major employment centers and transit, making this an ideal location for tenants seeking both convenience and lifestyle.
exceptionally attractive $204,167 per unit, the asset delivers impressive fundamentals with approximately 31% rent upside, over 13% cash flow on market rents, and projected
30% equity growth upon stabilization.
Situated blocks from Downtown Santa Ana and the vibrant 4th Street Market, residents enjoy walkable access to a thriving mix of dining, entertainment, nightlife, and cultural
attractions, along with proximity to major employment centers and transit, making this an ideal location for tenants seeking both convenience and lifestyle.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$490,466
|
$39.28
|
| Other Income |
$22,844
|
$1.83
|
| Vacancy Loss |
$15,398
|
$1.23
|
| Effective Gross Income |
$497,912
|
$39.87
|
| Taxes |
$65,414
|
$5.24
|
| Operating Expenses |
$128,859
|
$10.32
|
| Total Expenses |
$194,272
|
$15.56
|
| Net Operating Income |
$303,640
|
$24.32
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $490,466 |
| Annual Per SF | $39.28 |
| Other Income (CAD) | |
|---|---|
| Annual | $22,844 |
| Annual Per SF | $1.83 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $15,398 |
| Annual Per SF | $1.23 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $497,912 |
| Annual Per SF | $39.87 |
| Taxes (CAD) | |
|---|---|
| Annual | $65,414 |
| Annual Per SF | $5.24 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $128,859 |
| Annual Per SF | $10.32 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $194,272 |
| Annual Per SF | $15.56 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $303,640 |
| Annual Per SF | $24.32 |
Property Facts
| Price | $5,217,030 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $289,835 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 5.82% | Building Size | 12,487 SF |
| Gross Rent Multiplier | 10.16 | No. Stories | 2 |
| No. Units | 18 | Year Built | 1953 |
| Property Type | Multifamily | Parking Ratio | 0.72/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $5,217,030 CAD |
| Price Per Unit | $289,835 CAD |
| Sale Type | Investment |
| Cap Rate | 5.82% |
| Gross Rent Multiplier | 10.16 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 12,487 SF |
| No. Stories | 2 |
| Year Built | 1953 |
| Parking Ratio | 0.72/1,000 SF |
| Opportunity Zone |
Yes |
Amenities
Unit Amenities
- Kitchen
- Tub/Shower
- Vinyl Flooring
Site Amenities
- Controlled Access
- Courtyard
- Fenced Lot
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 18 | $2,401 CAD | 694 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 398-514-06 | Total Assessment | $385,868 CAD |
| Land Assessment | $76,732 CAD | Annual Taxes | $65,414 CAD ($5.24 CAD/SF) |
| Improvements Assessment | $309,136 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
398-514-06
Land Assessment
$76,732 CAD
Improvements Assessment
$309,136 CAD
Total Assessment
$385,868 CAD
Annual Taxes
$65,414 CAD ($5.24 CAD/SF)
Tax Year
2025
Contacts
-
Rick Applebaum -
Paul Espinosa -
Garrett Blair -
Morgan-Skenderian Investment Real Estate Group
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Farney Apartments | 116 S Orange Ave
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