| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Fair |
| Demographics | 21st | Poor |
| Amenities | 86th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1043 W Bishop St, Santa Ana, CA, 92703, US |
| Region / Metro | Santa Ana |
| Year of Construction | 1978 |
| Units | 20 |
| Transaction Date | 2001-10-27 |
| Transaction Price | $1,040,000 |
| Buyer | RANCHO LTD PARTNERSHIP |
| Seller | OTTOLIA OSWALD |
1043 W Bishop St Santa Ana Multifamily Investment
Neighborhood occupancy is strong, supporting stable cash flow potential according to WDSuite s CRE market data, with renter demand reinforced by a high share of renter-occupied housing units.
Located in Santa Ana s Urban Core, 1043 W Bishop St sits in a renter-heavy neighborhood where the share of renter-occupied units supports a deep tenant base. Neighborhood occupancy is 97.7% (competitive among 516 Anaheim Santa Ana Irvine neighborhoods), indicating limited vacancy and favorable leasing conditions for stabilized multifamily assets.
Daily-life amenities are a relative strength: grocery access and restaurants rank in the top quartile nationally, with pharmacies and parks also above national medians. This concentration of essentials tends to aid tenant retention and reduces friction for leasing. Average school ratings trend below national norms, which may be a consideration for family-oriented leasing strategies.
The asset s 1978 vintage is newer than the neighborhood s pre-war average stock, offering competitive positioning versus older buildings. Investors should still budget for selective modernization of building systems and interiors to protect rentability against recent deliveries and repositioned comparables.
Within a 3-mile radius, households have grown modestly over the past five years and are projected to rise further as average household size trends smaller. This points to more households competing for rental options and can support occupancy stability and leasing velocity, even as overall population trends are flat to slightly negative. Elevated home values (top decile nationally) indicate a high-cost ownership market, which typically sustains multifamily demand; rent-to-income levels in this neighborhood are closer to national norms, supporting lease retention and measured pricing power.
Safety performance is mixed and should be underwritten with care. Compared with neighborhoods nationwide, overall safety levels trend below the national median, and violent offense measures are weaker than average. At the same time, one-year trends show improvement: both violent and property offense rates have declined, indicating momentum in the right direction relative to many peer areas. These statistics reflect neighborhood-level patterns, not property-specific conditions, and the area is evaluated against 516 neighborhoods in the Anaheim Santa Ana Irvine metro.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience, led by Xerox, First American Financial, Microsoft, Prudential, and Western Digital.
- Xerox corporate offices (2.3 miles)
- First American Financial title & insurance services (2.8 miles) HQ
- Microsoft Technology Center technology offices (4.9 miles)
- Prudential financial services offices (5.1 miles)
- Western Digital data storage & technology (5.3 miles) HQ
This 20-unit, 1978-vintage asset benefits from a renter-driven location with high neighborhood occupancy and strong day-to-day amenity access. The building s relative youth versus the neighborhood s older housing stock supports competitive positioning, while targeted capital plans can unlock value-add potential. Elevated ownership costs in the area reinforce reliance on multifamily housing, and rent-to-income levels closer to national norms help sustain lease retention and measured rent growth. According to CRE market data from WDSuite, neighborhood occupancy trends are strong relative to metro peers, aligning with stable underwriting assumptions.
Within a 3-mile radius, households have increased and are forecast to expand alongside smaller average household sizes, implying a larger pool of renting households over time. Proximity to diversified employers across technology, financial services, and title/insurance further supports tenant demand and reduces exposure to single-industry shocks.
- High neighborhood occupancy and majority renter-occupied stock support stable leasing
- 1978 construction offers competitive positioning vs. older local stock with value-add upside
- Elevated home values sustain multifamily reliance; rent-to-income closer to norms aids retention
- 3-mile household growth and shrinking household size expand the renter pool over time
- Key risks: below-median safety metrics and lower school ratings warrant conservative underwriting