| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Fair |
| Demographics | 18th | Poor |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1403 N Spurgeon St, Santa Ana, CA, 92701, US |
| Region / Metro | Santa Ana |
| Year of Construction | 1979 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1403 N Spurgeon St Santa Ana Multifamily Investment
This 24-unit property built in 1979 sits in an urban core neighborhood with 96.8% occupancy rates and strong rental demand, according to CRE market data from WDSuite.
Located in Santa Ana's urban core, this neighborhood demonstrates strong rental fundamentals with neighborhood-level occupancy at 96.8% and 87.7% of housing units occupied by renters. The area ranks in the top quartile nationally for amenity access, with high-density retail including over 32 restaurants per square mile and extensive grocery access.
Built in 1979, this property predates the neighborhood's average construction year of 1966, potentially offering value-add opportunities through targeted renovations and unit improvements. The surrounding area maintains a median contract rent of $1,553 with 38.4% growth over five years, though investors should monitor affordability pressures given rent-to-income ratios.
Demographics within a 3-mile radius show a population of approximately 268,600 with 57.9% renter-occupied housing units. Forecasted household growth of 44.9% through 2028 suggests expanding renter demand, while median household income projections of $121,219 indicate improving tenant quality. The neighborhood's high rental concentration and urban density support consistent absorption and lease renewal activity.
Safety metrics present mixed signals requiring careful due diligence. The neighborhood ranks in the lower portion among the metro's 516 neighborhoods for both property and violent crime rates, with property crime at approximately 1,760 incidents per 100,000 residents. However, recent trends show improvement with property crime declining 31% year-over-year, suggesting positive momentum in community safety initiatives.
Investors should factor security considerations into property management strategies and tenant screening protocols. The urban core location may require enhanced lighting, security systems, or property management presence to maintain tenant retention and support premium pricing.
The property benefits from proximity to established corporate employers and headquarters across Orange County's business corridor, supporting workforce housing demand and commuter convenience.
- Xerox — corporate offices (1.6 miles)
- First American Financial — financial services headquarters (3.8 miles) — HQ
- Microsoft Technology Center — technology offices (5.7 miles)
- Western Digital — technology headquarters (6.1 miles) — HQ
- Pacific Life — insurance headquarters (9.5 miles) — HQ
This 24-unit property offers exposure to Santa Ana's urban core rental market with demonstrated occupancy stability and renter concentration. The 1979 construction year positions the asset for potential value-add improvements while neighborhood-level occupancy of 96.8% indicates sustained demand. With 87.7% of area housing units renter-occupied—ranking in the top percentile nationally—the location benefits from deep rental market fundamentals.
Demographic projections within a 3-mile radius show household growth of 44.9% through 2028, supporting long-term tenant demand. However, investors should monitor affordability dynamics as rent-to-income ratios suggest potential pricing sensitivity. The property's proximity to major Orange County employers, including multiple Fortune 500 headquarters, provides workforce housing appeal for professional tenants.
- High rental concentration with 87.7% renter-occupied units supporting absorption
- Neighborhood occupancy at 96.8% demonstrates rental demand stability
- 1979 vintage offers value-add renovation potential for unit improvements
- Projected household growth of 44.9% through 2028 expands tenant base
- Risk: Rent-to-income ratios may limit pricing power and require lease management attention