| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Fair |
| Demographics | 18th | Poor |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1515 N Spurgeon St, Santa Ana, CA, 92701, US |
| Region / Metro | Santa Ana |
| Year of Construction | 1984 |
| Units | 60 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1515 N Spurgeon St Santa Ana Urban-Core Multifamily
High renter concentration and strong neighborhood occupancy suggest durable tenant demand, according to WDSuite’s CRE market data. Positioning within Santa Ana’s Urban Core supports leasing velocity and retention over cycles.
Located in Santa Ana’s Urban Core (neighborhood rating B-), the property is surrounded by dense amenities that support renter convenience and day-to-day livability. Dining and daily-needs access are a standout: restaurants and grocery density sit in the top decile nationally, and parks and childcare access also rank in the top quartile. These fundamentals typically translate into steady traffic and renewal potential for workforce-oriented assets.
Neighborhood multifamily occupancy is above the metro median and well above national averages, indicating stable absorption and limited downtime between turns. The share of housing units that are renter-occupied is notably high for the metro, signaling a deep tenant base that can sustain demand through different parts of the cycle.
Home values in the neighborhood are elevated versus national norms, which generally sustains reliance on rental housing and can support pricing power for well-managed assets. At the same time, rent-to-income levels point to pockets of affordability pressure, so proactive lease management and renewal strategies remain important.
Within a 3-mile radius, households have grown despite a modest population decline, and projections call for further increases in household counts alongside smaller average household sizes. This combination typically expands the renter pool and supports occupancy stability for studios and smaller formats like the property’s average unit size. School ratings trend below national averages, which may matter less for micro and small-unit demand but is a consideration for family renters.
The local building stock skews older, and a 1984 vintage can be competitively positioned against mid-century inventory while still benefiting from targeted system upgrades or value-add enhancements to capture rent premiums.
Safety indicators for the neighborhood track below national and metro averages, and WDSuite’s data places the area in lower national percentiles for both violent and property offenses. Investors should underwrite with conservative assumptions on security, lighting, and common-area controls to support resident experience and retention.
Notably, recent trends show improvement: estimated property offense rates declined meaningfully year over year, and violent offense rates also eased. While the area is not among the safer cohorts in the Anaheim–Santa Ana–Irvine metro, these directional shifts are constructive and worth monitoring in ongoing commercial real estate analysis.
Proximity to a diverse employment base supports renter demand through commute convenience, led by nearby corporate offices across tech, financial services, and enterprise operations: Xerox, First American Financial, Microsoft Technology Center, Prudential, and Western Digital.
- Xerox — corporate offices (1.6 miles)
- First American Financial — financial services (3.9 miles) — HQ
- Microsoft Technology Center — technology/customer innovation (5.8 miles)
- Prudential — financial services (6.0 miles)
- Western Digital — data storage & technology (6.2 miles) — HQ
1515 N Spurgeon St offers exposure to Santa Ana’s Urban Core, where amenity density is nationally competitive and neighborhood occupancy is above the metro median. Elevated ownership costs in the area tend to reinforce renter reliance on multifamily housing, while the 3-mile radius shows household growth and smaller household sizes, pointing to a larger tenant base for compact units. According to CRE market data from WDSuite, the local renter concentration is high and NOI per unit performance ranks solidly versus national peers, supporting a stable income profile with prudent expense controls.
Built in 1984, the asset is newer than much of the surrounding housing stock, offering relative competitiveness against mid-century properties and potential to unlock value through selective renovations and modernization. Investors should balance these strengths with careful underwriting for affordability pressure, below-average school ratings, and safety considerations, incorporating targeted capex and on-site management practices to sustain occupancy and retention.
- Occupancy above metro median and strong renter concentration support income stability
- Amenity-rich Urban Core location (dining, grocery, parks) underpins leasing and renewals
- 1984 vintage offers competitive positioning versus older stock with value-add potential
- 3-mile household growth and smaller household sizes expand the renter pool
- Risks: affordability pressure, lower school ratings, and safety metrics require proactive management