| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Fair |
| Demographics | 18th | Poor |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1609 N Bush St, Santa Ana, CA, 92701, US |
| Region / Metro | Santa Ana |
| Year of Construction | 1984 |
| Units | 70 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1609 N Bush St Santa Ana Multifamily Investment
This 70-unit property benefits from neighborhood-level occupancy of 96.8%, ranking in the 82nd percentile nationally according to CRE market data from WDSuite.
Located in Santa Ana's urban core, this neighborhood ranks in the 79th percentile nationally for housing metrics among 516 metro neighborhoods. The area maintains strong renter demand with 87.7% of housing units occupied by renters, placing it in the top percentile nationwide for rental share. Neighborhood-level occupancy stands at 96.8%, well above typical market conditions.
Built in 1984, this property aligns with the neighborhood's average construction year of 1966, indicating potential value-add opportunities through strategic renovations and unit improvements. The 629 square foot average unit size serves the local demographic profile effectively within a 3-mile radius that includes 270,386 residents with median household income of $88,303.
The neighborhood offers exceptional amenity density with 5.37 grocery stores per square mile (96th percentile nationally) and 32.23 restaurants per square mile (98th percentile nationally), supporting tenant retention through convenient access to daily needs. Median contract rent of $1,827 within the 3-mile radius reflects strong rental demand, though rent-to-income ratios suggest affordability considerations for lease management strategies.
Demographics within the 3-mile radius show 58.6% of housing units are renter-occupied, with household projections indicating a 45.7% increase in total households by 2028. This expansion in the renter pool, combined with median household income growth projections to $121,466, supports sustained multifamily demand and occupancy stability.
Safety metrics show mixed trends for this Santa Ana neighborhood. Property crime rates have declined 31% year-over-year, ranking in the 74th percentile nationally for improvement trends among the metro's 516 neighborhoods. However, current property crime levels remain elevated relative to regional averages.
Violent crime rates decreased 6.3% over the past year, though absolute levels place the neighborhood below metro medians for safety metrics. Investors should factor these conditions into tenant screening protocols and consider security enhancements as part of property management strategies to support tenant retention and competitive positioning.
The surrounding employment base includes established corporate offices that support workforce housing demand and commuter convenience for tenants.
- Xerox — technology services (1.7 miles)
- First American Financial — financial services (4.0 miles) — HQ
- Microsoft Technology Center — technology offices (5.9 miles)
- Western Digital — technology manufacturing (6.3 miles) — HQ
- Pacific Life — insurance services (9.7 miles) — HQ
This 70-unit Santa Ana property offers stable cash flow fundamentals with neighborhood-level occupancy of 96.8% and NOI per unit averaging $9,246, ranking in the 75th percentile among metro comparables. The 1984 construction year presents value-add renovation opportunities to capture rent premiums while serving a growing renter base projected to expand 45.7% in household formation through 2028.
Multifamily property research indicates strong rental demand dynamics with 87.7% of neighborhood housing units occupied by renters and median household income growth supporting rent escalation potential. The urban core location provides tenant appeal through exceptional amenity density while maintaining competitive operating fundamentals relative to metro averages.
- Neighborhood occupancy of 96.8% ranks in 82nd percentile nationally
- NOI per unit of $9,246 exceeds 75% of metro properties
- 45.7% projected household growth expands tenant base through 2028
- Value-add renovation potential from 1984 vintage property
- Risk consideration: Safety metrics below metro averages require management attention