| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Fair |
| Demographics | 19th | Poor |
| Amenities | 46th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 518 E Pine St, Santa Ana, CA, 92701, US |
| Region / Metro | Santa Ana |
| Year of Construction | 1987 |
| Units | 63 |
| Transaction Date | 2015-10-05 |
| Transaction Price | $10,950,000 |
| Buyer | Empire USA, LLC |
| Seller | Bell-Santa Corona Associates |
518 E Pine St, Santa Ana Multifamily Investment
Urban-core renter demand and high neighborhood occupancy point to durable cash flow potential, according to WDSuite’s CRE market data. The asset’s positioning near employment and services supports steady leasing in a supply-constrained ownership market.
Located in Santa Ana’s Urban Core, the property benefits from a services-rich setting where neighborhood grocery and dining density ranks strong among 516 Anaheim–Santa Ana–Irvine neighborhoods. Grocery options are competitive (96th percentile nationally) and restaurants and cafes are plentiful, supporting day-to-day convenience that helps with tenant retention. Parks and certain services such as childcare and pharmacies are limited within the immediate neighborhood footprint, so on-site amenities and connectivity matter.
For multifamily investors, the signal to watch is occupancy: the neighborhood reports 98.8% occupancy, placing it in the top quartile nationally and competitive among Anaheim–Santa Ana–Irvine neighborhoods (rank 78 of 516) based on CRE market data from WDSuite. Renter-occupied share is about two-thirds (66.6%), indicating a deep tenant base and reinforcing demand stability for properties positioned with functional finishes and efficient unit mixes.
Ownership costs in the neighborhood are elevated relative to incomes (value-to-income ratio in the national 93rd percentile), which typically sustains reliance on rental housing and supports pricing power and lease-up velocity for well-managed assets. Median asking rents benchmark above national levels (80th percentile), so affordability management and renewal strategies are important to protect occupancy and limit turnover.
The average neighborhood building stock skews older (1964 average), while this asset’s 1987 vintage is newer than the local norm. That positioning can be a competitive advantage versus older walk-up inventory, though investors should still plan for modernization of aging systems and common areas to support rent growth and maintain appeal.
Demographic data aggregated within a 3-mile radius show modest population contraction in recent years but a stable to growing household base ahead, with smaller average household sizes and higher projected incomes. This shift implies a larger pool of households relative to residents and can expand the renter base over time, supporting occupancy stability and absorption of renovated units.
Neighborhood safety trends are mixed. Relative to neighborhoods nationwide, this area scores below average on safety (low national percentiles), and within the Anaheim–Santa Ana–Irvine metro it performs below the metro median (crime rank 360 out of 516 neighborhoods). At the same time, WDSuite’s CRE market data indicate year-over-year improvements with double-digit declines in both violent and property offense rates, signaling a positive directional trend to monitor.
Investors should underwrite with prudent assumptions, emphasize lighting and access controls, and evaluate security measures and resident experience initiatives that can support retention and leasing.
- Xerox — corporate offices (1.2 miles)
- First American Financial — financial services (2.8 miles) — HQ
- Microsoft Technology Center — technology center (4.7 miles)
- Western Digital — technology & corporate offices (5.2 miles) — HQ
- Pacific Life — financial services (8.6 miles) — HQ
Proximity to a diverse employment base supports workforce housing demand and shorter commutes, anchored by technology, financial services, and enterprise offices noted below.
518 E Pine St is a 63-unit, 1987-vintage asset positioned in an Urban Core neighborhood with strong occupancy and a deep renter base. According to CRE market data from WDSuite, neighborhood occupancy is among the top quartile nationally, while renter-occupied housing is roughly two-thirds of the stock — conditions that favor stable leasing for functionally sized units (average ~674 sq. ft.). The property’s vintage is newer than the neighborhood average, offering competitive positioning versus older stock, though investors should plan for targeted system upgrades and common-area refreshes to sustain rent premiums.
Local ownership costs remain high relative to incomes, which supports reliance on multifamily rentals and helps pricing power when paired with thoughtful affordability management. Within a 3-mile radius, households are expected to grow even as average household size trends lower and incomes rise, pointing to a broader tenant base and sustained demand for well-managed apartments.
- Strong neighborhood occupancy supports leasing stability
- Deep renter concentration underpins demand for 1–2 bed formats
- 1987 vintage offers competitive edge versus older local stock with value-add potential
- High-cost ownership market reinforces multifamily pricing power and retention opportunity
- Risks: below-metro safety standing and limited park/childcare access warrant operational focus