| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Fair |
| Demographics | 19th | Poor |
| Amenities | 46th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 806 Cypress Ave, Santa Ana, CA, 92701, US |
| Region / Metro | Santa Ana |
| Year of Construction | 1972 |
| Units | 22 |
| Transaction Date | 2013-05-03 |
| Transaction Price | $2,550,000 |
| Buyer | HAMADA INVESTMENTS LLC |
| Seller | CYPRESS SANTA ANA LLC |
806 Cypress Ave Santa Ana 22-Unit Multifamily
Neighborhood occupancy is strong and renter demand is deep, according to WDSuite’s CRE market data, supporting stable operations for a 22-unit asset in Santa Ana’s urban core.
This Urban Core location in Santa Ana shows durable renter demand: the neighborhood’s occupancy ranks 78 of 516 locally (top quartile among metro neighborhoods) and sits in the 93rd percentile nationally, pointing to steady lease-up and low turnover risk relative to many markets. Renter-occupied housing accounts for a high share of units (ranked 64 of 516; top quartile in the metro and 96th percentile nationally), indicating a large tenant base for multifamily.
Amenity access is mixed. Cafes and groceries are dense by national standards (both near the top decile nationally), while the dataset shows limited nearby parks, pharmacies, and childcare. Average school ratings are low (around the 15th percentile nationwide), which could tilt demand toward workforce and adult renters rather than families prioritizing top-rated schools.
Within a 3-mile radius, recent population trends have been flat to slightly negative, while household counts edged up modestly and average household size is trending lower. Projections show a sizable increase in households over the next five years alongside smaller household sizes, which would expand the renter pool and support occupancy stability even if population growth remains muted.
Ownership costs in the neighborhood are elevated by national standards (home values and value-to-income sit in higher national percentiles), which generally sustains reliance on rental housing and can reinforce pricing power. Contract rents have grown over the past five years and are projected to continue rising, an underpinning for NOI growth if managed alongside retention and lease management considerations.
Built in 1972 versus a neighborhood average vintage of 1964, the property is somewhat newer than much of the local stock, supporting competitive positioning against older buildings. That said, investors should underwrite typical system upgrades and selective modernization to capture value-add upside and support rent trade-outs.
Safety indicators are weaker than metro and national averages: the neighborhood’s crime standing is below the metro median among 516 neighborhoods, and national percentiles for violent and property offenses are on the lower end. Recent trends, however, show one-year declines in both violent and property offense rates, suggesting some improvement momentum. Investors may wish to incorporate on-site security, lighting, and resident engagement into operating plans to support retention and leasing.
Nearby corporate offices provide a diverse employment base that supports renter demand and commute convenience for residents, including roles in technology, insurance, and financial services.
- Xerox — corporate offices (1.6 miles)
- First American Financial — title & financial services (2.5 miles) — HQ
- Microsoft Technology Center — technology (4.5 miles)
- Prudential — financial services (4.7 miles)
- Western Digital — data storage (4.9 miles) — HQ
806 Cypress Ave offers a 22-unit footprint with evidence of stable absorption and a deep renter base in an Urban Core pocket of Santa Ana. Elevated ownership costs relative to incomes reinforce multifamily reliance, while five-year rent growth and projections for additional rent gains support the case for sustained NOI. According to CRE market data from WDSuite, neighborhood occupancy ranks in the top quartile locally and well above national averages, a constructive backdrop for cash flow durability.
The 1972 vintage is newer than much of the surrounding stock, offering a platform for targeted renovations and system upgrades to enhance competitiveness against older properties. Within a 3-mile radius, household counts have been steady with projections for notable growth alongside smaller household sizes—conditions that can expand the renter pool and support leasing velocity even if overall population growth remains soft.
- Top-quartile neighborhood occupancy and deep renter base support leasing stability
- Elevated ownership costs sustain rental demand and pricing power potential
- 1972 vintage with value-add and modernization upside versus older local stock
- 3-mile household growth and smaller household sizes expand the tenant pool
- Risks: safety metrics below metro averages and limited park/pharmacy access may require proactive management