Westminster
7781 15th St #D
Property
Active ListingAuction: March 2026R2 Multi-Family

7781 15th Street #D

Westminster, CA 92683 · Orange County

2 Bedrooms
2 Bathrooms
875 SF Living
11,326 SF Lot
Built 1928
Market Value Range
$1.95M – $2.15M
2024 Assessed
$1.97M
2-Year Appreciation
+12%
Investment Thesis

Why This Property Stands Apart

A rare convergence of underutilized land, favorable zoning, and proximity to over $500M in confirmed infrastructure investment creates a compelling multi-strategy opportunity.

86.5%
Land Value Ratio

Land dominates total value — a strong indicator of redevelopment potential

13%
Improvement Ratio

Existing structure represents only 13% of total assessed value

87/100
Walk Score

Very walkable neighborhood with excellent transit access

$500M+
Nearby Investment

Confirmed infrastructure projects within 1-mile radius

Nearby Infrastructure Catalysts

OC Streetcar
0.4 mi
$300M light rail connecting Santa Ana to Garden Grove
Bolsa Pacific
0.6 mi
$200M mixed-use retail and residential development
Sycamore Creek Plaza
0.8 mi
$45M community park and plaza revitalization
Westminster Schools
0.3 mi
Westminster Unified — above-average district ratings
Financial Overview

Valuation & Financial Summary

All figures are illustrative. Verify independently before making any investment decision.

Valuation

Market Value Range$1.95M – $2.15M
2024 Assessed Value$1,971,000
Land Value (Assessed)$1,706,000
Improvement Value$265,000
Last Sale Price (2017)$1,600,000
2-Year Appreciation+12%
Price Per SF (Land)~$174/SF

Operating Costs & Rental Market

Annual Property Tax$23,697
Effective Tax Rate1.2%
Est. Insurance (Annual)~$4,800
Est. Maintenance (Annual)~$6,000
Median Rent — 2BR (Area)$2,200–$2,600/mo
ADU Rental Rate (Est.)$1,800–$2,200/mo
Gross Rental Yield (Est.)~5.2%–6.1%

Rental Market Note: Westminster and surrounding Orange County submarkets show strong rental demand driven by limited new supply and proximity to employment centers. Figures are illustrative estimates only.

Development Analysis

Five Development Scenarios

A comprehensive Highest and Best Use (HBU) feasibility analysis identified five viable strategies. All IRR and NPV figures are illustrative projections only.

RECOMMENDED

Hold & Rent

IRR
14.2%

Retain existing 2BR/2BA unit, add 2 ADUs (800 SF each), and hold for long-term rental income.

NPV
$485K
Units
3
Timeline
6–9 months
Lowest risk profile
Immediate cash flow
Ministerial ADU approval
Strong rental demand
Est. Cost: $280KFeasible
HIGH YIELD

BRRRR + ADUs

IRR
18.7%

Buy, Renovate, Rent, Refinance, Repeat — full renovation of existing unit plus 2 ADUs.

NPV
$620K
Units
3
Timeline
9–12 months
Highest cash-on-cash return
Refinance recaptures equity
Value-add upside
Strong exit multiple
Est. Cost: $420KFeasible
GROWTH

Density Bonus + ADUs

IRR
16.4%

Leverage AB 2345 density bonus to build 7–8 units on the parcel with affordable set-aside.

NPV
$710K
Units
8
Timeline
18–24 months
Maximum unit count
Density bonus incentives
Affordable housing credit
Long-term appreciation
Est. Cost: $1.4MConditional
EXIT STRATEGY

Build-to-Sell Townhomes

IRR
22.1%

Demolish existing structure, build 4 townhomes (1,200 SF each) for individual sale.

NPV
$580K
Units
4
Timeline
24–30 months
Highest gross profit
Individual unit sales
Strong townhome demand
Clean exit
Est. Cost: $1.8MFeasible
COMPLEX

Small-Lot Subdivision

IRR
11.8%

Subdivide lot into 2–3 smaller parcels under SB 9 provisions for separate sale or development.

NPV
$290K
Units
3
Timeline
30–36 months
Lot split flexibility
SB 9 pathway
Lower capital requirement
Longer entitlement timeline
Est. Cost: $320KChallenging
Zoning & Regulatory

R2 Multi-Family Zoning

The property is zoned R2 (Low-Medium Density Residential) in Westminster, California, with significant development flexibility under current and upcoming state law provisions.

Zoning DesignationR2 — Low-Medium Density Residential
APN101-234-56 (Illustrative)
Lot Size11,326 SF (85' × 135')
Base Density3 units by-right
ADU ProvisionsUp to 6 units (ministerial)
Density Bonus7–8 units (AB 2345 eligible)
Height Limit35 feet / 2.5 stories
SetbacksFront 20', Rear 15', Side 5'
Lot Coverage50% maximum
Parking2 spaces per unit (ADUs exempt)

2026 Regulatory Tailwinds

Townhouse Accelerator Program
Westminster's 2026 program streamlines townhome permitting, reducing approval timelines by up to 40%.
AB 2345 Density Bonus
State law allows up to 50% density bonus for projects with affordable set-asides, enabling 7–8 units.
SB 9 Lot Split
Senate Bill 9 enables ministerial lot splits, creating 2–3 separate parcels without discretionary review.
ADU Streamlining
Ministerial ADU approval for up to 2 attached/detached units — no public hearing required.

Zoning information is provided for general reference only. Buyers must independently verify all zoning, entitlement, and regulatory requirements with the City of Westminster Planning Department prior to making any development decisions.

Neighborhood

Location & Neighborhood Insights

Westminster, CA is a well-established Orange County community with strong fundamentals, excellent walkability, and significant public and private investment underway.

Walk Score
87 / 100
Very Walkable
Transit Score
62 / 100
Excellent Transit
Bike Score
71 / 100
Very Bikeable
School District
Westminster USD
Above Average
Population (1-mi)
~28,400
Dense urban area
Median Home Value
$720K
Westminster, CA
Vacancy Rate
~3.2%
Tight rental market
Commute to LA
~35 min
Via I-405
Auction — March 2026

Online Auction Now Open for Registration

Qualified bidders may register to participate in the online auction. Soft-close rules apply. EMD required. KYC verification required for all bidders.

Contact

Speak With Our Broker Team

Westminster Realty Group
Licensed California Real Estate Broker
5.0 · 48 reviews
+1 (800) 555-0100
[email protected]
Westminster, CA 92683
Mon–Fri, 9 AM–5 PM PST
120+
Transactions
$280M+
Volume
18 yrs
Experience

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