7781 15th Street #D
Starting Bid
Estimated after-repair value upside vs. current assessment
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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.
14.2%
Land Value Ratio
Land assessed value vs. total — a strong indicator of redevelopment upside.
13%
Improvement Ratio
Existing structure contributes little value; land carries the upside.
87/100
Walk Score
Highly walkable neighborhood with errands easily on foot.
$500M+
Nearby Investment
Confirmed public infrastructure capital committed within the corridor.
Nearby Infrastructure Catalysts
OC Streetcar
$509M light-rail line connecting Santa Ana & Garden Grove.
Bolsa Pacifica
Coastal wetlands restoration and recreation investment.
Sycamore Creek Plaza
Mixed-use retail and residential redevelopment underway.
Westminster Schools
Award-winning district driving sustained family demand.
Financial Overview
Valuation & Financial Summary
Valuation
Operating Costs & Rental Market
Rental Market Note: Westminster and surrounding Orange County submarkets show resilient rents and low vacancy, supporting both buy-and-hold and ADU income strategies. Figures assume professional management and stabilized occupancy.
Development Analysis
Five Development Scenarios
A comprehensive Highest and Best Use (HBU) feasibility analysis identified five viable strategies. IRR and NPV figures are illustrative projections only.
Hold & Rent
14.2%
Est. IRR
$60K
Cost
3
Units
0–6 months
Timeline
Lightest-touch strategy: light refresh of existing structure, then lease at market rents while land appreciates.
FeasibleBRRRR + ADUs
18.7%
Est. IRR
$620K
Cost
4
Units
8–12 months
Timeline
Buy, rehab, add detached & junior ADUs, refinance and rent. Maximizes income density on the existing lot.
FeasibleDensity Bonus + ADUs
16.4%
Est. IRR
$790K
Cost
6
Units
12–18 months
Timeline
Leverage state density bonus law to add affordable units on the parcel, unlocking additional buildable density.
ConditionalBuild-to-Sell Townhomes
22.3%
Est. IRR
$950K
Cost
3
Units
14–20 months
Timeline
Demolish existing structure, build & sell for-sale townhomes to individual buyers at premium pricing.
ConditionalSmall-Lot Subdivision
11.8%
Est. IRR
$520K
Cost
2–3
Units
18–30 months
Timeline
Subdivide for 2–3 smaller parcels under SB 9 provisions for legal lot splits and detached development.
ChallengingZoning & 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.
2026 Regulatory Tailwinds
Townhome Accelerator Program
Streamlined approvals for for-sale townhome projects, reducing entitlement timelines and holding costs.
AB 2345 Density Bonus
Provides up to 50% additional density when affordable units are included, plus concessions on standards.
SB 9 Lot Split
Enables ministerial approval of lot splits and duplexes on single-family parcels statewide.
ADU Streamlining
State law mandates ministerial ADU approval, expanding income density without discretionary review.
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
Transit Score
52 / 100
Bike Score
71 / 100
Median Home
$1.05M
Points of Interest
Auction · March 2026
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Contact
Speak With Our Broker Team
Westminster Realty Group
Licensed California Real Estate Broker · DRE #01998877
120+
Deals Closed
$200M+
Total Volume
19 yrs
Experience