10-Unit Apartment
New
For Sale
$2,525,000
1116 West Avenue, Fullerton, CA 92833
Established multifamily property with garages, on-site laundry, varied interior improvements, and access to Fullerton retail and transportation amenities.
Property Size5,733 SF
Lot Size0.35 Acres
Days on Market6
Property Features for 1116 West Avenue
General Information
Standard status
Active
Size
5,733 SF
Net Rentable
5,733 SF
Total Parking Spaces
10
Lot size
0.35 Acres
Property subtype
Apartment
Units
Unit Mix
5 x 2BR/1BA, 5 x 1BR/1BA
Multifamily Units
10
Additional Details
Highway Access
Yes
Amenities
on-site laundry facility
security system
Building Details
Building Size
5,733 SF
Year Built
1955
Listing Agency:
Marcus & Millichap RE Invest
Listed By:
Logan Perry · License #02132506
Source:
Velocityrealtysd
Added: Sep 10
Changed: Sep 14
Last Checked: Sep 14 at 2:32PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap RE Invest
Investment Insights
Based on property information with market context.
Built in 1955, this 10-unit apartment property contains approximately 5,733 rentable square feet on a 0.35-acre lot. The unit mix includes five two-bedroom, one-bathroom residences and five one-bedroom, one-bathroom residences. Each unit is paired with a single-car garage, and the property includes an on-site laundry facility. Interior work has been completed at multiple apartments, including full renovations in Units B, H, and J and partial renovations in Units A and F. Additional work includes insulation in the ceilings of all 10 units, privacy walls at the two-bedroom units, selected fixture upgrades, a four-camera security system, and improvements to the laundry area and garage surroundings.
The property is located in a Fullerton residential setting surrounded primarily by single-family housing. Nearby Harbor Boulevard and Euclid Street provide access to grocery-anchored shopping centers, restaurants, and daily services, while Independence Park and area schools are also close by. Interstate 5 and State Route 91 offer regional transportation connections.
The property is located in a Fullerton residential setting surrounded primarily by single-family housing. Nearby Harbor Boulevard and Euclid Street provide access to grocery-anchored shopping centers, restaurants, and daily services, while Independence Park and area schools are also close by. Interstate 5 and State Route 91 offer regional transportation connections.
Key Highlights
- 10‑unit apartment property with approximately 5,733 rentable square feet on 0.35 acres
- Unit mix includes five two‑bedroom/one‑bathroom units and five one‑bedroom/one‑bathroom units
- 10 single‑car garages plus an on‑site laundry facility
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$95,758
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,915,160
$1.9M
Cap Rate 7%
$1,367,971
$1.4M
Cap Rate 9%
$1,063,978
$1.1M
Market Conditions
NOI Build-Up for 5,733 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$182.3K $31.80/SF
− Vacancy
−$8.2K −$1.43/SF
EGI
$174.1K $30.37/SF
− OpEx
−$78.3K −$13.67/SF
NOI
$95.8K $16.70/SF
Area
Fullerton, CA
Vacancy
4.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,915,160
Cap Rate 7%
$1,367,971
Cap Rate 9%
$1,063,978
Alternative Uses
Best Use
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $95,758 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $129,046 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,186
Businesses Nearby
Explore this area
Business Placement
Demographics for 92833, CA
52,598
Population
17,042
Households
3.1
Avg Household Size
39
Median Age
43%
College-Educated
88%
High-School Grad
7.7 sq mi
ZIP Area
6,831
Density / Sq Mi
$113,296
Median Household Income
$51,502
Median Earnings
$2,155
Median Rent
$844,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Established multifamily property with garages, on-site laundry, varied interior improvements, and access to Fullerton retail and transportation amenities.
Where is this apartment building located?
The property is located at 1116 West Avenue Fullerton, CA.
What is the asking price?
The asking price for this property is $2,525,000.
What are key features of this property?
This property features: 10‑unit apartment property with approximately 5,733 rentable square feet on 0.35 acres; Unit mix includes five two‑bedroom/one‑bathroom units and five one‑bedroom/one‑bathroom units; 10 single‑car garages plus an on‑site laundry facility
