Remodeled Four-Unit
For Sale
$1,995,000
116 -114 N Cornell, Fullerton, CA 92831
Four separately addressed residences combine updated interiors, private laundry, metered electricity, and outdoor areas near Downtown Fullerton amenities.
Property Size3,217 SF
Days on Market42
Property Features for 116 -114 N Cornell
General Information
Standard status
Active
Size
3,217 SF
Property subtype
Investment
Units
Unit Mix
1 x Studio, 3 x 3BR/2BA
Multifamily Units
4
Amenities
private laundry
solar panels
private patio
front yard
Building Details
Building Size
3,217 SF
Year Built
1922
Units
4
Listing Agency:
US National Realty
(626) 329-3986
Listed By:
BETTY WU · License #01784303
Source:
Elliman
Added: Jul 22
Changed: Aug 31
Last Checked: Aug 30 at 10:04PM
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 US National Realty
Investment Insights
Based on property information with market context.
This four-unit property combines a remodeled three-bedroom, two-bathroom main house with a two-story garage building and a newly constructed duplex. The rear home at 116 N Cornell includes private alley access and a patio. Upstairs at 114 N Cornell, a 225-square-foot studio apartment offers a kitchenette and full bathroom. The front duplex at 114A and 114B N Cornell contains one three-bedroom, two-bathroom residence on each level, with each unit offering just under 1,000 square feet of living space. The duplex was completed in July 2026 and includes fully paid-off solar systems.
Across the residences, features include separate addresses, individually metered electricity, private laundry, luxury vinyl plank flooring, high ceilings, ductless mini-split systems, quartz kitchen counters, stainless steel appliances, ceiling-height Shaker cabinets, designer vanities, custom tile, and frameless glass shower doors. The property is in Downtown Fullerton, within walking distance of restaurants, coffee shops, boutiques, and entertainment along Commonwealth Avenue. Fullerton College, Cal State Fullerton, the Fullerton Transportation Center, Troy High School, Downtown Anaheim, Angel Stadium, and Disneyland are also identified nearby. Year built: 1922.
Across the residences, features include separate addresses, individually metered electricity, private laundry, luxury vinyl plank flooring, high ceilings, ductless mini-split systems, quartz kitchen counters, stainless steel appliances, ceiling-height Shaker cabinets, designer vanities, custom tile, and frameless glass shower doors. The property is in Downtown Fullerton, within walking distance of restaurants, coffee shops, boutiques, and entertainment along Commonwealth Avenue. Fullerton College, Cal State Fullerton, the Fullerton Transportation Center, Troy High School, Downtown Anaheim, Angel Stadium, and Disneyland are also identified nearby. Year built: 1922.
Key Highlights
- Four‑unit property with separate addresses and individually metered electricity
- Remodeled 3‑bedroom, 2‑bathroom main house with private alley access and patio
- 225 sq. ft. upstairs studio with kitchenette and full bathroom at 114 N Cornell
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
$58,205
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
2.92%
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%
$1,164,100
$1.2M
Cap Rate 7%
$831,500
$831.5K
Cap Rate 9%
$646,722
$646.7K
Market Conditions
NOI Build-Up for 3,217 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
$86.9K $27.00/SF
− Vacancy
−$3.7K −$1.15/SF
EGI
$83.2K $25.85/SF
− OpEx
−$24.9K −$7.75/SF
NOI
$58.2K $18.09/SF
Area
Fullerton, CA
Vacancy
4.27%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,164,100
Cap Rate 7%
$831,500
Cap Rate 9%
$646,722
Alternative Uses
Best Use
Multifamily LT 5
$831.5K
$727.6K – $970.1K
NOI $58,205 @ 7.0% cap · market cap 2.92%
Second Best
Apartment 5plus
$767.6K
$671.7K – $895.6K
NOI $53,733 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$1.03M
$905.2K – $1.21M
NOI $72,412 @ 7.0% cap · market cap 3.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,604
Businesses Nearby
Explore this area
Business Placement
Demographics for 92831, CA
38,953
Population
13,691
Households
2.8
Avg Household Size
31
Median Age
44%
College-Educated
89%
High-School Grad
5.9 sq mi
ZIP Area
6,602
Density / Sq Mi
$89,451
Median Household Income
$41,878
Median Earnings
$2,093
Median Rent
$821,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four separately addressed residences combine updated interiors, private laundry, metered electricity, and outdoor areas near Downtown Fullerton amenities.
Where is this quadplex located?
The property is located at 116 -114 N Cornell Fullerton, CA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Four‑unit property with separate addresses and individually metered electricity; Remodeled 3‑bedroom, 2‑bathroom main house with private alley access and patio; 225 sq. ft. upstairs studio with kitchenette and full bathroom at 114 N Cornell
