Four-Unit
For Sale
Contact for pricing
1215 S Athena Way, Anaheim, CA 92806
Two- and three-bedroom residences include private outdoor areas and laundry hookups within assigned garages.
Property Size4,345 SF
Price / SF$425.78
Days on Market213
Property Features for 1215 S Athena Way
General Information
Standard status
Active
Size
4,345 SF
Total Parking Spaces
7
Property subtype
Multifamily
Net Operating Income
$82,272
Additional Details
Multifamily Units
4
Amenities
private outdoor space
in-unit laundry hookups
Building Details
Year Built
1972
Buildings
1
Stories
2
Units
4
Listing Agency:
Marcus & Millichap - Orange County
(949) 419-3200
Listed By:
Christian Tait · License #02111248
Source:
Crexi
Added: Jan 30
Changed: Aug 31
Last Checked: Mar 26 at 12:32AM
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 - Orange County
Investment Insights
Based on property information with market context.
This four-unit Anaheim property was built in 1972 and includes a mix of two- and three-bedroom residences. Each unit has private outdoor space, while laundry hookups are located within the assigned garage. One residence has received a complete interior renovation, providing an upgraded example within the property, while the other units offer additional scope for interior improvements.
Parking totals 7 spaces, comprising three single-car garages, one two-car garage, and two surface spaces. Property-wide work includes upgraded windows, garage doors, and major building systems. The asset is located near employment, entertainment, and transit corridors in Anaheim, California.
Parking totals 7 spaces, comprising three single-car garages, one two-car garage, and two surface spaces. Property-wide work includes upgraded windows, garage doors, and major building systems. The asset is located near employment, entertainment, and transit corridors in Anaheim, California.
Key Highlights
- Four‑unit property in Anaheim, California, built in 1972
- Unit mix consists of two- and three‑bedroom residences
- Private outdoor space included with each unit
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
$74,940
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
4.05%
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%
$1,498,800
$1.5M
Cap Rate 7%
$1,070,571
$1.1M
Cap Rate 9%
$832,667
$832.7K
Market Conditions
NOI Build-Up for 4,345 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
$112.1K $25.80/SF
− Vacancy
−$5.0K −$1.16/SF
EGI
$107.1K $24.64/SF
− OpEx
−$32.1K −$7.39/SF
NOI
$74.9K $17.25/SF
Area
ZIP 92806
Vacancy
4.50%
Lease Rate
$25.80 /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%
$1,498,800
Cap Rate 7%
$1,070,571
Cap Rate 9%
$832,667
Alternative Uses
Best Use
Multifamily LT 5
$1.07M
$936.8K – $1.25M
NOI $74,940 @ 7.0% cap · market cap 4.05%
Second Best
Apartment 5plus
$995.0K
$870.6K – $1.16M
NOI $69,651 @ 7.0% cap · market cap 3.76%
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,481 @ 7.0% cap · market cap 5.27%
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
1,056
Businesses Nearby
Explore this area
Business Placement
Demographics for 92806, CA
40,649
Population
13,144
Households
3.1
Avg Household Size
35
Median Age
26%
College-Educated
79%
High-School Grad
7.7 sq mi
ZIP Area
5,279
Density / Sq Mi
$95,112
Median Household Income
$44,212
Median Earnings
$2,234
Median Rent
$791,200
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 - Two- and three-bedroom residences include private outdoor areas and laundry hookups within assigned garages.
Where is this quadplex located?
The property is located at 1215 S Athena Way Anaheim, CA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Four‑unit property in Anaheim, California, built in 1972; Unit mix consists of two- and three‑bedroom residences; Private outdoor space included with each unit
