29-Unit Apartment
New
For Sale
$8,700,000
1215 S Empire St, Anaheim, CA 92804
Multifamily property positioned in Anaheim, California, within Orange County’s established rental market.
Property Size30,311 SF
Days on Market4
Property Features for 1215 S Empire St
General Information
Standard status
Active
Size
30,311 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
29
Amenities
Operational Repositioning Strategy
Large Unit Sizes
Desirable Amenity Package
Building Details
Building Size
30,311 SF
Units
29
Listing Agency:
Marcus & Millichap - Orange County
(949) 419-3333
Listed By:
Nick Kazemi · License #License(s): CA: 02008945
(949) 419-3333
Source:
Marcusmillichap
Added: Aug 30
Changed: Aug 31
Last Checked: Sep 1 at 2:55PM
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.
Empire Apartments is a 29-unit apartment property at 1215 S Empire St in Anaheim, California. The asset is offered as a multifamily property in Orange County.
Key Highlights
- 29‑unit apartment property
- Located at 1215 S Empire St, Anaheim, CA 92804
- Situated in Orange County
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
$456,120
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
5.24%
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%
$9,122,400
$9.1M
Cap Rate 7%
$6,516,000
$6.5M
Cap Rate 9%
$5,068,000
$5.1M
Market Conditions
NOI Build-Up for 30,311 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
$873.0K $28.80/SF
− Vacancy
−$43.6K −$1.44/SF
EGI
$829.3K $27.36/SF
− OpEx
−$373.2K −$12.31/SF
NOI
$456.1K $15.05/SF
Area
ZIP 92804
Vacancy
5.00%
Lease Rate
$28.80 /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%
$9,122,400
Cap Rate 7%
$6,516,000
Cap Rate 9%
$5,068,000
Alternative Uses
Best Use
Apartment 5plus
$6.52M
$5.70M – $7.60M
NOI $456,120 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.49M
$8.30M – $11.07M
NOI $664,029 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
29
Residential units
Location Intelligence
Trade Area within ½ mile
881
Businesses Nearby
Explore this area
Business Placement
Demographics for 92804, CA
86,127
Population
25,451
Households
3.4
Avg Household Size
36
Median Age
23%
College-Educated
76%
High-School Grad
7.1 sq mi
ZIP Area
12,131
Density / Sq Mi
$74,588
Median Household Income
$36,945
Median Earnings
$1,990
Median Rent
$729,700
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?
Apartment building - Multifamily property positioned in Anaheim, California, within Orange County’s established rental market.
Where is this apartment building located?
The property is located at 1215 S Empire St Anaheim, CA.
What is the asking price?
The asking price for this property is $8,700,000.
What are key features of this property?
This property features: 29‑unit apartment property; Located at 1215 S Empire St, Anaheim, CA 92804; Situated in Orange County
