Multifamily Property with Upside
For Sale
$1,700,000
12932 Shackelford Ln, Garden Grove, CA 92841
Two adjacent properties with rental upside in a desirable location.
Property Size3,765 SF
Lot Size0.18 Acres
Days on Market168
Property Features for 12932 Shackelford Ln
General Information
Standard status
Active
Size
3,765 SF
Lot size
0.18 Acres
Property subtype
Investment
Building Details
Building Size
3,765 SF
Year Built
1958
Stories
1
Units
6
Listing Agency:
(714) 234-7468
Listed By:
Thu Anh Cahill · License #01384832
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 24 at 7:24AM
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 Thu Anh Cahill
Investment Insights
Based on property information with market context.
Two adjacent properties located at 12922 & 12932 Shackleford Lane are being sold together. Each property contains 6 units. The unit mix consists of 1 unit with 2 beds and 1 bath, and 5 units with 1 bed and 1 bath. The outdoor exteriors are newly painted, and new outdoor stairs have been installed. All units have new indoor circuit breakers and are individually metered for electricity and gas. The property includes four two-car garages and 10 parking spaces. On-site, there are coin-operated washer and dryer machines for additional income. The property offers long-term value with existing tenants and potential for rent increases. It is located close to schools and supermarkets, presenting a good investment opportunity in a desirable location with upside potential for future development and growth.
Key Highlights
- Two adjacent properties being sold together, totaling 12 units
- Individually metered for electricity and gas for each unit
- Four two‑car garages and 10 parking spaces**
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
$56,358
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
3.32%
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%
$1,127,160
$1.1M
Cap Rate 7%
$805,114
$805.1K
Cap Rate 9%
$626,200
$626.2K
Market Conditions
NOI Build-Up for 3,765 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
$108.4K $28.80/SF
− Vacancy
−$6.0K −$1.58/SF
EGI
$102.5K $27.22/SF
− OpEx
−$46.1K −$12.25/SF
NOI
$56.4K $14.97/SF
Area
Garden Grove, CA
Vacancy
5.50%
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%
$1,127,160
Cap Rate 7%
$805,114
Cap Rate 9%
$626,200
Alternative Uses
Best Use
Apartment 5plus
$805.1K
$704.5K – $939.3K
NOI $56,358 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,481 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,377
Businesses Nearby
Explore this area
Business Placement
Demographics for 92841, CA
34,376
Population
9,813
Households
3.5
Avg Household Size
39
Median Age
22%
College-Educated
75%
High-School Grad
4.6 sq mi
ZIP Area
7,473
Density / Sq Mi
$81,975
Median Household Income
$36,900
Median Earnings
$1,983
Median Rent
$766,400
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 - Two adjacent properties with rental upside in a desirable location.
Where is this apartment building located?
The property is located at 12932 Shackelford Ln Garden Grove, CA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Two adjacent properties being sold together, totaling 12 units; Individually metered for electricity and gas for each unit; Four two‑car garages and 10 parking spaces**
