Anaheim Multifamily Investment
For Sale
$2,100,000
906 S Fann St, Anaheim, CA 92804
Two buildings with 14 units in prime Anaheim location.
Property Size4,566 SF
Lot Size0.14 Acres
Days on Market154
Property Features for 906 S Fann St
General Information
Standard status
Active
Size
4,566 SF
Lot size
0.14 Acres
Property subtype
Investment
Building Details
Building Size
4,566 SF
Year Built
1960
Stories
2
Units
7
Listing Agency:
Award, Inc
(714) 797-0863
Listed By:
Bill Etchegaray · License #01139672
(714) 797-0863
Source:
Elliman
Added: Mar 12
Changed: Aug 8
Last Checked: Aug 11 at 10:55AM
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 Award, Inc
Investment Insights
Based on property information with market context.
This offering presents an opportunity to acquire 14 units situated in a prime Anaheim rental location. The property consists of two mirror-image buildings, each containing 7 units, located next door to each other. The buildings, 902 Fann and 906 Fann, are being sold together. Each building features a unit mix of three 2-bedroom units and four 1-bedroom units. Each unit is equipped with a 1-car garage. Each unit has separate gas and electric meters. A coin-operated laundry facility on-site provides additional income. The roof is 4 years old. The property is located one block from Euclid and Ball, offering convenient access to restaurants and public transportation. The property currently generates $121,260 in annual income for 7 units, with a conservative Pro Forma of $191,000.
Key Highlights
- 14 Units in Prime Anaheim Location (7 units being sold with adjacent 7 units)
- Significant Income Potential: $121,260 current annual income with $191,000 Pro Forma
- Each unit has a 1‑car garage and separate gas and electric meters
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
$68,709
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
3.27%
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%
$1,374,180
$1.4M
Cap Rate 7%
$981,557
$981.6K
Cap Rate 9%
$763,433
$763.4K
Market Conditions
NOI Build-Up for 4,566 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
$131.5K $28.80/SF
− Vacancy
−$6.6K −$1.44/SF
EGI
$124.9K $27.36/SF
− OpEx
−$56.2K −$12.31/SF
NOI
$68.7K $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%
$1,374,180
Cap Rate 7%
$981,557
Cap Rate 9%
$763,433
Alternative Uses
Best Use
Apartment 5plus
$981.6K
$858.9K – $1.15M
NOI $68,709 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,028 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
805
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 - Two buildings with 14 units in prime Anaheim location.
Where is this apartment building located?
The property is located at 906 S Fann St Anaheim, CA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 14 Units in Prime Anaheim Location (7 units being sold with adjacent 7 units); Significant Income Potential: $121,260 current annual income with $191,000 Pro Forma; Each unit has a 1‑car garage and separate gas and electric meters
