77-Unit Multifamily Complex in Huntington
For Sale
$36,000,000
19131 Delaware St, Huntington Beach, CA 92648
Exceptional renovated multifamily complex in Huntington Beach with value-add potential.
Property Size55,350 SF
Lot Size4.47 Acres
Days on Market156
Property Features for 19131 Delaware St
General Information
Standard status
Active
Size
55,350 SF
Lot size
4.47 Acres
Property subtype
Multifamily
Amenities
77-Unit Multifamily Community in Huntington Beach
72 of 77 Units Renovated (2022–2023)
Over $2.8M Invested in Interior & Exterior Upgrades
Desirable Unit Mix: 39 One-Bedroom & 38 Two-Bedroom Units
Large 4.47-Acre Site with 17 Single-Story Buildings
Modern Unit Interiors with Quartz Counters, Stainless Appliances & In-Unit Laundry
Private Patios/Yards in Many Units
Amenity-Rich Community with Dog Park, BBQ Areas & Package Lockers
Building Details
Building Size
55,350 SF
Units
77
Listing Agency:
Marcus & Millichap - Orange County
Listed By:
Tyler Leeson · License #License(s): CA: 01451551
(714) 713-9086
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 8
Last Checked: Sep 4 at 2:04AM
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.
Huntington Manor Homes is a 77-unit multifamily complex situated on 4.47 acres in Huntington Beach. The property consists of 17 single-story buildings and features a mix of one and two-bedroom floor plans. Community amenities include a dog park, leasing office, carport and surface parking, central courtyards, and an on-site laundry facility. Current ownership has invested over $2.8 million in renovations, upgrading 72 of the 77 unit interiors with quartz countertops, stainless steel appliances, shaker-style cabinetry, tile backsplashes, vinyl flooring, dual-pane windows, in-unit laundry, and private patios. There is an opportunity to convert or create accessory dwelling units to diversify the unit mix and increase potential rental revenue. The property is located within 0.5 miles of 5 Points Plaza, Seacliff Village, and Newland Shopping Center, and within 2 miles of Downtown Huntington Beach, Huntington City Beach and Pier. Beach Boulevard provides access to employment hubs across Orange County.
Key Highlights
- Prime Huntington Beach location near retail, dining, and the beach.
- Substantial $2.8 million renovation program with high‑quality unit upgrades.
- Opportunity to increase revenue by adding accessory dwelling units.
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
$1,193,194
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
3.31%
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%
$23,863,880
$23.9M
Cap Rate 7%
$17,045,629
$17.0M
Cap Rate 9%
$13,257,711
$13.3M
Market Conditions
NOI Build-Up for 55,350 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
$2.23M $40.20/SF
− Vacancy
−$55.6K −$1.01/SF
EGI
$2.17M $39.20/SF
− OpEx
−$976.2K −$17.64/SF
NOI
$1.19M $21.56/SF
Area
Huntington Beach, CA
Vacancy
2.50%
Lease Rate
$40.20 /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%
$23,863,880
Cap Rate 7%
$17,045,629
Cap Rate 9%
$13,257,711
Alternative Uses
Best Use
Apartment 5plus
$17.05M
$14.91M – $19.89M
NOI $1,193,194 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$19.13M
$16.74M – $22.32M
NOI $1,339,027 @ 7.0% cap · market cap 3.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,514
Businesses Nearby
Explore this area
Business Placement
Demographics for 92648, CA
46,691
Population
21,609
Households
2.2
Avg Household Size
44
Median Age
51%
College-Educated
95%
High-School Grad
8.0 sq mi
ZIP Area
5,836
Density / Sq Mi
$118,993
Median Household Income
$73,049
Median Earnings
$2,324
Median Rent
$1,176,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Exceptional renovated multifamily complex in Huntington Beach with value-add potential.
Where is this apartment building located?
The property is located at 19131 Delaware St Huntington Beach, CA.
What is the asking price?
The asking price for this property is $36,000,000.
What are key features of this property?
This property features: Prime Huntington Beach location near retail, dining, and the beach.; Substantial $2.8 million renovation program with high‑quality unit upgrades.; Opportunity to increase revenue by adding accessory dwelling units.
