Two-Bedroom Multifamily
For Sale
$5,150,000
9551 Maureen Dr, Garden Grove, CA 92841
16-unit, all two-bedroom multifamily property with parking and shared courtyard, plus recent building system improvements.
Property Size13,520 SF
Lot Size0.50 Acres
Price / SF$380.92
Days on Market87
Property Features for 9551 Maureen Dr
General Information
Standard status
Active
Size
13,520 SF
Total Parking Spaces
18
Lot size
0.50 Acres
Property subtype
Multifamily
Additional Details
Cap Rate
5.01%
Multifamily Units
16
Amenities
16-unit Garden Grove apartment community featuring 100% two-bed/one-bath units
Two-building layout with a spacious central courtyard and on-site laundry
16 garage spaces and 2 surface spaces providing functional resident parking
Recent improvements include SB-721 completion, roof replacement, decking replacement, electrical upgrades, and select interior upgrades
SB-721 completed in October 2025
Value-add opportunity through future interior renovations, common-area enhancements, and operational efficiencies
Strong Garden Grove location near Katella Avenue, Brookhurst Street, retail centers, restaurants, and daily-needs amenities
Approximately 2.5 miles from Disneyland and near Anaheim Resort area employment drivers
Building Details
Building Size
13,520 SF
Units
16
Listing Agency:
Marcus & Millichap - Orange County
Listed By:
Christian Tait · License #License(s): CA: 02111248
(949) 419-3282
Source:
Marcusmillichap
Added: Jun 11
Changed: Aug 20
Last Checked: Sep 4 at 2:32AM
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 16-unit multifamily community is offered as 9551–9561 Maureen Drive on a single 0.50-acre parcel. The property consists of two buildings and features an all two-bedroom, one-bath unit mix designed for straightforward day-to-day leasing and management. Community amenities include on-site laundry and a central courtyard layout, with resident parking provided through 16 garage spaces and 2 surface spaces.
The ownership has completed a series of capital improvements aimed at major exterior, structural, and building system items. Reported upgrades include completion of SB-721 in October 2025, walkway decking replacement, gas line replacement at 9551, roof replacement, garage door installation, and fascia repairs and repainting. Electrical panel and subpanel upgrades are also noted, along with select interior unit improvements.
For investors or operators seeking a manageable rental profile, this community offers uniform unit sizing and a shared-courtyard arrangement across two buildings. The parking mix supports resident needs through both garages and surface spaces, while the recently completed capital work may help reduce near-term exposure related to several building systems and exterior components under new ownership. Remaining opportunities, if any, would be focused on further interior renovations, common-area enhancements, and operational efficiencies based on the current condition and improvement history.
The ownership has completed a series of capital improvements aimed at major exterior, structural, and building system items. Reported upgrades include completion of SB-721 in October 2025, walkway decking replacement, gas line replacement at 9551, roof replacement, garage door installation, and fascia repairs and repainting. Electrical panel and subpanel upgrades are also noted, along with select interior unit improvements.
For investors or operators seeking a manageable rental profile, this community offers uniform unit sizing and a shared-courtyard arrangement across two buildings. The parking mix supports resident needs through both garages and surface spaces, while the recently completed capital work may help reduce near-term exposure related to several building systems and exterior components under new ownership. Remaining opportunities, if any, would be focused on further interior renovations, common-area enhancements, and operational efficiencies based on the current condition and improvement history.
Key Highlights
- 16‑unit multifamily community (9551–9561 Maureen Dr) in Garden Grove, CA on a 0.50‑acre parcel
- Approximately 13,520 net rentable SF with an all two‑bed/one‑bath unit mix
- Two buildings on one parcel with a spacious central courtyard and on‑site laundry
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
$202,378
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
3.93%
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%
$4,047,560
$4.0M
Cap Rate 7%
$2,891,114
$2.9M
Cap Rate 9%
$2,248,644
$2.2M
Market Conditions
NOI Build-Up for 13,520 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
$389.4K $28.80/SF
− Vacancy
−$21.4K −$1.58/SF
EGI
$368.0K $27.22/SF
− OpEx
−$165.6K −$12.25/SF
NOI
$202.4K $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%
$4,047,560
Cap Rate 7%
$2,891,114
Cap Rate 9%
$2,248,644
Alternative Uses
Best Use
Apartment 5plus
$2.89M
$2.53M – $3.37M
NOI $202,378 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.23M
$3.70M – $4.94M
NOI $296,185 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
756
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 - 16-unit, all two-bedroom multifamily property with parking and shared courtyard, plus recent building system improvements.
Where is this apartment building located?
The property is located at 9551 Maureen Dr Garden Grove, CA.
What is the asking price?
The asking price for this property is $5,150,000.
What are key features of this property?
This property features: 16‑unit multifamily community (9551–9561 Maureen Dr) in Garden Grove, CA on a 0.50‑acre parcel; Approximately 13,520 net rentable SF with an all two‑bed/one‑bath unit mix; Two buildings on one parcel with a spacious central courtyard and on‑site laundry
