Student Housing Income
For Sale
$2,295,000
461 N Citrus Street, Orange, CA 92868
Residential income property positioned for student-oriented occupancy near Chapman University.
Property Size4,345 SF
Days on Market50
Property Features for 461 N Citrus Street
General Information
Standard status
Active
Size
4,345 SF
Property subtype
Multifamily
Building Details
Building Size
4,345 SF
Listing Agency:
Young Lewin Advisors
(650) 743-5908
Listed By:
Dan Lewin · License #CalDRE #01932742
(650) 743-5908
Source:
Younglewin
Added: Jun 24
Changed: Aug 8
Last Checked: Aug 12 at 4:09AM
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 Young Lewin Advisors
Investment Insights
Based on property information with market context.
This offering is classified as an other residential income property, presented for sale as a student-housing-oriented asset. The available information does not specify unit mix, current occupancy, or interior/exterior upgrades, so interested parties should confirm the property’s detailed operating and physical characteristics directly with the broker or through due diligence.
The property is located at 461 N Citrus Street in Orange, California. The public remarks indicate it is within walking distance to Chapman University, with the remarks citing an enrollment figure of 9,961 students and annual tuition of $62,784.
For investors and buyers focused on housing demand driven by a nearby university, the stated proximity to Chapman University may be an important consideration when underwriting occupancy and tenant fit. Because no additional details are provided regarding parking, accessibility, or property configuration, potential purchasers should evaluate the practical day-to-day requirements for student tenants and any leasing terms that may be relevant to this location.
The property is located at 461 N Citrus Street in Orange, California. The public remarks indicate it is within walking distance to Chapman University, with the remarks citing an enrollment figure of 9,961 students and annual tuition of $62,784.
For investors and buyers focused on housing demand driven by a nearby university, the stated proximity to Chapman University may be an important consideration when underwriting occupancy and tenant fit. Because no additional details are provided regarding parking, accessibility, or property configuration, potential purchasers should evaluate the practical day-to-day requirements for student tenants and any leasing terms that may be relevant to this location.
Key Highlights
- Walking distance to Chapman University
- Chapman University has 9,961 students and reports $62,784 annual tuition
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
$77,003
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
3.36%
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%
$1,540,060
$1.5M
Cap Rate 7%
$1,100,043
$1.1M
Cap Rate 9%
$855,589
$855.6K
Market Conditions
NOI Build-Up for 4,345 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
$146.0K $33.60/SF
− Vacancy
−$6.0K −$1.38/SF
EGI
$140.0K $32.22/SF
− OpEx
−$63.0K −$14.50/SF
NOI
$77.0K $17.72/SF
Area
Orange, CA
Vacancy
4.10%
Lease Rate
$33.60 /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%
$1,540,060
Cap Rate 7%
$1,100,043
Cap Rate 9%
$855,589
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$962.5K – $1.28M
NOI $77,003 @ 7.0% cap · market cap 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,957 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,616
Businesses Nearby
Explore this area
Business Placement
Demographics for 92868, CA
27,127
Population
9,105
Households
3
Avg Household Size
34
Median Age
36%
College-Educated
85%
High-School Grad
3.4 sq mi
ZIP Area
7,979
Density / Sq Mi
$89,050
Median Household Income
$45,978
Median Earnings
$2,356
Median Rent
$714,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Residential income property positioned for student-oriented occupancy near Chapman University.
Where is this residential income property located?
The property is located at 461 N Citrus Street Orange, CA.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: Walking distance to Chapman University; Chapman University has 9,961 students and reports $62,784 annual tuition
