8-Unit Apartment
For Sale
$2,395,000
12692 Keel Avenue, Garden Grove, CA 92843
Mostly upgraded apartments with covered parking and a rear community laundry facility.
Property Size5,050 SF
Lot Size0.22 Acres
Price / SF$474.26
Days on Market9
Property Features for 12692 Keel Avenue
General Information
Standard status
Active
Size
5,050 SF
Total Parking Spaces
8
Lot size
0.22 Acres
Property subtype
Apartment
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Additional Details
Highway Access
Yes
Amenities
interior courtyard
community laundry facility
Building Details
Building Size
5,050 SF
Year Built
1961
Buildings
1
Listing Agency:
United Real Estate Pacific States
Listed By:
John Andersen · License #00908405
Source:
Velocityrealtysd
Added: Aug 11
Changed: Aug 18
Last Checked: Aug 18 at 5:05AM
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 United Real Estate Pacific States
Investment Insights
Based on property information with market context.
This 8-unit apartment building contains eight mostly upgraded one-bedroom, one-bath residences within an approximately 5,050-square-foot structure. The property includes an interior courtyard, entrances at both the front and rear, eight covered parking spaces, additional uncovered off-street parking, and a community laundry facility at the rear. Built in 1961, the building sits on an approximately 9,718-square-foot lot.
The property is near freeways, shopping, restaurants, and the main streets of Harbor Blvd and Westminster Ave. Its apartment configuration, parking, courtyard, and shared laundry area provide the principal physical features of the offering.
The property is near freeways, shopping, restaurants, and the main streets of Harbor Blvd and Westminster Ave. Its apartment configuration, parking, courtyard, and shared laundry area provide the principal physical features of the offering.
Key Highlights
- 8‑unit apartment complex with eight 1‑bed, 1‑bath units
- Approximately 5,050 Square Feet on a 9,718 Square Feet lot
- Eight covered parking spaces plus uncovered off‑street parking
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
$75,592
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
3.16%
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%
$1,511,840
$1.5M
Cap Rate 7%
$1,079,886
$1.1M
Cap Rate 9%
$839,911
$839.9K
Market Conditions
NOI Build-Up for 5,050 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
$145.4K $28.80/SF
− Vacancy
−$8.0K −$1.58/SF
EGI
$137.4K $27.22/SF
− OpEx
−$61.8K −$12.25/SF
NOI
$75.6K $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%
$1,511,840
Cap Rate 7%
$1,079,886
Cap Rate 9%
$839,911
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$944.9K – $1.26M
NOI $75,592 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,631 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
655
Businesses Nearby
Explore this area
Business Placement
Demographics for 92843, CA
45,480
Population
12,051
Households
3.8
Avg Household Size
38
Median Age
18%
College-Educated
69%
High-School Grad
4.0 sq mi
ZIP Area
11,370
Density / Sq Mi
$82,009
Median Household Income
$34,941
Median Earnings
$1,878
Median Rent
$665,900
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 - Mostly upgraded apartments with covered parking and a rear community laundry facility.
Where is this apartment building located?
The property is located at 12692 Keel Avenue Garden Grove, CA.
What is the asking price?
The asking price for this property is $2,395,000.
What are key features of this property?
This property features: 8‑unit apartment complex with eight 1‑bed, 1‑bath units; Approximately 5,050 Square Feet on a 9,718 Square Feet lot; Eight covered parking spaces plus uncovered off‑street parking
