32-Unit Apartment
For Sale
$8,750,000
119-135 S Fahrion Pl, Anaheim, CA 92805
32 one-bedroom, one-bath units across four contiguous two-story buildings with on-site laundry and parking.
Property Size16,160 SF
Days on Market77
Property Features for 119-135 S Fahrion Pl
General Information
Standard status
Active
Size
16,160 SF
Total Parking Spaces
32
Property subtype
Multi-Family
Additional Details
Multifamily Units
32
Amenities
on-site laundry facilities
washer and dryer hookups in each unit
Building Details
Building Size
16,160 SF
Year Built
1959
Stories
2
Units
32
Listing Agency:
Kirklen Investment Group
Listed By:
Jason Kirklen · License #01939655
Source:
Commercialcafe
Added: Jun 23
Changed: Sep 2
Last Checked: Sep 6 at 4:03AM
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 Kirklen Investment Group
Investment Insights
Based on property information with market context.
The Courtyard Apartments is a 32-unit apartment property comprised of four separate, but contiguous, two-story 8-unit buildings. Built in 1959, the buildings feature pitched roofs and offer a consistent unit mix of all one-bedroom, one-bathroom apartments.
The property includes 32 open surface parking spaces, providing one parking space per unit, along with additional street parking in the surrounding lower-density neighborhood. An on-site laundry facility is also available for residents. In addition, each unit includes existing washer and dryer hookups, which may support future in-unit laundry options.
Designed with a functional layout and straightforward configuration, the asset combines uniform apartment features with practical resident services and parking capacity suitable for multifamily ownership.
The property includes 32 open surface parking spaces, providing one parking space per unit, along with additional street parking in the surrounding lower-density neighborhood. An on-site laundry facility is also available for residents. In addition, each unit includes existing washer and dryer hookups, which may support future in-unit laundry options.
Designed with a functional layout and straightforward configuration, the asset combines uniform apartment features with practical resident services and parking capacity suitable for multifamily ownership.
Key Highlights
- 32‑unit apartment property built in 1959 with all one‑bedroom, one‑bath unit mix
- Four separate, but contiguous 8‑unit buildings make up the 32‑unit Courtyard Apartments
- Two‑story buildings with pitched roofs
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
$251,975
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
2.88%
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%
$5,039,500
$5.0M
Cap Rate 7%
$3,599,643
$3.6M
Cap Rate 9%
$2,799,722
$2.8M
Market Conditions
NOI Build-Up for 16,160 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
$484.8K $30.00/SF
− Vacancy
−$26.7K −$1.65/SF
EGI
$458.1K $28.35/SF
− OpEx
−$206.2K −$12.76/SF
NOI
$252.0K $15.59/SF
Area
ZIP 92805
Vacancy
5.50%
Lease Rate
$30.00 /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%
$5,039,500
Cap Rate 7%
$3,599,643
Cap Rate 9%
$2,799,722
Alternative Uses
Best Use
Apartment 5plus
$3.60M
$3.15M – $4.20M
NOI $251,975 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.94M
$4.32M – $5.76M
NOI $345,488 @ 7.0% cap · market cap 3.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
32
Residential units
Location Intelligence
Trade Area within ½ mile
1,040
Businesses Nearby
Explore this area
Business Placement
Demographics for 92805, CA
74,633
Population
23,195
Households
3.2
Avg Household Size
33
Median Age
26%
College-Educated
71%
High-School Grad
6.2 sq mi
ZIP Area
12,038
Density / Sq Mi
$85,623
Median Household Income
$38,180
Median Earnings
$2,045
Median Rent
$667,400
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 - 32 one-bedroom, one-bath units across four contiguous two-story buildings with on-site laundry and parking.
Where is this apartment building located?
The property is located at 119-135 S Fahrion Pl Anaheim, CA.
What is the asking price?
The asking price for this property is $8,750,000.
What are key features of this property?
This property features: 32‑unit apartment property built in 1959 with all one‑bedroom, one‑bath unit mix; Four separate, but contiguous 8‑unit buildings make up the 32‑unit Courtyard Apartments; Two‑story buildings with pitched roofs
