Five-Unit Townhome and Flat
For Sale
$2,700,000
4302 Howard Ave, Los Alamitos, CA 90720
Built in 1998, this five-unit multifamily property offers townhome and flat-style residences on a 0.22-acre lot.
Property Size5,611 SF
Lot Size0.22 Acres
Price / SF$481.20
Days on Market109
Property Features for 4302 Howard Ave
General Information
Standard status
Active
Size
5,611 SF
Lot size
0.22 Acres
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
5
Amenities
Five-unit multifamily property in highly desirable Los Alamitos, one of Orange County's most tightly held rental markets
1998 construction with a large family-oriented unit mix of 2 and 3-bedroom residences
Select townhome-style units, private yards, central A/C, and washer/dryer hookups
Spacious floor plans averaging more than 1,100 square feet per unit
Ample parking with 4 single-car garages, 1 double-car garage, and 5 surface spaces
Offered at a 4.50% current cap rate with upside to a 5.39% cap rate on market rents
Located near top-rated Los Alamitos schools, major retail centers, and the Joint Forces Training Base
Building Details
Building Size
5,611 SF
Year Built
1998
Units
5
Listing Agency:
Marcus & Millichap - Orange County
Listed By:
Tyler Leeson · License #License(s): CA: 01451551
(714) 713-9086
Source:
Marcusmillichap
Added: May 20
Changed: Sep 4
Last Checked: Jul 24 at 4:07PM
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.
4302 Howard Avenue is a five-unit multifamily property built in 1998, totaling 5,611 rentable square feet on a 0.22-acre lot. The unit mix includes one 3BR/2.5BA townhome, two 2BR/1.5BA townhomes, one 3BR/2.5BA flat, and one 2BR/2BA flat, providing a blend of townhouse and flat configurations.
Located in Los Alamitos, the property is described as being in the heart of the submarket, where quality product rarely trades. Access is supported by nearby freeway proximity, with the 605, 405, and 22 freeways within a block according to the remarks.
For prospective buyers, a drive-by only approach is requested. The listing materials note that the property should not be walked or disturbed and that the listing agent should be contacted for additional information.
Located in Los Alamitos, the property is described as being in the heart of the submarket, where quality product rarely trades. Access is supported by nearby freeway proximity, with the 605, 405, and 22 freeways within a block according to the remarks.
For prospective buyers, a drive-by only approach is requested. The listing materials note that the property should not be walked or disturbed and that the listing agent should be contacted for additional information.
Key Highlights
- Five‑unit multifamily property built in 1998
- 5,611 rentable SF on a 0.22‑acre lot
- Unit mix includes 1 townhome (3BR/2.5BA) and 2 townhomes (2BR/1.5BA)
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
$107,098
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
3.97%
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%
$2,141,960
$2.1M
Cap Rate 7%
$1,529,971
$1.5M
Cap Rate 9%
$1,189,978
$1.2M
Market Conditions
NOI Build-Up for 5,611 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
$202.0K $36.00/SF
− Vacancy
−$7.3K −$1.30/SF
EGI
$194.7K $34.70/SF
− OpEx
−$87.6K −$15.62/SF
NOI
$107.1K $19.09/SF
Area
Orange County, CA
Vacancy
3.60%
Lease Rate
$36.00 /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%
$2,141,960
Cap Rate 7%
$1,529,971
Cap Rate 9%
$1,189,978
Alternative Uses
Best Use
Apartment 5plus
$1.53M
$1.34M – $1.78M
NOI $107,098 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.88M
$1.65M – $2.20M
NOI $131,924 @ 7.0% cap · market cap 4.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,574
Businesses Nearby
Explore this area
Business Placement
Demographics for 90720, CA
22,955
Population
8,675
Households
2.6
Avg Household Size
43
Median Age
52%
College-Educated
96%
High-School Grad
6.1 sq mi
ZIP Area
3,763
Density / Sq Mi
$134,232
Median Household Income
$63,406
Median Earnings
$2,370
Median Rent
$1,166,200
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 - Built in 1998, this five-unit multifamily property offers townhome and flat-style residences on a 0.22-acre lot.
Where is this apartment building located?
The property is located at 4302 Howard Ave Los Alamitos, CA.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Five‑unit multifamily property built in 1998; 5,611 rentable SF on a 0.22‑acre lot; Unit mix includes 1 townhome (3BR/2.5BA) and 2 townhomes (2BR/1.5BA)
