12-Unit Apartment
New
For Sale
$3,400,000
12922 Shackelford, Garden Grove, CA 92841
Two adjacent apartment buildings with upgraded electrical systems, individual utility metering, garages, surface parking, and on-site laundry.
Property Size7,530 SF
Days on Market3
Property Features for 12922 Shackelford
General Information
Standard status
Active
Size
7,530 SF
Total Parking Spaces
20
Property subtype
Investment
Units
Unit Mix
5 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
12
Additional Details
Asking Price
$3,400,000
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$24,120
Amenities
on-site laundry
Building Details
Building Size
7,530 SF
Year Built
1958
Buildings
2
Stories
2
Units
12
Listing Agency:
Real Brokerage Technologies, Inc.
Listed By:
Phuong Vu · License #02105019
(310) 480-7779
Source:
Elliman
Added: Sep 15
Last Checked: Sep 16 at 6:07PM
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 Real Brokerage Technologies, Inc.
Investment Insights
Based on property information with market context.
This Garden Grove multifamily offering includes two adjacent apartment buildings with six units each, for a combined 12 units. Each building contains one 2-bedroom/1-bathroom residence and five 1-bedroom/1-bathroom residences. The properties were built in 1958 and feature newly painted exteriors, new outdoor stairs, and upgraded circuit breakers throughout the units.
Parking includes four 2-car garages and 12 surface spaces. Each residence is separately metered for gas and electricity, while an on-site coin-operated laundry facility provides an additional property feature. Tenants are currently in place. The properties are in a somewhat walkable area with a Walk Score of 61, a Bike Score of 43, and a Transit Score of 34, with schools, supermarkets, and daily amenities described as minutes away.
Parking includes four 2-car garages and 12 surface spaces. Each residence is separately metered for gas and electricity, while an on-site coin-operated laundry facility provides an additional property feature. Tenants are currently in place. The properties are in a somewhat walkable area with a Walk Score of 61, a Bike Score of 43, and a Transit Score of 34, with schools, supermarkets, and daily amenities described as minutes away.
Key Highlights
- Two adjacent 6‑unit apartment buildings offered together as a 12‑unit portfolio
- Unit mix includes two 2‑bedroom/1‑bathroom units and ten 1‑bedroom/1‑bathroom units
- Four 2‑car garages plus 12 surface parking spaces
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
$112,715
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
3.32%
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%
$2,254,300
$2.3M
Cap Rate 7%
$1,610,214
$1.6M
Cap Rate 9%
$1,252,389
$1.3M
Market Conditions
NOI Build-Up for 7,530 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
$216.9K $28.80/SF
− Vacancy
−$11.9K −$1.58/SF
EGI
$204.9K $27.22/SF
− OpEx
−$92.2K −$12.25/SF
NOI
$112.7K $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%
$2,254,300
Cap Rate 7%
$1,610,214
Cap Rate 9%
$1,252,389
Alternative Uses
Best Use
Apartment 5plus
$1.61M
$1.41M – $1.88M
NOI $112,715 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $164,961 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
1,377
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two adjacent apartment buildings with upgraded electrical systems, individual utility metering, garages, surface parking, and on-site laundry.
Where is this apartment building located?
The property is located at 12922 Shackelford Garden Grove, CA.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: Two adjacent 6‑unit apartment buildings offered together as a 12‑unit portfolio; Unit mix includes two 2‑bedroom/1‑bathroom units and ten 1‑bedroom/1‑bathroom units; Four 2‑car garages plus 12 surface parking spaces
