Updated Triplex With
For Sale
$1,550,000
242 S Park, Orange, CA 92866
Three two-bedroom residences each include a private patio and single garage.
Property Size2,628 SF
Days on Market11
Property Features for 242 S Park
General Information
Standard status
Active
Size
2,628 SF
Property subtype
Investment
Building Details
Building Size
2,628 SF
Year Built
1961
Units
3
Listing Agency:
Godin Properties Inc.
Listed By:
Francine Hodges
(562) 290-8880
Source:
Elliman
Added: Sep 16
Last Checked: Sep 24 at 3:05PM
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 Godin Properties Inc.
Investment Insights
Based on property information with market context.
Located at 242 S Park in Orange, this 1961 triplex contains three two-bedroom, one-bath units. Each residence includes a private patio and its own single garage, providing dedicated outdoor space and parking. The property also has a separately metered laundry room that is currently used for storage.
Recent improvements include a newer roof, exterior paint, front doors, security screen doors, windows, and water heater. Two kitchens have been remodeled, and all three bathrooms have been updated. The building is occupied by long-term tenants. BikeScore is 42, WalkScore is 17, and TransitScore is 24, reflecting a car-dependent setting with limited transit access.
Recent improvements include a newer roof, exterior paint, front doors, security screen doors, windows, and water heater. Two kitchens have been remodeled, and all three bathrooms have been updated. The building is occupied by long-term tenants. BikeScore is 42, WalkScore is 17, and TransitScore is 24, reflecting a car-dependent setting with limited transit access.
Key Highlights
- Three two‑bedroom, one‑bath units
- Private patio and single garage for each unit
- Newer roof, paint, windows, doors, and water heater
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
$50,596
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
3.26%
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%
$1,011,920
$1.0M
Cap Rate 7%
$722,800
$722.8K
Cap Rate 9%
$562,178
$562.2K
Market Conditions
NOI Build-Up for 2,628 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
$75.7K $28.80/SF
− Vacancy
−$3.4K −$1.30/SF
EGI
$72.3K $27.50/SF
− OpEx
−$21.7K −$8.25/SF
NOI
$50.6K $19.25/SF
Area
Orange, CA
Vacancy
4.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,011,920
Cap Rate 7%
$722,800
Cap Rate 9%
$562,178
Alternative Uses
Best Use
Multifamily LT 5
$722.8K
$632.5K – $843.3K
NOI $50,596 @ 7.0% cap · market cap 3.26%
Second Best
Apartment 5plus
$665.3K
$582.2K – $776.2K
NOI $46,574 @ 7.0% cap · market cap 3.00%
Theoretical Best
Office A
$950.1K
$831.3K – $1.11M
NOI $66,506 @ 7.0% cap · market cap 4.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
691
Businesses Nearby
Explore this area
Business Placement
Demographics for 92866, CA
15,935
Population
5,991
Households
2.7
Avg Household Size
36
Median Age
31%
College-Educated
85%
High-School Grad
1.9 sq mi
ZIP Area
8,387
Density / Sq Mi
$83,776
Median Household Income
$45,872
Median Earnings
$1,955
Median Rent
$892,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Triplex - Three two-bedroom residences each include a private patio and single garage.
Where is this triplex located?
The property is located at 242 S Park Orange, CA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Three two‑bedroom, one‑bath units; Private patio and single garage for each unit; Newer roof, paint, windows, doors, and water heater
