Midway City Garden-Style Apartment
For Sale
Contact for pricing
15121 Van Buren, Midway City, CA 92655
Single-story apartment complex in Midway City with attractive landscaping.
Property Size7,776 SF
Price / SF$437.24
Days on Market189
Property Features for 15121 Van Buren
General Information
Standard status
Active
Size
7,776 SF
Class
B
Property subtype
Multifamily
Zoning
Assessor
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$184,684
Building Details
Year Built
1945
Buildings
2
Stories
1
Units
18
Listing Agency:
Matthews
(949) 474-4004
Listed By:
Mark Bridge · License #01316702
Source:
Crexi
Added: Feb 2
Changed: Aug 8
Last Checked: Aug 9 at 2:59PM
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 Matthews
Investment Insights
Based on property information with market context.
This garden-style apartment complex is located in the Midway City rental market. The property features sixteen studios and two one-bedroom, one-bathroom units. The grounds are landscaped and include gated pedestrian entry. The building's exterior includes double-pane vinyl windows, pitched shingle roofs, and concrete parking surfaces. Each unit is separately metered for gas and electricity and has its own hot water heater and security screen door. Upgraded electrical subpanels have been installed in all units. An on-site laundry facility is available for residents. The property is located near Beach Blvd and the 405 Freeway, providing access to Costco Wholesale, Whole Foods Market, Target, Bella Terra, Old World Village, Harbor Freight, Star View Elementary School, Leo Carrillo Elementary School, Vista View Middle School, Park West, and Russell C Paris Park. The complex has curb appeal, courtyard fountains, and additional street parking.
Key Highlights
- Prime location near I‑405 and Beach Blvd, offering convenient access to retail, entertainment, parks, and schools.
- 100% single‑story complex in the strong Midway City rental market with excellent curb appeal.
- Well‑maintained property with newer double pane vinyl windows, pitched shingle roofs, and concrete parking surfaces.
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
$148,422
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
4.37%
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%
$2,968,440
$3.0M
Cap Rate 7%
$2,120,314
$2.1M
Cap Rate 9%
$1,649,133
$1.6M
Market Conditions
NOI Build-Up for 7,776 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
$279.9K $36.00/SF
− Vacancy
−$10.1K −$1.30/SF
EGI
$269.9K $34.70/SF
− OpEx
−$121.4K −$15.62/SF
NOI
$148.4K $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%
$2,968,440
Cap Rate 7%
$2,120,314
Cap Rate 9%
$1,649,133
Alternative Uses
Best Use
Apartment 5plus
$2.12M
$1.86M – $2.47M
NOI $148,422 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.61M
$2.29M – $3.05M
NOI $182,826 @ 7.0% cap · market cap 5.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,253
Businesses Nearby
Explore this area
Business Placement
Demographics for 92655, CA
8,878
Population
2,845
Households
3.1
Avg Household Size
40
Median Age
21%
College-Educated
67%
High-School Grad
0.9 sq mi
ZIP Area
9,864
Density / Sq Mi
$64,602
Median Household Income
$36,588
Median Earnings
$1,443
Median Rent
$723,700
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 - Single-story apartment complex in Midway City with attractive landscaping.
Where is this apartment building located?
The property is located at 15121 Van Buren Midway City, 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: Prime location near I‑405 and Beach Blvd, offering convenient access to retail, entertainment, parks, and schools.; 100% single‑story complex in the strong Midway City rental market with excellent curb appeal.; Well‑maintained property with newer double pane vinyl windows, pitched shingle roofs, and concrete parking surfaces.
