Residential Income
For Sale
$1,839,000
2024 E Commonwealth Ave, Fullerton, CA 92831
Residential income property with forced-air heating, laundry appliances, and a rear-facing garage.
Property Size3,298 SF
Days on Market158
Property Features for 2024 E Commonwealth Ave
General Information
Standard status
Active
Size
3,298 SF
Total Parking Spaces
5
Property subtype
Residential Income
Net Operating Income
$93,151
Amenities
Curbs, Street Lights, Suburban, Sidewalks
Forced Air
Dryer, Washer
Garage Faces Rear
Building Details
Building Size
3,298 SF
Year Built
1960
Buildings
1
Stories
1
Listing Agency:
Kirklen Investment Group
Listed By:
Paul Banke · License #02113308
(909) 373-6071
Source:
Evrealestate
Added: Mar 31
Changed: Sep 3
Last Checked: Sep 4 at 4:28AM
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.
This residential income property was built in 1960 and includes forced-air heating along with a washer and dryer. The garage faces the rear of the property.
The property is located at 2024 E Commonwealth Ave in Fullerton, California, within Orange County. Access directions reference Chapman Avenue, State College Boulevard, and E Commonwealth Avenue.
The property is located at 2024 E Commonwealth Ave in Fullerton, California, within Orange County. Access directions reference Chapman Avenue, State College Boulevard, and E Commonwealth Avenue.
Key Highlights
- Built in 1960
- Forced‑air heating
- Washer and dryer included
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
$55,086
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
3.00%
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%
$1,101,720
$1.1M
Cap Rate 7%
$786,943
$786.9K
Cap Rate 9%
$612,067
$612.1K
Market Conditions
NOI Build-Up for 3,298 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
$104.9K $31.80/SF
− Vacancy
−$4.7K −$1.43/SF
EGI
$100.2K $30.37/SF
− OpEx
−$45.1K −$13.67/SF
NOI
$55.1K $16.70/SF
Area
Fullerton, CA
Vacancy
4.50%
Lease Rate
$31.80 /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%
$1,101,720
Cap Rate 7%
$786,943
Cap Rate 9%
$612,067
Alternative Uses
Best Use
Apartment 5plus
$786.9K
$688.6K – $918.1K
NOI $55,086 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$928.0K – $1.24M
NOI $74,236 @ 7.0% cap · market cap 4.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,558
Businesses Nearby
Explore this area
Business Placement
Demographics for 92831, CA
38,953
Population
13,691
Households
2.8
Avg Household Size
31
Median Age
44%
College-Educated
89%
High-School Grad
5.9 sq mi
ZIP Area
6,602
Density / Sq Mi
$89,451
Median Household Income
$41,878
Median Earnings
$2,093
Median Rent
$821,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Residential income property with forced-air heating, laundry appliances, and a rear-facing garage.
Where is this residential income property located?
The property is located at 2024 E Commonwealth Ave Fullerton, CA.
What is the asking price?
The asking price for this property is $1,839,000.
What are key features of this property?
This property features: Built in 1960; Forced‑air heating; Washer and dryer included
