Anaheim Multifamily Investment
For Sale
Contact for pricing
Pending
2109 E Westport Dr, Anaheim, CA 92806
14-unit apartment complex with income growth potential in Anaheim.
Property Size8,800 SF
Days on Market198
Property Features for 2109 E Westport Dr
General Information
Standard status
Pending
Size
8,800 SF
Property subtype
Multifamily
Building Details
Year Built
1959
Buildings
2
Stories
2
Units
14
Listing Agency:
Marcus & Millichap - Orange County
(949) 419-3200
Listed By:
Tyler Leeson · License #CA 01451551
Source:
Crexi
Added: Jan 26
Changed: Aug 8
Last Checked: Jul 24 at 3:51PM
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.
The Westporter Apartment Homes is a 14-unit multifamily property located at 2109 & 2113 East Westport Drive in Anaheim. Constructed in 1959, the property consists of two adjacent parcels sharing a central courtyard. The unit mix includes 12 one-bed/one-bath units and 2 two-bed/one-bath units. There are 14 garage spaces, security entry doors, and two on-site laundry facilities, one in each building. The property is offered at a 5.26% CAP rate on current rents, with the potential to achieve a 6.73% CAP rate on market rents. Current ownership has implemented RUBS, allowing for the recovery of utility expenses. The Westporter Apartment Homes offers immediate yield and long-term upside in Orange County’s rental market. The property size is 8800 square feet.
Key Highlights
- Strong Income Potential: Offered at a 5.26% CAP rate with the potential to reach 6.73% through rent optimization.
- Desirable Unit Mix: Features twelve 1‑bed/1‑bath units and two 2‑bed/1‑bath units.
- RUBS Implementation: Current ownership has implemented RUBS for utility expense recovery, improving operational efficiency.
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
$141,065
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
3.71%
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%
$2,821,300
$2.8M
Cap Rate 7%
$2,015,214
$2.0M
Cap Rate 9%
$1,567,389
$1.6M
Market Conditions
NOI Build-Up for 8,800 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
$267.2K $30.36/SF
− Vacancy
−$10.7K −$1.21/SF
EGI
$256.5K $29.15/SF
− OpEx
−$115.4K −$13.12/SF
NOI
$141.1K $16.03/SF
Area
ZIP 92806
Vacancy
4.00%
Lease Rate
$30.36 /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%
$2,821,300
Cap Rate 7%
$2,015,214
Cap Rate 9%
$1,567,389
Alternative Uses
Best Use
Apartment 5plus
$2.02M
$1.76M – $2.35M
NOI $141,065 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.82M
$2.47M – $3.29M
NOI $197,430 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
951
Businesses Nearby
Explore this area
Business Placement
Demographics for 92806, CA
40,649
Population
13,144
Households
3.1
Avg Household Size
35
Median Age
26%
College-Educated
79%
High-School Grad
7.7 sq mi
ZIP Area
5,279
Density / Sq Mi
$95,112
Median Household Income
$44,212
Median Earnings
$2,234
Median Rent
$791,200
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 - 14-unit apartment complex with income growth potential in Anaheim.
Where is this apartment building located?
The property is located at 2109 E Westport Dr Anaheim, CA.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Strong Income Potential: Offered at a 5.26% CAP rate with the potential to reach 6.73% through rent optimization.; Desirable Unit Mix: Features twelve 1‑bed/1‑bath units and two 2‑bed/1‑bath units.; RUBS Implementation: Current ownership has implemented RUBS for utility expense recovery, improving operational efficiency.
