Apartment Building with Private
For Sale
$3,600,000
324 E Leatrice Lane, Anaheim, CA 92802
Multifamily property with large two-, three-, and four-bedroom units, garage parking, and recent capital improvements.
Property Size9,036 SF
Days on Market31
Property Features for 324 E Leatrice Lane
General Information
Standard status
Active
Size
9,036 SF
Property subtype
Apartment
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$40,907
Amenities
updated flooring
updated kitchens
updated bathrooms
private patios
balconies
on-site laundry
Building Details
Building Size
9,036 SF
Year Built
1963
Listing Agency:
Morgan Skenderian
Listed By:
Garrett Blair · License #02026908
Source:
Altamirarealty
Added: Aug 2
Changed: Aug 27
Last Checked: Aug 31 at 12:45AM
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 Morgan Skenderian
Investment Insights
Based on property information with market context.
This 9,036-square-foot apartment property, built in 1963, offers a mix of two-, three-, and four-bedroom residences averaging more than 1,125 square feet. Unit features include updated flooring, kitchens, bathrooms, private patios, and balconies. Residents also have access to on-site laundry, garage parking, and tandem parking. Recent work includes SB 721 compliance, partial roof replacement, landscaping, gutters, selected electrical subpanels, and new garage doors. The property is zoned RM-4.
Located in Anaheim near Disneyland Park and the Anaheim Convention Center, the property also provides access to the 5, 22, and 91 Freeways. Angel Stadium, Honda Center, and surrounding retail corridors are additional nearby amenities. The surrounding employment base includes tourism, healthcare, logistics, and education.
Located in Anaheim near Disneyland Park and the Anaheim Convention Center, the property also provides access to the 5, 22, and 91 Freeways. Angel Stadium, Honda Center, and surrounding retail corridors are additional nearby amenities. The surrounding employment base includes tourism, healthcare, logistics, and education.
Key Highlights
- 9,036‑square‑foot apartment property built in 1963
- Two-, three-, and four‑bedroom units averaging more than 1,125 square feet
- Private patios and balconies, updated kitchens and bathrooms, and on‑site laundry
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
$144,928
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
4.03%
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%
$2,898,560
$2.9M
Cap Rate 7%
$2,070,400
$2.1M
Cap Rate 9%
$1,610,311
$1.6M
Market Conditions
NOI Build-Up for 9,036 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
$276.5K $30.60/SF
− Vacancy
−$13.0K −$1.44/SF
EGI
$263.5K $29.16/SF
− OpEx
−$118.6K −$13.12/SF
NOI
$144.9K $16.04/SF
Area
ZIP 92802
Vacancy
4.70%
Lease Rate
$30.60 /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%
$2,898,560
Cap Rate 7%
$2,070,400
Cap Rate 9%
$1,610,311
Alternative Uses
Best Use
Apartment 5plus
$2.07M
$1.81M – $2.42M
NOI $144,928 @ 7.0% cap · market cap 4.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.74M
$2.39M – $3.19M
NOI $191,599 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,049
Businesses Nearby
Explore this area
Business Placement
Demographics for 92802, CA
41,914
Population
12,724
Households
3.3
Avg Household Size
35
Median Age
20%
College-Educated
69%
High-School Grad
4.6 sq mi
ZIP Area
9,112
Density / Sq Mi
$83,621
Median Household Income
$36,788
Median Earnings
$1,985
Median Rent
$721,700
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 - Multifamily property with large two-, three-, and four-bedroom units, garage parking, and recent capital improvements.
Where is this apartment building located?
The property is located at 324 E Leatrice Lane Anaheim, CA.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: 9,036‑square‑foot apartment property built in 1963; Two-, three-, and four‑bedroom units averaging more than 1,125 square feet; Private patios and balconies, updated kitchens and bathrooms, and on‑site laundry
