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    402 Chapman W Orange, CA 92866

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    Commercial Lease - Orange, CA

    Property size:
    15,108 SF
    Added:
    May 6, 2026
    Days on Market:
    2
    Last Refresh:
    May 7 at 7:06 pm

    Property Features for 402 Chapman W

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    NEC
    Standard status
    Active
    APN
    39066101
    Size
    15,108 SF

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1921
    Architectural style
    Other

    We can help!

    Listing Contact
    Suzanne Croucier

    Listing agent Suzanne Croucier License #01414115

    Listing office Butcher Realty 1707 Via El Prado #201, Redondo Beach, CA

    Listing date May 6, 2026

    MLS# PV26094186 Listing URL

    Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime location in the heart of historic Old Towne Orange, offering high visibility and excellent access
    • Turnkey, beautifully restored 1921 brick building with approximately 3,665 sq ft of flexible commercial/retail space
    • Striking open beam ceilings and expansive storefront windows providing abundant natural light
    • Recent upgrades including new HVAC system (with warranty) and upgraded 200‑amp electrical panel
    • Roll‑up door for easy loading and new high‑gloss epoxy flooring
    • Completed earthquake retrofit and dual‑pane safety glass for enhanced safety and structural integrity

    Overview

    Restored Commercial Space in Orange

    This beautifully restored 1921 brick building offers approximately 3,665 square feet of turnkey commercial, flex, or retail space. The suite is part of a larger 15,108 square foot four-unit property. The space blends vintage character with modern upgrades, making it ideal for creative, showroom, or light industrial users. It features open beam ceilings and expansive storefront windows that provide abundant natural light. New high-gloss epoxy flooring provides a clean, contemporary finish. Functional elements include a roll-up door for easy loading, and dual-pane safety glass. A completed earthquake retrofit adds structural integrity. Recent improvements include a new HVAC system with warranty, and an upgraded 200-amp electrical panel (1-phase, 110V/220V). Built-in infrastructure supports internet, cable, and security systems (ADT-ready). Located in the heart of historic Old Towne Orange, this property is in a high-visibility corridor with excellent access.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Gallery Junction Inc Car Dealership

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Italian Food Catering Orange County — 1620 Robin Rd, Orange, CA 92868
    • Fruitea Boba — 146 S Main St Unit L, Orange, CA 92868

    Location Insight

    • Map
    • Local Demand
    City
    Orange
    County
    Orange
    State
    California
    Longitude
    -117.849432
    Latitude
    33.787595

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    FAQs

    What type of property is this?
    Flex space - Turnkey commercial/flex or retail space in historic Old Towne.
    Where is this flex space located?
    The property is located at 402 Chapman W Orange, CA.
    What are key features of this property?
    This property features: Prime location in the heart of historic Old Towne Orange, offering high visibility and excellent access; Turnkey, beautifully restored 1921 brick building with approximately 3,665 sq ft of flexible commercial/retail space; Striking open beam ceilings and expansive storefront windows providing abundant natural light
    (310) 961-1303
    We can help!
    Listing Contact
    Suzanne Croucier
    Real Estate License ID: 01414115
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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