Four-Unit Multifamily Investment
For Sale
$1,050,000
Pending
602 Cedarglen, Azusa, CA 91702
Four-unit multifamily property in Azusa, California, near educational institutions.
Property Size2,591 SF
Lot Size0.14 Acres
Days on Market100
Property Features for 602 Cedarglen
General Information
Standard status
Pending
Size
2,591 SF
Lot size
0.14 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$11,986
Building Details
Building Size
2,591 SF
Year Built
1963
Units
4
Listing Agency:
MARCUS & MILLICHAP
Listed By:
Gisele Pinedo · License #(S):CA:02188347
(909) 456-3400
Source:
Elliman
Added: May 27
Changed: Aug 23
Last Checked: Jul 24 at 12:25PM
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
Investment Insights
Based on property information with market context.
Located at 602 Cedarglen Drive in Azusa, California, this four-unit multifamily investment property is situated on a corner lot within an established residential neighborhood. Constructed in 1963, the property features approximately 2,591 square feet of building area on a 0.14-acre MOD (Moderate Density Residential) zoned lot. The building comprises all one-bedroom/one-bathroom units, each averaging approximately 650 square feet. The property includes four tuck-under carport parking spaces for covered tenant parking. The property is separately metered for gas and electricity. Ownership currently pays for water, sewer, and trash services. The location provides convenient access to retail, dining, and transportation amenities. The property is near Azusa Pacific University and Citrus College. Residents also benefit from proximity to the Metro A Line (Gold Line), providing connectivity throughout the San Gabriel Valley and into Downtown Los Angeles. The property offers convenient access to the 210 Freeway, allowing tenants efficient access to surrounding employment hubs across Los Angeles County.
Key Highlights
- Prime location in Azusa near Azusa Pacific University and Citrus College.
- Convenient access to the Metro A Line (Gold Line) for easy transportation.
- Proximity to the 210 Freeway, providing efficient access to employment hubs.
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
$45,248
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
4.31%
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%
$904,960
$905.0K
Cap Rate 7%
$646,400
$646.4K
Cap Rate 9%
$502,756
$502.8K
Market Conditions
NOI Build-Up for 2,591 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
$70.0K $27.00/SF
− Vacancy
−$5.3K −$2.05/SF
EGI
$64.6K $24.95/SF
− OpEx
−$19.4K −$7.48/SF
NOI
$45.2K $17.46/SF
Area
Los Angeles County, CA
Vacancy
7.60%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$904,960
Cap Rate 7%
$646,400
Cap Rate 9%
$502,756
Alternative Uses
Best Use
Multifamily LT 5
$646.4K
$565.6K – $754.1K
NOI $45,248 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$595.6K
$521.1K – $694.9K
NOI $41,691 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $97,105 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,146
Businesses Nearby
Explore this area
Business Placement
Demographics for 91702, CA
62,328
Population
18,218
Households
3.4
Avg Household Size
34
Median Age
24%
College-Educated
78%
High-School Grad
65.0 sq mi
ZIP Area
959
Density / Sq Mi
$87,577
Median Household Income
$35,714
Median Earnings
$1,847
Median Rent
$604,600
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?
Quadplex - Four-unit multifamily property in Azusa, California, near educational institutions.
Where is this quadplex located?
The property is located at 602 Cedarglen Azusa, CA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Prime location in Azusa near Azusa Pacific University and Citrus College.; Convenient access to the Metro A Line (Gold Line) for easy transportation.; Proximity to the 210 Freeway, providing efficient access to employment hubs.
