Renovated Four-Unit Apartment
For Sale
$1,750,000
6022 Lime Ave, Cypress, CA 90630
Four-unit apartment property with a varied unit mix, individual electric metering, and dedicated covered parking.
Property Size3,846 SF
Price / SF$455.02
Days on Market42
Property Features for 6022 Lime Ave
General Information
Standard status
Active
Size
3,846 SF
Property subtype
Residential Income
Building Details
Year Built
1964
Listing Agency:
Matthews Real Estate Investment Services
(949) 200-7494
Listed By:
Kamfar Kyle Mirrafati
Source:
Propertyinpalmsprings
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 4:45PM
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 Matthews Real Estate Investment Services
Investment Insights
Based on property information with market context.
This four-unit apartment building contains 3,846 square feet on a 6,847-square-foot lot and was constructed in 1964. The configuration includes one three-bedroom, two-bath townhome and three two-bedroom, one-bath apartments. Four single-carport spaces provide dedicated parking. A new roof was installed in June 2026, while three units have received structural and cosmetic improvements that include updated bathrooms along with vinyl plank and ceramic tile flooring.
Each apartment has its own electric water heater, and electricity is individually metered. Residents are responsible for their hot water use, while ownership pays for water and trash. The property is near Cypress College and offers access to the 91, 605, 22, and 405 freeways.
Each apartment has its own electric water heater, and electricity is individually metered. Residents are responsible for their hot water use, while ownership pays for water and trash. The property is near Cypress College and offers access to the 91, 605, 22, and 405 freeways.
Key Highlights
- Four‑unit apartment building with 3,846 SF on a 6,847 SF lot
- Unit mix includes one 3‑bed, 2‑bath townhome and three 2‑bed, 1‑bath units
- New roof installed in June 2026
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
$81,124
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
4.64%
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%
$1,622,480
$1.6M
Cap Rate 7%
$1,158,914
$1.2M
Cap Rate 9%
$901,378
$901.4K
Market Conditions
NOI Build-Up for 3,846 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
$120.0K $31.20/SF
− Vacancy
−$4.1K −$1.07/SF
EGI
$115.9K $30.13/SF
− OpEx
−$34.8K −$9.04/SF
NOI
$81.1K $21.09/SF
Area
Orange County, CA
Vacancy
3.42%
Lease Rate
$31.20 /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%
$1,622,480
Cap Rate 7%
$1,158,914
Cap Rate 9%
$901,378
Alternative Uses
Best Use
Multifamily LT 5
$1.16M
$1.01M – $1.35M
NOI $81,124 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$1.05M
$917.6K – $1.22M
NOI $73,409 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,426 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,301
Businesses Nearby
Explore this area
Business Placement
Demographics for 90630, CA
49,965
Population
16,544
Households
3
Avg Household Size
41
Median Age
49%
College-Educated
91%
High-School Grad
6.2 sq mi
ZIP Area
8,059
Density / Sq Mi
$124,360
Median Household Income
$59,244
Median Earnings
$2,452
Median Rent
$866,400
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 apartment property with a varied unit mix, individual electric metering, and dedicated covered parking.
Where is this quadplex located?
The property is located at 6022 Lime Ave Cypress, CA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Four‑unit apartment building with 3,846 SF on a 6,847 SF lot; Unit mix includes one 3‑bed, 2‑bath townhome and three 2‑bed, 1‑bath units; New roof installed in June 2026
