Townhome-Style Multifamily
For Sale
$2,895,000
646 S Grand St, Orange, CA 92866
Eight one-bedroom, one-bath townhome-style units are distributed across three buildings on one lot with on-site parking and a community laundry room.
Property Size4,800 SF
Days on Market49
Property Features for 646 S Grand St
General Information
Standard status
Active
Size
4,800 SF
Total Parking Spaces
14
Property subtype
Commercial
Additional Details
Multifamily Units
8
Building Details
Building Size
4,800 SF
Year Built
1963
Stories
2
Units
8
Listing Agency:
Ricci Realty
(714) 633-3300
Listed By:
AJ Ricci · License #01011606
(714) 633-3300
Source:
Elliman
Added: Jul 13
Changed: Aug 15
Last Checked: Aug 29 at 1:08PM
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 Ricci Realty
Investment Insights
Based on property information with market context.
This for-sale multifamily property consists of eight one-bedroom, one-bath townhome-style units spread across three buildings on a single lot. Each unit features a ground-level living area with an attached kitchenette, with a bedroom and an attached full bathroom on the upper level. The property includes a community laundry room with an electric coin-op washer/dryer. Parking is provided via two separate garage areas for eight vehicles, plus six uncovered striped parking spaces.
The buildings are located in the Old Towne Orange area right next to Hart Park, with South Grand St serving as a walking pathway between Hart Park and the Old Towne Orange Plaza. The listing notes proximity to public transit and the 22 Freeway.
Tenants are described as long term, with all units currently on month-to-month leases.
The buildings are located in the Old Towne Orange area right next to Hart Park, with South Grand St serving as a walking pathway between Hart Park and the Old Towne Orange Plaza. The listing notes proximity to public transit and the 22 Freeway.
Tenants are described as long term, with all units currently on month-to-month leases.
Key Highlights
- 8 one‑bed, one‑bath townhome‑style units in the Old Towne Orange area
- Units are spread across 3 buildings on one lot
- On‑site parking includes 2 garage areas for 8 cars plus 6 uncovered striped parking spots
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
$85,067
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
2.94%
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%
$1,701,340
$1.7M
Cap Rate 7%
$1,215,243
$1.2M
Cap Rate 9%
$945,189
$945.2K
Market Conditions
NOI Build-Up for 4,800 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
$161.3K $33.60/SF
− Vacancy
−$6.6K −$1.38/SF
EGI
$154.7K $32.22/SF
− OpEx
−$69.6K −$14.50/SF
NOI
$85.1K $17.72/SF
Area
Orange, CA
Vacancy
4.10%
Lease Rate
$33.60 /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%
$1,701,340
Cap Rate 7%
$1,215,243
Cap Rate 9%
$945,189
Alternative Uses
Best Use
Apartment 5plus
$1.22M
$1.06M – $1.42M
NOI $85,067 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.02M
NOI $121,471 @ 7.0% cap · market cap 4.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,230
Businesses Nearby
Explore this area
Business Placement
Demographics for 92866, CA
15,935
Population
5,991
Households
2.7
Avg Household Size
36
Median Age
31%
College-Educated
85%
High-School Grad
1.9 sq mi
ZIP Area
8,387
Density / Sq Mi
$83,776
Median Household Income
$45,872
Median Earnings
$1,955
Median Rent
$892,200
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 - Eight one-bedroom, one-bath townhome-style units are distributed across three buildings on one lot with on-site parking and a community laundry room.
Where is this apartment building located?
The property is located at 646 S Grand St Orange, CA.
What is the asking price?
The asking price for this property is $2,895,000.
What are key features of this property?
This property features: 8 one‑bed, one‑bath townhome‑style units in the Old Towne Orange area; Units are spread across 3 buildings on one lot; On‑site parking includes 2 garage areas for 8 cars plus 6 uncovered striped parking spots
