Corner Lot Commercial
For Sale
$1,590,000
649 655 W Commonwealth, Fullerton, CA 92832
High-visibility Fullerton commercial property with established tenant.
Property Size3,198 SF
Lot Size0.16 Acres
Days on Market138
Property Features for 649 655 W Commonwealth
General Information
Standard status
Active
Size
3,198 SF
Lot size
0.16 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$12,224
Building Details
Building Size
3,198 SF
Year Built
1952
Units
3
Listing Agency:
TNG Real Estate Consultants
(424) 777-5447
Listed By:
Halo You · License #02024034
(424) 777-5447
Source:
Elliman
Added: Mar 25
Changed: Aug 8
Last Checked: Jul 3 at 7:26PM
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 TNG Real Estate Consultants
Investment Insights
Based on property information with market context.
Located on a corner lot along W. Commonwealth Avenue, this commercial property at 649–655 W. Commonwealth Ave in Fullerton offers an opportunity to acquire a high-exposure asset in an active business area. The property benefits from dual street frontage, visibility, and traffic. Its corner positioning enhances exposure and accessibility, making it attractive for tenants and businesses seeking presence. Situated minutes from Downtown Fullerton, the property is surrounded by retail, dining, and residential areas, providing foot traffic and a customer base. A music school tenant has been operating at this location for over 20 years, providing occupancy, customer traffic, and community recognition, serving as an anchor tenant. The property consists of multiple units, offering flexibility for multi-tenant income, owner-user occupancy, or future repositioning. Investors will appreciate the existing tenant stability, while owner-users can capitalize on the high-visibility location. The property has access to major freeways and transportation routes, making the property accessible for customers, clients, and employees. The property is suitable for a variety of commercial uses.
Key Highlights
- High‑exposure corner lot location on W. Commonwealth Avenue with dual street frontage and excellent visibility.
- Established music school tenant with a 20+ year operating history provides stable occupancy and recurring income.
- Located in a high‑traffic area near Downtown Fullerton, surrounded by retail, dining, and residential areas.
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
$51,465
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
3.24%
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%
$1,029,300
$1.0M
Cap Rate 7%
$735,214
$735.2K
Cap Rate 9%
$571,833
$571.8K
Market Conditions
NOI Build-Up for 3,198 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
$76.8K $24.00/SF
− Vacancy
−$3.2K −$1.01/SF
EGI
$73.5K $22.99/SF
− OpEx
−$22.1K −$6.90/SF
NOI
$51.5K $16.09/SF
Area
Fullerton, CA
Vacancy
4.21%
Lease Rate
$24.00 /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%
$1,029,300
Cap Rate 7%
$735,214
Cap Rate 9%
$571,833
Alternative Uses
Best Use
Retail
$735.2K
$643.3K – $857.8K
NOI $51,465 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$899.8K – $1.20M
NOI $71,985 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,179
Businesses Nearby
126k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 57%
Shops & Services 30%
Home Improvements & Furnishings 11%
Apparel 2%
The Old Spaghetti Factory
Dining
35,057 visits/mo
0.3 miles
McDonald's
Dining
33,825 visits/mo
0.5 miles
Bank of America
Shops & Services
17,205 visits/mo
0.4 miles
Fullerton Ace Hardware
Home Improvements & Furnishings
13,666 visits/mo
0.3 miles
AMPM
Shops & Services
8,211 visits/mo
0.4 miles
Demographics for 92832, CA
26,277
Population
9,170
Households
2.9
Avg Household Size
35
Median Age
32%
College-Educated
82%
High-School Grad
2.9 sq mi
ZIP Area
9,061
Density / Sq Mi
$92,588
Median Household Income
$42,634
Median Earnings
$2,027
Median Rent
$773,100
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Joyce Studios Flower Shop — N Richman Ave, Fullerton, CA 92832
Frequently Asked Questions
What type of property is this?
Storefront property - High-visibility Fullerton commercial property with established tenant.
Where is this storefront property located?
The property is located at 649 655 W Commonwealth Fullerton, CA.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: High‑exposure corner lot location on W. Commonwealth Avenue with dual street frontage and excellent visibility.; Established music school tenant with a 20+ year operating history provides stable occupancy and recurring income.; Located in a high‑traffic area near Downtown Fullerton, surrounded by retail, dining, and residential areas.
