13-Unit Multifamily Apartment
New
For Sale
$4,300,000
704 S Webster Ave, Anaheim, CA 92804
RM-4-zoned apartment property with varied unit layouts, covered parking, storage cabinets, and on-site laundry.
Property Size11,562 SF
Lot Size0.49 Acres
Price / SF$371.91
Days on Market3
Property Features for 704 S Webster Ave
General Information
Standard status
Active
Size
11,562 SF
Total Parking Spaces
24
Lot size
0.49 Acres
Property subtype
Multifamily
Zoning
RM-4
Units
Unit Mix
4 x 1BR/1BA, 3 x 2BR/1BA, 6 x 2BR/2BA
Multifamily Units
13
Additional Details
Cap Rate
5.1%
Amenities
on-site laundry
storage cabinets
Well maintained asset
Mostly two-bedroom units
Ample parking – 24 spaces
On-site laundry room
Landlord Friendly City – Anaheim is Subject to AB1482 and Allows Higher Rental Increase Amounts than the City of Los Angeles or Unincorporated Los Angeles County
Building Details
Building Size
11,562 SF
Year Built
1978
Units
13
Listing Agency:
Encino Office
(818) 212-2694
Listed By:
Sev Keshishian · License #License(s): CA: 01887505
(818) 212-2694
Source:
Marcusmillichap
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 5:48AM
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 Encino Office
Investment Insights
Based on property information with market context.
This 13-unit apartment property was built in 1978 and contains 11,562 square feet on a 21,344-square-foot lot. The unit mix includes four 1-bedroom/1-bath units, three 2-bedroom/1-bath units, and six 2-bedroom/2-bath units. Select residences have been renovated, including unit 3 as the most recently updated unit. On-site features include a laundry room, 14 storage cabinets, and 24 parking spaces comprising surface, covered, and private spaces.
The property is located at 704 S. Webster Avenue in Anaheim, west of S. Brookhurst Street and between W. Orange Avenue and W. Ball Road. Shopping centers, schools, and places of business are nearby. The asset is zoned RM-4 and is subject to the statewide AB 1482 provisions governing annual rent increases.
The property is located at 704 S. Webster Avenue in Anaheim, west of S. Brookhurst Street and between W. Orange Avenue and W. Ball Road. Shopping centers, schools, and places of business are nearby. The asset is zoned RM-4 and is subject to the statewide AB 1482 provisions governing annual rent increases.
Key Highlights
- 13‑unit apartment property totaling 11,562 square feet
- Unit mix includes 4 1bed/1bath, 3 2bed/1bath, and 6 2bed/2bath units
- 24 parking spaces: 8 surface, 13 covered, and 3 private
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
$173,985
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
4.05%
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%
$3,479,700
$3.5M
Cap Rate 7%
$2,485,500
$2.5M
Cap Rate 9%
$1,933,167
$1.9M
Market Conditions
NOI Build-Up for 11,562 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
$333.0K $28.80/SF
− Vacancy
−$16.6K −$1.44/SF
EGI
$316.3K $27.36/SF
− OpEx
−$142.4K −$12.31/SF
NOI
$174.0K $15.05/SF
Area
ZIP 92804
Vacancy
5.00%
Lease Rate
$28.80 /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%
$3,479,700
Cap Rate 7%
$2,485,500
Cap Rate 9%
$1,933,167
Alternative Uses
Best Use
Apartment 5plus
$2.49M
$2.17M – $2.90M
NOI $173,985 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.62M
$3.17M – $4.22M
NOI $253,291 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
763
Businesses Nearby
Explore this area
Business Placement
Demographics for 92804, CA
86,127
Population
25,451
Households
3.4
Avg Household Size
36
Median Age
23%
College-Educated
76%
High-School Grad
7.1 sq mi
ZIP Area
12,131
Density / Sq Mi
$74,588
Median Household Income
$36,945
Median Earnings
$1,990
Median Rent
$729,700
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 - RM-4-zoned apartment property with varied unit layouts, covered parking, storage cabinets, and on-site laundry.
Where is this apartment building located?
The property is located at 704 S Webster Ave Anaheim, CA.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: 13‑unit apartment property totaling 11,562 square feet; Unit mix includes 4 1bed/1bath, 3 2bed/1bath, and 6 2bed/2bath units; 24 parking spaces: 8 surface, 13 covered, and 3 private
