Redevelopment Multifamily Community
For Sale
Contact for pricing
811 W Romneya Dr, Anaheim, CA 92801
19-unit multifamily property with 100% occupancy and approved plans for a 40-unit redevelopment plus clubhouse.
Property Size49,353 SF
Lot Size1.14 Acres
Price / SF$192.39
Days on Market162
Property Features for 811 W Romneya Dr
General Information
Standard status
Active
Size
49,353 SF
Lot size
1.14 Acres
Property subtype
Multifamily
Occupancy
100%
Investment Type
Redevelopment
Additional Details
Multifamily Units
19
Building Details
Year Built
1977
Buildings
1
Units
41
Listing Agency:
Alliance Investment Real Estate Group
Listed By:
Ruben Khorsandi · License #01085411
(949) 250-0400
Source:
Crexi
Added: Mar 28
Changed: Aug 8
Last Checked: Sep 1 at 8:57PM
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 Alliance Investment Real Estate Group
Investment Insights
Based on property information with market context.
Offered for sale is a 19-unit multifamily community originally constructed in 1977 and currently 100% occupied. The existing property is configured with 10 two-bedroom units, 1 three-bedroom unit, and 8 one-bedroom units, and is separately metered. Seller-provided pre-development materials include all approved plans and reports available at close of escrow, including MEP plans, engineering, Title 24 compliance, and soil reports, with the buyer to obtain permits prior to commencing redevelopment.
The redevelopment plan calls for a 40-unit residential project plus a clubhouse. The clubhouse may be converted into an additional one (1) ADU consisting of a two-bedroom, two-bath unit without requiring additional parking. The proposed unit mix includes 39 two-bedroom, two-bath units and 2 three-bedroom, two-bath units. The plan provides approximately 104 parking spaces, including subterranean and surface-level parking.
Additional project features noted in the materials include a gated community layout, in-unit side-by-side washer and dryer hookups, individually served tankless water heaters, central air conditioning, solar power, and EV charging capability in a significant number of parking spaces. The plans also reflect nine-foot ceilings and eight-foot doors throughout all units.
The redevelopment plan calls for a 40-unit residential project plus a clubhouse. The clubhouse may be converted into an additional one (1) ADU consisting of a two-bedroom, two-bath unit without requiring additional parking. The proposed unit mix includes 39 two-bedroom, two-bath units and 2 three-bedroom, two-bath units. The plan provides approximately 104 parking spaces, including subterranean and surface-level parking.
Additional project features noted in the materials include a gated community layout, in-unit side-by-side washer and dryer hookups, individually served tankless water heaters, central air conditioning, solar power, and EV charging capability in a significant number of parking spaces. The plans also reflect nine-foot ceilings and eight-foot doors throughout all units.
Key Highlights
- 19‑unit multifamily community on approx. 1.14 acres, originally built in 1977, and currently 100% occupied
- Approved plans for a 40‑unit residential development plus a clubhouse (clubhouse may convert to an additional 1 ADU 2BD/2BA without additional parking)
- Approved redevelopment totals approx. 44,284 SF total living space and includes approx. 104 parking spaces (subterranean and surface); underground garage approx. 20,829 SF
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
$764,520
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
8.05%
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%
$15,290,400
$15.3M
Cap Rate 7%
$10,921,714
$10.9M
Cap Rate 9%
$8,494,667
$8.5M
Market Conditions
NOI Build-Up for 49,353 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
$1.45M $29.40/SF
− Vacancy
−$60.9K −$1.23/SF
EGI
$1.39M $28.17/SF
− OpEx
−$625.5K −$12.67/SF
NOI
$764.5K $15.49/SF
Area
ZIP 92801
Vacancy
4.20%
Lease Rate
$29.40 /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%
$15,290,400
Cap Rate 7%
$10,921,714
Cap Rate 9%
$8,494,667
Alternative Uses
Best Use
Apartment 5plus
$10.92M
$9.56M – $12.74M
NOI $764,520 @ 7.0% cap · market cap 8.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$15.72M
$13.76M – $18.34M
NOI $1,100,493 @ 7.0% cap · market cap 11.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19
Residential units
Location Intelligence
Trade Area within ½ mile
1,480
Businesses Nearby
Explore this area
Business Placement
Demographics for 92801, CA
63,163
Population
19,519
Households
3.2
Avg Household Size
34
Median Age
21%
College-Educated
73%
High-School Grad
6.3 sq mi
ZIP Area
10,026
Density / Sq Mi
$78,477
Median Household Income
$37,516
Median Earnings
$1,977
Median Rent
$632,600
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?
Apartment building - 19-unit multifamily property with 100% occupancy and approved plans for a 40-unit redevelopment plus clubhouse.
Where is this apartment building located?
The property is located at 811 W Romneya Dr Anaheim, CA.
What is the asking price?
The asking price for this property is $9,495,000.
What are key features of this property?
This property features: 19‑unit multifamily community on approx. 1.14 acres, originally built in 1977, and currently 100% occupied; Approved plans for a 40‑unit residential development plus a clubhouse (clubhouse may convert to an additional 1 ADU 2BD/2BA without additional parking); Approved redevelopment totals approx. 44,284 SF total living space and includes approx. 104 parking spaces (subterranean and surface); underground garage approx. 20,829 SF
