12-Unit Renovated Apartment
For Sale
$5,265,000
875 N Olive, Orange, CA 92867
Renovated apartments offer air conditioning, updated residences, and a new central boiler system near Old Towne Orange.
Property Size9,715 SF
Days on Market102
Property Features for 875 N Olive
General Information
Standard status
Active
Size
9,715 SF
Property subtype
Mixed Use
Property Condition
Severity
Repairs Needed
Evidence
minimal deferred maintenance
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
11 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
12
Amenities
AC
Building Details
Building Size
9,715 SF
Year Built
1993
Listing Agency:
R L M Equities
(949) 862-1020
Listed By:
Randall Mycorn · License #02078223
Source:
Velocityrealtysd
Added: May 20
Changed: Aug 29
Last Checked: Aug 15 at 9:01AM
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 R L M Equities
Investment Insights
Based on property information with market context.
This 12-unit apartment property includes ten original 1993-built two-bedroom, two-bath residences with dual-master layouts and AC. Five single-car garages were fully permitted for conversion into two additional units completed in 2026: one two-bedroom, two-bath residence and one ADA-compliant one-bedroom, one-bath residence. The original units were renovated and leased in 2025. A new energy-efficient central boiler system supports the property, which is described as having minimal deferred maintenance.
Located at 875 N Olive in Orange, the property sits just north of Chapman Avenue near the historic Old Towne Orange Circle. Dining, retail, and entertainment are nearby, while Chapman University, the Orange Metrolink Station, and major freeways provide access to surrounding employment, education, and transportation destinations.
Located at 875 N Olive in Orange, the property sits just north of Chapman Avenue near the historic Old Towne Orange Circle. Dining, retail, and entertainment are nearby, while Chapman University, the Orange Metrolink Station, and major freeways provide access to surrounding employment, education, and transportation destinations.
Key Highlights
- 12 total apartment units, including ten original residences and two units completed in 2026
- Ten 2‑bed/2‑bath dual‑master units built in 1993 and renovated
- Two additional units converted from five single‑car garages
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
$172,172
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
3.27%
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%
$3,443,440
$3.4M
Cap Rate 7%
$2,459,600
$2.5M
Cap Rate 9%
$1,913,022
$1.9M
Market Conditions
NOI Build-Up for 9,715 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
$326.4K $33.60/SF
− Vacancy
−$13.4K −$1.38/SF
EGI
$313.0K $32.22/SF
− OpEx
−$140.9K −$14.50/SF
NOI
$172.2K $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%
$3,443,440
Cap Rate 7%
$2,459,600
Cap Rate 9%
$1,913,022
Alternative Uses
Best Use
Apartment 5plus
$2.46M
$2.15M – $2.87M
NOI $172,172 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.51M
$3.07M – $4.10M
NOI $245,853 @ 7.0% cap · market cap 4.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,073
Businesses Nearby
Explore this area
Business Placement
Demographics for 92867, CA
44,927
Population
13,693
Households
3.3
Avg Household Size
36
Median Age
40%
College-Educated
88%
High-School Grad
12.0 sq mi
ZIP Area
3,744
Density / Sq Mi
$125,799
Median Household Income
$50,744
Median Earnings
$2,209
Median Rent
$951,000
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 - Renovated apartments offer air conditioning, updated residences, and a new central boiler system near Old Towne Orange.
Where is this apartment building located?
The property is located at 875 N Olive Orange, CA.
What is the asking price?
The asking price for this property is $5,265,000.
What are key features of this property?
This property features: 12 total apartment units, including ten original residences and two units completed in 2026; Ten 2‑bed/2‑bath dual‑master units built in 1993 and renovated; Two additional units converted from five single‑car garages
