32-Unit Apartment Building with Gated
For Sale
$7,200,000
918 W Romneya Drive, Anaheim, CA 92801
Multifamily community with townhome-style residences, covered parking, laundry, and landscaped common areas.
Property Size25,007 SF
Lot Size0.87 Acres
Price / SF$287.92
Days on Market13
Property Features for 918 W Romneya Drive
General Information
Standard status
Active
Size
25,007 SF
Net Rentable
25,007 SF
Lot size
0.87 Acres
Property subtype
Apartment
Additional Details
Multifamily Units
32
Amenities
gated access
covered parking
spa area
landscaped common areas
on-site laundry facilities
Building Details
Building Size
25,007 SF
Year Built
1975
Listing Agency:
Marcus & Millichap RE Invest
(949) 419-3200
Listed By:
Tyler Leeson · License #01451551
Source:
Kottandco
Added: Aug 7
Changed: Aug 18
Last Checked: Aug 19 at 3:52PM
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 Marcus & Millichap RE Invest
Investment Insights
Based on property information with market context.
Located at 918 W Romneya Drive in Anaheim, Nine-Eighteen Apartments contains 32 apartment homes across +-25,007 rentable square feet on a +-0.87-acre parcel. Built in 1975, the property includes select townhome-style residences with vaulted ceilings and a low-density site plan.
Property features include gated access, covered parking, a spa area, landscaped shared grounds, and on-site laundry facilities. The community is situated within an established Orange County multifamily corridor, with proximity to employment centers, transportation infrastructure, healthcare facilities, educational institutions, and regional entertainment destinations.
Property features include gated access, covered parking, a spa area, landscaped shared grounds, and on-site laundry facilities. The community is situated within an established Orange County multifamily corridor, with proximity to employment centers, transportation infrastructure, healthcare facilities, educational institutions, and regional entertainment destinations.
Key Highlights
- 32 apartment homes on a +-0.87‑acre parcel
- +-25,007 rentable square feet
- Constructed in 1975
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
$387,380
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
5.38%
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%
$7,747,600
$7.7M
Cap Rate 7%
$5,534,000
$5.5M
Cap Rate 9%
$4,304,222
$4.3M
Market Conditions
NOI Build-Up for 25,007 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
$735.2K $29.40/SF
− Vacancy
−$30.9K −$1.23/SF
EGI
$704.3K $28.17/SF
− OpEx
−$316.9K −$12.67/SF
NOI
$387.4K $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%
$7,747,600
Cap Rate 7%
$5,534,000
Cap Rate 9%
$4,304,222
Alternative Uses
Best Use
Apartment 5plus
$5.53M
$4.84M – $6.46M
NOI $387,380 @ 7.0% cap · market cap 5.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.97M
$6.97M – $9.29M
NOI $557,616 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32
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 - Multifamily community with townhome-style residences, covered parking, laundry, and landscaped common areas.
Where is this apartment building located?
The property is located at 918 W Romneya Drive Anaheim, CA.
What is the asking price?
The asking price for this property is $7,200,000.
What are key features of this property?
This property features: 32 apartment homes on a +-0.87‑acre parcel; +-25,007 rentable square feet; Constructed in 1975
