Anaheim Multifamily Investment
For Sale
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938 S Gilbuck Drive, Anaheim, CA 92802
Anaheim apartments near employment, recreation, retail, and education.
Property Size2,932 SF
Price / SF$559.35
Days on Market941
Property Features for 938 S Gilbuck Drive
General Information
Standard status
Active
Size
2,932 SF
Class
C
Property subtype
Multifamily
Zoning
Assessor
Net Operating Income
$72,104
Building Details
Year Built
1960
Buildings
1
Stories
1
Units
5
Listing Agency:
Kirklen Investment Group
Listed By:
Jason Kirklen · License #CA 01939655
Source:
Crexi
Added: Jan 31, 2024
Changed: Aug 26
Last Checked: Aug 29 at 12:19AM
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 Kirklen Investment Group
Investment Insights
Based on property information with market context.
The Gilbuck Apartments, constructed in 1960, are located in Anaheim, California. The property features single-story construction. The unit mix consists of 80% one-bedroom and 20% two-bedroom units. Carport parking is available for tenants. Utilities are individually metered. The location provides access to freeways, employment opportunities, recreational venues including public parks, movie theaters, and Disneyland, retail and shopping centers, and educational institutions.
Key Highlights
- Prime Anaheim location with high rental demand and strong rental growth.
- Excellent access to freeways and proximity to employment, recreational, retail, and educational opportunities.
- Desirable unit mix: 80% one‑bedroom and 20% two‑bedroom units.
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
$47,026
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
2.87%
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%
$940,520
$940.5K
Cap Rate 7%
$671,800
$671.8K
Cap Rate 9%
$522,511
$522.5K
Market Conditions
NOI Build-Up for 2,932 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
$89.7K $30.60/SF
− Vacancy
−$4.2K −$1.44/SF
EGI
$85.5K $29.16/SF
− OpEx
−$38.5K −$13.12/SF
NOI
$47.0K $16.04/SF
Area
ZIP 92802
Vacancy
4.70%
Lease Rate
$30.60 /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%
$940,520
Cap Rate 7%
$671,800
Cap Rate 9%
$522,511
Alternative Uses
Best Use
Apartment 5plus
$671.8K
$587.8K – $783.8K
NOI $47,026 @ 7.0% cap · market cap 2.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$888.1K
$777.1K – $1.04M
NOI $62,170 @ 7.0% cap · market cap 3.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
923
Businesses Nearby
Explore this area
Business Placement
Demographics for 92802, CA
41,914
Population
12,724
Households
3.3
Avg Household Size
35
Median Age
20%
College-Educated
69%
High-School Grad
4.6 sq mi
ZIP Area
9,112
Density / Sq Mi
$83,621
Median Household Income
$36,788
Median Earnings
$1,985
Median Rent
$721,700
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 - Anaheim apartments near employment, recreation, retail, and education.
Where is this apartment building located?
The property is located at 938 S Gilbuck Drive Anaheim, CA.
What is the asking price?
The asking price for this property is $1,640,000.
What are key features of this property?
This property features: Prime Anaheim location with high rental demand and strong rental growth.; Excellent access to freeways and proximity to employment, recreational, retail, and educational opportunities.; Desirable unit mix: **80% one‑bedroom and 20% two‑bedroom units.**
