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    1018-1046 Tustin St Orange, CA 92867

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    1018-1046 Tustin St Orange, CA 92867

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    • Lifestyle centers
    • 18,885 SF
    • 1.05 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 1018-1046 Tustin St

    Year built
    1965
    Lot size
    1.05 lot acres
    Property size
    18,885 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    This 18,885 square foot shopping center, located at 1018-1046 North Tustin Street in Orange, CA 92867, presents a compelling value-add investment opportunity. Built in 1965 on a 1.05-acre lot, the property currently boasts 81% occupancy with a Net Operating Income (NOI) of $315,022, yielding a 6.00% cap rate. A significant upside potential exists, with a pro-forma NOI projected at $430,811 and a pro-forma cap rate of 8.21%. This potential is driven by below-market rents, offering immediate opportunities to increase revenue. Approximately 30% of tenants are on month-to-month leases, allowing for substantial rent increases. Further upside can be realized by enforcing the NNN lease terms to increase expense reimbursements and leasing the remaining 19% vacancy. The property features a multi-tenant configuration with an average unit size of 787 square feet, making it easily leasable. The tenant base is stable, with 68% operating at the center since 2018 or earlier, and 57% renewing or signing new leases since 2023. All tenants are service-based, providing resilience to online competition. The property benefits from a prime location on Tustin Street, adjacent to Katella Avenue and the 55 Freeway, serving a strong demographic with an average household income of $157,000 and a population of 517,000 within a 5-mile radius. The asking price is $5,250,000. The property's APN is 375-511-01. This is a Triple Net (NNN) lease property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Orange
    County
    Orange
    State
    California
    Longitude
    -117.836
    Latitude
    33.8045

    Comparable in this City

    • Value Estimation by Request
      0.20 Acres

      1349 Katella Ave

      MINI-MALL • 0.20 Acres
      1349 Katella Ave, Orange, CA 92867-5042
      View Details
    • Value Estimation
      $505,000
      3,920 SF

      1541 Katella Ave

      MINI-MALL • 3,920 SF
      1541 Katella Ave, Orange, CA 92867-5025
      View Details
    • Value Estimation
      $2,495,000
      8,540 SF

      272 Tustin St

      MINI-MALL • 8,540 SF
      272 Tustin St, Orange, CA 92867-7719
      View Details
    • Value Estimation
      $2,220,000
      15,741 SF

      1232 Tustin St

      MINI-MALL • 15,741 SF
      1232 Tustin St, Orange, CA 92867-5103
      View Details
    • Value Estimation
      $4,065,000
      22,960 SF

      1330 Glassell St

      MINI-MALL • 22,960 SF
      1330 Glassell St, Orange, CA 92867-3628
      View Details
    • Value Estimation
      $1,640,000
      9,130 SF

      909 Tustin St

      MINI-MALL • 9,130 SF
      909 Tustin St, Orange, CA 92867-5902
      View Details

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    Orange, CA 92867
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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