Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2631 Michelle Dr Tustin, CA 92780-7049
    Back to Search
    Property profile & analytics

    2631 Michelle Dr, Tustin, CA 92780-7049

    View on Map
    • Industrial properties
    • 28,680 SF
    • 7.00 lot acres
    Off-Market
    Property ID
    US09-3057429
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $5,810,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • I-5 Self Storage / Storage Facility
    • Dynachem Electronic Materials / Big Box & Wholesale Store / Building Supply
    • OC Moving Services Inc / Moving Company

    Property Details for 2631 Michelle Dr

    Year built
    1974
    Lot size
    7.00 lot acres
    Property type
    Industrial properties
    APN
    432-471-18
    APU
    43247118

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Nov 25, 2025 — I 5 Space Solutions LLC I 5 Self Storage LLC Deed · related $39.5M · Morgan Stanley Bank NA
    Apr 9, 2004 — 1-5 Self Storage LLC Morton International INC Grant Deed · related —
    Jun 24, 1998 — Morton Intl New, Grant Deed · related —
    May 8, 1997 — New Morton Intl Morto, Quit Claim Deed · related —
    Jul 18, 1989 — Morton Intl INC Morton Thiokol I Quit Claim Deed · related —
    — — I-5 Self Storage LLC — Loan Modification · related —
    — — I-5 Self Storage LLC — Deed Of Trust · related $23.5M · Keybank USA

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,585,000
      6.5%
      $5,155,000
      7%
      $4,790,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,715,000
      Market price range: $718k - $3.72M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $9,255,000
      Current use
      OFFICE BUILDING
      $9,015,000
      Change: -3% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Tustin
    County
    Orange
    State
    California
    Longitude
    -117.801
    Latitude
    33.7222
    CBSA code
    31080
    CBSA name
    LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $279,437
    $12,757,388
    $13,472,058
    $26,229,446
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request

      1155 Warner Ave

      CONDOMINIUMS (INDUSTRIAL)
      1155 Warner Ave, Tustin, CA 92780-6458
      View Details
    • Value Estimation by Request

      2492 Walnut Ave Ste, Unit 105

      CONDOMINIUMS (INDUSTRIAL)
      2492 Walnut Ave Ste, Tustin, CA 92780-6953
      View Details
    • Value Estimation by Request
      6.10 Acres

      1111 Bell Ave

      INDUSTRIAL (GENERAL)
      1111 Bell Ave, Tustin, CA 92780-6463
      View Details
    • Value Estimation by Request
      0.15 Acres

      2895 Edinger Ave

      INDUSTRIAL (GENERAL)
      2895 Edinger Ave, Tustin, CA 92780-7257
      View Details
    • Value Estimation
      $10,440,000
      59,997 SF

      14152 Chambers Rd

      INDUSTRIAL (GENERAL)
      14152 Chambers Rd, Tustin, CA 92780
      View Details
    • Value Estimation
      $5,005,000
      39,443 SF

      1200 Edinger Ave

      INDUSTRIAL (GENERAL)
      1200 Edinger Ave, Tustin, CA 92780-6411
      View Details

    Similar Nearby for Sale

    • $4,520,200

      Industrial R&D Building For Sale

      Industrial R&D building with office and warehouse space. Leased.
      1173 Warner Ave, Tustin, CA 92780
      View Details
    • Contact for pricing
      7,028 SF

      Tustin Creative Space For Sale

      Two-story creative office space with storage in Tustin, California.
      15131 Woodlawn Ave, Tustin, CA 92780
      View Details
    • $2,250,000
      Pending

      Tustin Mixed-Use Commercial Building

      Two-level building with retail, office, and warehouse space.
      3045 Edinger Ave, Tustin, CA 92780
      View Details
    • Contact for pricing
      150,493 SF

      Industrial Building Near 5 Freeway

      Class A industrial building with office space and truck court.
      14401 Myford Rd, Tustin, CA 92780
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Tustin Commercial Space For Lease

      Mixed-use, office, and industrial spaces available for lease in Tustin.
      15201 Woodlawn Ave, Tustin, CA 92780
      View Details
    • Contact for pricing
      134,004 SF

      Tustin Warehouse Space Available

      134,004 sq ft warehouse space for lease.
      1101 Bell Ave, Tustin, CA 92780
      View Details
    • Contact for pricing
      11,370 SF

      Tustin Warehouse with Truck Well

      Industrial warehouse space available for sublease through July 2029.
      14751 Franklin Ave, Tustin, CA 92780
      View Details
    • Contact for pricing
      311,770 SF

      Freeway Frontage Industrial Buildings

      Two Class A industrial buildings with freeway frontage available for lease.
      1101 Valencia Ave, Tustin, CA 92780
      View Details
    • Contact for pricing

      Tustin Industrial Building For Lease

      56,190 SF free-standing industrial building with corporate office space.
      Tustin, CA 92780
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2631 Michelle Dr
    Tustin, CA 92780-7049
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2631 Michelle Dr, Tustin, CA, 92780
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!