Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$5,810,000
Industrial properties
2631 Michelle Dr Tustin, CA 92780-7049
Entity Owned
Absentee Owner
~
Est. High Equity
Property ID
US09-3057429
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1974
Total area
28,680 SF
Lot
7 ac (304,841 SF)
APN
432-471-18
UPID
US09-3057429
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
I-5 Self Storage Storage Facility
-
Dynachem Electronic Materials Big Box & Wholesale Store Building Supply
-
OC Moving Services Inc Moving Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$5.16M
Comparable Approach
Comparable
$3.72M
Blend (final)
Blend
$5.81M
Owner & transaction history
I 5 Space Solutions LLC
I 5 Space Solutions LLC
since 2025
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Tustin submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tustin submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$5,585,000
6.5%
$5,155,000
7%
$4,790,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$9,255,000
Current use
OFFICE BUILDING
$9,015,000
Change: -3% · Conversion: Difficult
Blend value · Realmo final
$5.81M
Range $5.23M – $6.39M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$203 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$279,437
Tax year 2024
Assessed value
$26,229,446
Assessed 2024
Previous assessed
$26,229,446
+0.0% YoY
Effective rate
1.07%
On assessed value
Assessed land
$12,757,388
Assessed improvement
$13,472,058
Applied tax rate
13.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
Off-Market
Year built
1974
Heating
NONE
Stories
2
Total area
28,680 SF
Lot
7 ac (304,841 SF)
APN
432-471-18
UPID
US09-3057429
Jurisdiction
ORANGE
Metro division
SANTA ANA-ANAHEIM-IRVINE, CA METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$9.3M
OFFICE BUILDING
Est. value
$9.0M
INDUSTRIAL (GENERAL) Current
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1974
Heating
NONE
Stories
2
Lot
7 ac
Current owner
From public records · entity-resolved
I 5 Space Solutions LLC
Entity
Mailing address
620 NEWPORT CTR DR, NEWPORT BEACH, CA 92660-6420
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 25, 2025
—
I 5 Space Solutions LLC
I 5 Self Storage LLC
Deed
related
$39,500,000 · 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
$23,500,000 · Keybank USA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 2631 Michelle Dr?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
