Anaheim Multi-Unit Market Update: What's Active, What Closed, and What the Numbers Say (July 2026)
If you're watching Anaheim's multi-unit market right now, the story isn't in the closed sales — it's in the active inventory. As of mid-July 2026, the MLS shows a substantial pool of income properties across every size tier, from duplexes under $800K to a 32-unit apartment building at $8.75M. What you won't find is a wave of recent closed comps clearing that inventory. The active listings are the market. Understanding what's sitting, what's been reduced, and what the income numbers actually look like is how you get a competitive edge — whether you're buying, selling, or trying to figure out where Anaheim fits in your investment strategy.
What's Active Right Now
Duplexes and Small Multi-Unit
The duplex end of the market has four active listings, ranging from $795,000 to $1.64M.
932 N Harbor is the entry-level play — listed at $795,000 (reduced from $822,500), pricing at $777/sqft. It's a straight duplex, no frills, and the price reduction signals seller motivation.
833 S Lemon St is the more analytically interesting duplex at $1,275,000. The seller has provided NOI of $62,800 on GSI of $70,800 — that's a tight expense ratio and a clean income picture. Investors who want to verify those numbers rather than take the seller's word for it should run their own underwriting. Before you write an offer on any multi-unit in Orange County or LA, here's what I check first — the pre-offer process matters more than most buyers realize.
2550 W Rowland Ave is listed at $1,639,750 (reduced from $1,720,000) and is the one duplex with an ADU already on the lot — a true three-income setup in a single asset. The listing notes a motivated seller. At 4,172 sqft of improvements, this is the largest small-unit offering in the active pool. More on the ADU angle below.
1121 N Anaheim is listed at $1,390,000, two units, and came back on market July 10 — a second stint on the MLS, which is worth noting during due diligence.
Triplex
One triplex is active: 2115 Broden St at $1,350,000, reduced from $1,500,000. The seller is reporting a 5.36% cap rate with NOI of $72,380 — if those numbers hold under independent verification, this is one of the more competitively priced income yields in the current Anaheim multi-unit pool. The HOA-managed structure is a point of differentiation; make sure you understand what the HOA covers and at what cost before you underwrite net operating income.
4-Unit Properties
The quadplex tier is where most of the inventory depth sits, and it's also where the most complexity lives.
The Guinida Lane Portfolio is the most structurally unusual listing in the active market. Three separate 4-unit buildings — 161, 167, and 175 W Guinida — are bundled into a mandatory portfolio sale totaling approximately $4.4M ($1,450,000 / $1,450,000 / $1,500,000). You cannot buy one without the others. For investors who want to build scale quickly, this is a single-close path to 12 units. For investors who aren't positioned for a $4.4M acquisition, it's off the table entirely. The all-or-nothing structure also means the seller's buyer pool is significantly narrower than three individual listings would suggest — which could create negotiating room for a well-capitalized buyer.
Beyond Guinida, the active 4-unit market includes:
1827 W Glencrest Ave — $1,575,000 (new listing 7/7/2026), Cap 4.38%, NOI $68,912
2942 W Floyd Ave — $1,720,000, NOI $57,886 (notable: Floyd's NOI trails several lower-priced listings — understand the expense load)
701 N Provential Dr — $1,775,000, NOI $83,570 (can be purchased together with 625 W Provential as a combined 8-unit portfolio at $3,550,000)
625 W Provential Dr — $1,775,000, NOI $86,647 (same portfolio pairing)
3126 E Orangethorpe — $1,829,000, GRM 15.95, NOI $83,266, rent control applies
1256 N Placentia — $1,450,000, NOI $75,965, rent control applies
302 E Wakefield — $1,750,000 (reduced from $1,850,000), NOI $99,000, rent control applies
1215 S Athena Way — $1,850,000, Cap 4.45%, NOI $82,272
The NOI spread across the 4-unit tier is telling. At the low end, Floyd's $57,886 NOI on a $1.72M price translates to a sub-3.4% cap rate based on ask — well below market. At the high end, Wakefield's $99,000 NOI on $1.75M (after the $100K reduction) is one of the stronger yield figures in the active pool.
5- and 6-Unit
Two 5-unit properties are active:
938 S Gilbuck Dr — $1,675,000 (reduced from $1,695,000), NOI $85,886, rent control applies
1110 N East — $1,525,000, 5 units, NOI $72,290
One 6-unit:
323 N Rose St — $1,850,000, reduced from $1,875,000 (originally listed at $1,985,000), NOI $115,500. This listing has been through two reductions totaling $135,000 off original ask. The NOI is strong for the size — $115,500 on a 6-unit in Anaheim is real money. The question for any buyer is why it hasn't moved, and whether the answer is price, condition, or tenant complexity.
Larger Assets (8–32 Units)
421 N Rose St — $2,850,000 (down from $3,420,000), 8 units, Cap 5.39%, NOI $153,593, rent control applies. The $570,000 price reduction is one of the sharpest cuts in this entire active inventory set. At 5.39%, this is near the top of the cap rate range for Anaheim right now, and the price history suggests the seller knows they've been chasing the market.
The 701 + 625 Provential Portfolio — Combined 8 units at $3,550,000, Cap 4.49%, NOI $159,232. Available individually or together.
1184 W Casa Grande Ave — $3,350,000, 9 units, Cap 5.15%, NOI $172,507, rent control applies. Near Disneyland — a detail that matters for long-term tenant demand in the area.
935 S Trident St — $4,999,000, 16 units, Cap 5.23%, NOI $261,210. A clean income profile at the $5M tier.
1602-1608 W Juno Ave — $4,750,000, 17 units, Cap 5.53%, NOI $262,821. The listing notes ADU creation potential — see the ADU section below.
119 S Fahrion Pl — $8,750,000, 32 units, Cap 5.23%, NOI $457,523, GRM 12.68. The largest asset in the active pool and the one that will require institutional-level financing or a very well-capitalized private buyer.
What Closed
The current MLS dataset for Anaheim multi-unit shows exclusively active inventory — no closed transactions appear in this pull. That's not necessarily unusual for a mid-month snapshot, but it does mean there's no recent closed-comp baseline to validate asking prices against. In a market where sellers are pricing to NOI multiples and cap rates, buyers have to do more independent income verification than they would in a comp-dense market.
This is consistent with what we're seeing across parts of Orange County right now: a meaningful volume of available inventory, but a slower pace of transactions as buyers and sellers negotiate a rate-environment gap. The Orange ADU market update for July 2026 and the Garden Grove July 2026 update both cover markets where closed comps are more visible — useful context if you're trying to calibrate Anaheim pricing against neighboring OC cities.
What the Numbers Say
Cap rate range: Where reported across the active inventory, Anaheim multi-unit cap rates run from approximately 4.38% (Glencrest 4-unit, new listing) to 5.53% (Juno 17-unit). The upper end of that range is competitive for Orange County. The lower end is a yield that makes sense only if you're betting on below-market rents with a value-add runway, or appreciating the land play rather than the income.
Price reductions: At least eight listings in this pool have been cut from original ask. The pattern of reductions — some modest, some significant — suggests sellers who came to market at aspirational pricing and have been adjusting toward where buyers are actually willing to transact. The 421 N Rose 8-unit (down $570K) and 323 N Rose 6-unit (down $135K from original) are the most visible examples.
NOI credibility: Reported NOI figures come from the seller. Before you build a model around them, verify gross scheduled income against actual leases, confirm vacancy and expense assumptions, and run your own underwriting. The gap between a seller-stated cap rate and a buyer-verified cap rate can be meaningful.
Portfolio requirements: The Guinida Lane package ($4.4M for 12 units) and the option to bundle Provential (8 units for $3.55M) both require investors to think in portfolio terms rather than single-asset terms. DSCR loan underwriting becomes especially relevant at this scale — the lender qualifies the property's income rather than your personal income, which changes what's accessible at $3.5M–$4.5M price points.
Rent Control: Know Before You Buy
Several active listings in this pool carry a rent control designation. Under California's AB 1482 Tenant Protection Act, most multi-family properties built before 2005 are subject to annual rent increase caps and just-cause eviction requirements statewide — regardless of whether a local city ordinance applies separately.
Properties flagged rent control in the current active inventory include:
3126 E Orangethorpe (4-unit)
1256 N Placentia (4-unit)
302 E Wakefield (4-unit)
938 S Gilbuck Dr (5-unit)
421 N Rose St (8-unit)
1184 W Casa Grande Ave (9-unit)
Rent control doesn't make these properties un-investable — but it does affect your value-add underwriting. If you're buying on a below-market-rent thesis, the rate at which you can close the gap between current rents and market rents is constrained. Model that timeline realistically. The reasons Anaheim multifamily listings don't sell often come back to sellers who haven't priced in the rent control discount — or buyers who didn't catch it until they were already in escrow.
The ADU Angle
Two listings in this pool have explicit ADU components worth calling out.
2550 W Rowland Ave is a duplex with an ADU already on the lot — a three-income setup at $1,639,750. This is the kind of asset that's hard to find in Orange County. State ADU law has made it easier to add units to existing lots, but properties that already have permitted ADUs built out and rented are a different category than properties where you'd be building a new unit from scratch. What you need to know before buying a property with an existing ADU covers the due diligence specifics — permit status, utility setup, financing implications — that matter on a purchase like this.
1602-1608 W Juno Ave (17 units, $4,750,000) notes ADU creation potential in the listing. At a 17-unit building, you're already in a category where traditional Fannie Mae financing is off the table and you're underwriting to NOI. The ADU creation note likely refers to the opportunity to add additional units under California's ADU streamlining laws, which allow qualifying multi-family properties to add detached ADUs in existing setback areas or parking spaces. If that ADU addition pencils, it's incremental NOI on a building already generating $262,821 annually. If you're looking at Juno as a buyer, get a detailed analysis of what's actually buildable on the lot before you attribute value to the ADU potential.
What This Market Is Telling Sellers
If you own a multi-unit in Anaheim and you're watching this active inventory, the picture is clear: the buyer pool is active and capable, but it is not overpaying. Eight price reductions in a single active inventory pull, several listings returning to market after failed escrows, and an absence of closed comps all point to a market where pricing to seller expectations isn't working. Pricing to verifiable income — and pricing it honestly — is what's moving deals.
If your Anaheim multi-unit has been sitting or if you're trying to understand where your asset fits relative to this comp set, the reasons multifamily homes in Anaheim don't sell — and how to price past them is a direct read.
What This Market Is Telling Buyers
Cap rates between 4.38% and 5.53% mean Anaheim is not a cash-flow-out-of-the-box market at current asking prices and today's rates — not for most buyers putting conventional leverage on the deal. The better frame is: what does this building yield at a realistic down payment, and what's the value-add runway if below-market rents exist?
The three SoCal investment benefits that stack into real wealth — cash flow, principal paydown, and appreciation — run simultaneously on assets like these. Anaheim doesn't deliver outsized immediate yield, but it delivers strong long-term fundamentals. If you're underwriting a 5-7 year hold and you can get into one of the reduced-price listings at a verified 5%+ cap, you're buying in a market with demonstrated demand, a constrained supply of multi-unit product, and ADU-era upside still available on the right assets.
If you want to run the numbers on any of these listings, I'm available. I track this market monthly.
Dylan Serna | ADU Specialist | adurealtor.net
