Fully Remodeled Duplex with 1-Car
For Sale
$649,000
Pending
1851 W 23rd St, San Bernardino, CA 92407
MULTI_FAMILY - San Bernardino, CA
Property Size1,558 SF
Lot Size0.41 Acres
Days on Market110
Property Features for 1851 W 23rd St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Rooms
Bathroom 3, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 5
Parking features
Garage
Directions
PLEASE REFER TO GOOGLE MAPS
Subdivision
San Bernardino
Standard status
Pending
APN
0268-481-10-0000
Size
1,558 SF
Lot size
0.41 Acres
Utilities
Heating system
Heat Pump (Heating), Central
Cooling system
Central Air, Heat Pump
Amenities
laundry area
Building Details
Year built
1948
Floors in Building
1
Number of units
2
Listing Agency:
Dynasty Real Estate
(909) 373-2505
Listed By:
Eran Fattal · License #01304180
(747) 343-1266
Added: May 26
Changed: Aug 8
Last Checked: Sep 12 at 10:06AM
MLS# 26838601
Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully remodeled duplex offers a two-unit layout with 100% vacancy and a 1-car garage. Unit A features three bedrooms and 1.5 bathrooms, with central air/heat. Unit B features two bedrooms and 1 bathroom, with a brand-new heat pump/mini-split system. The home was updated with brand-new roofs, recessed lighting, new dual pane windows, and fresh interior and exterior paint.
The remodel includes new kitchen cabinets and counters for both units, along with new garbage disposals. Flooring has been updated with new waterproof vinyl in the living rooms, kitchens, and bedrooms. Bathrooms include new vanities and toilets, and both units have updated plumbing and electrical fixtures plus new light fixtures. Each unit has its own laundry area, and utilities are separated with two gas meters, two electrical meters, and two water meters.
Additional details include updated heating and cooling systems (central and heat pump/mini-split), and the property was built in 1948. It is located in North San Bernardino with easy freeway access.
The remodel includes new kitchen cabinets and counters for both units, along with new garbage disposals. Flooring has been updated with new waterproof vinyl in the living rooms, kitchens, and bedrooms. Bathrooms include new vanities and toilets, and both units have updated plumbing and electrical fixtures plus new light fixtures. Each unit has its own laundry area, and utilities are separated with two gas meters, two electrical meters, and two water meters.
Additional details include updated heating and cooling systems (central and heat pump/mini-split), and the property was built in 1948. It is located in North San Bernardino with easy freeway access.
Key Highlights
- 100% vacant two‑unit duplex with separate utilities (2 gas, 2 electric, 2 water meters)
- Unit A: 3 bedrooms, 1.5 bathrooms, central air/heat
- Unit B: 2 bedrooms, 1 bathroom, brand‑new heat pump/mini split system
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
$22,261
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
3.43%
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%
$445,220
$445.2K
Cap Rate 7%
$318,014
$318.0K
Cap Rate 9%
$247,344
$247.3K
Market Conditions
NOI Build-Up for 1,558 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
$33.7K $21.60/SF
− Vacancy
−$1.9K −$1.19/SF
EGI
$31.8K $20.41/SF
− OpEx
−$9.5K −$6.12/SF
NOI
$22.3K $14.29/SF
Area
San Bernardino, CA
Vacancy
5.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$445,220
Cap Rate 7%
$318,014
Cap Rate 9%
$247,344
Alternative Uses
Best Use
Multifamily LT 5
$318.0K
$278.3K – $371.0K
NOI $22,261 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$285.5K
$249.8K – $333.1K
NOI $19,984 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$469.2K
$410.6K – $547.4K
NOI $32,845 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
Explore this area
Business Placement
Demographics for 92407, CA
67,814
Population
19,029
Households
3.6
Avg Household Size
31
Median Age
19%
College-Educated
78%
High-School Grad
81.7 sq mi
ZIP Area
830
Density / Sq Mi
$83,662
Median Household Income
$38,967
Median Earnings
$1,771
Median Rent
$473,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex with both units fully remodeled, 100% vacant, each with its own laundry area and parking in a 1-car garage.
Where is this duplex located?
The property is located at 1851 W 23rd St San Bernardino, CA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 100% vacant two‑unit duplex with separate utilities (2 gas, 2 electric, 2 water meters); Unit A: 3 bedrooms, 1.5 bathrooms, central air/heat; Unit B: 2 bedrooms, 1 bathroom, brand‑new heat pump/mini split system
