Three-Home Multifamily
For Sale
$1,200,000
18518 Pellisier Road, Tehachapi, CA 93561
Residential Income, Tehachapi, CA
Property Size5,458 SF
Lot Size20.22 Acres
Price / SF$219.86
Days on Market44
Property Features for 18518 Pellisier Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
A
Bedrooms
9
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 8, Bathroom 5, Bathroom 2, Bedroom 6, Bathroom 4, Bedroom 2, Bedroom 9, Bathroom 6, Bedroom 3, Bedroom 7, Bathroom 7, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 1
Directions
Banducci to Comanche to Pellisier
Subdivision
96 - Out of Area North
Standard status
Active
APN
376-130-06
Size
5,458 SF
Lot size
20.22 Acres
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
horse facilities
barns
storage structures
Building Details
Year built
1989
Number of units
3
Building materials
Frame
Roof type
Composition
Listing Agency:
RE/MAX All-Pro · RE/MAX International
(661) 945-9461
Listed By:
Lorena Semerenko · License #01960907
(661) 202-0015
Added: Jul 14
Changed: Aug 19
Last Checked: Aug 26 at 2:06PM
MLS# 26005484
Copyright © 2026 Greater Antelope Valley Association of Realtors. 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 multifamily property includes three detached homes totaling 5,458 square feet. The residences provide a combined 9 bedrooms and 7 bathrooms, with layouts ranging from a four-bedroom, three-bath home to two- and three-bedroom residences. Built in 1989, the improvements feature frame construction, composition roofing, central heating, and central air conditioning.
Set across 20.22 acres in Cummings Valley near Tehachapi, the property offers level, usable grounds with mountain and valley views. The land is fully fenced and cross-fenced, and a private well serves the residences and acreage. Existing horse facilities, barns, and multiple storage structures support equestrian use, animal management, equipment storage, and other rural property needs.
The three residences are configured for rental occupancy, extended-family living, or a shared family compound. The combination of separate homes, expansive acreage, water service, and existing outbuildings creates a flexible multifamily holding with substantial outdoor space.
Set across 20.22 acres in Cummings Valley near Tehachapi, the property offers level, usable grounds with mountain and valley views. The land is fully fenced and cross-fenced, and a private well serves the residences and acreage. Existing horse facilities, barns, and multiple storage structures support equestrian use, animal management, equipment storage, and other rural property needs.
The three residences are configured for rental occupancy, extended-family living, or a shared family compound. The combination of separate homes, expansive acreage, water service, and existing outbuildings creates a flexible multifamily holding with substantial outdoor space.
Key Highlights
- Three residences with 5,458 square feet of combined living space
- 20.22 acres of flat, usable land in Cummings Valley
- Combined layout includes 9 bedrooms and 7 bathrooms
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
$62,876
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
5.24%
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%
$1,257,520
$1.3M
Cap Rate 7%
$898,229
$898.2K
Cap Rate 9%
$698,622
$698.6K
Market Conditions
NOI Build-Up for 5,458 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
$117.9K $21.60/SF
− Vacancy
−$3.6K −$0.65/SF
EGI
$114.3K $20.95/SF
− OpEx
−$51.4K −$9.43/SF
NOI
$62.9K $11.52/SF
Area
Kern County, CA
Vacancy
3.03%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
45.00%
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%
$1,257,520
Cap Rate 7%
$898,229
Cap Rate 9%
$698,622
Alternative Uses
Best Use
Apartment 5plus
$898.2K
$786.0K – $1.05M
NOI $62,876 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.17M
$1.02M – $1.36M
NOI $81,619 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 93561, CA
31,091
Population
13,876
Households
2.2
Avg Household Size
42
Median Age
28%
College-Educated
92%
High-School Grad
301.8 sq mi
ZIP Area
103
Density / Sq Mi
$86,149
Median Household Income
$52,088
Median Earnings
$1,299
Median Rent
$377,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three detached residences with shared acreage, private water service, equestrian improvements, and income-producing occupancy.
Where is this multifamily property located?
The property is located at 18518 Pellisier Road Tehachapi, CA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three residences with 5,458 square feet of combined living space; 20.22 acres of flat, usable land in Cummings Valley; Combined layout includes 9 bedrooms and 7 bathrooms
