Duplex with Tandem
For Sale
$633,500
31194 Outer Highway 18 N, Running Springs, CA 92382
Running Springs, CA
Property Size2,880 SF
Lot Size0.14 Acres
Price / SF$219.97
Days on Market231
Property Features for 31194 Outer Highway 18 N
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
HT/RM
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Laundry Room, Bathroom 1, Kitchen, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4, Bathroom 4, Bathroom 3
Parking
4
Parking features
Garage, Open
Patio and Porch features
Deck
Interior features
Beamed Ceilings, Balcony, Block Walls, Ceiling Fan(s), 2 Staircases, Recessed Lighting, Storage, Tandem
Fireplace
1
Appliances
Microwave, Gas Water Heater, Gas Range, Gas Oven, Dishwasher
Subdivision
Upper Rowco (UPRW)
Lot features
2-5 Units/ Acre
Elementary school
Hoffman
Middle school
Mary Putnam
High school
Rim Of The World
Elementary school district
Rim of the World
Middle school district
Rim of the World
High school district
Rim of the World
Directions
From HWY 18 turn on Oakleak Dr. Left on Outer Hwy 18
Standard status
Active
APN
0328303020000
Size
2,880 SF
Lot size
0.14 Acres
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Water source
Public
Amenities
fenced yard
front deck
private deck
wood-burning stove
ceiling fans
Building Details
Year built
1984
Floors in Building
3
Number of units
2
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Keller Williams Realty
(714) 584-2700
Listed By:
David Fisk · License #02062398
(949) 610-9050
Added: Jan 1
Changed: Aug 19
Last Checked: Aug 20 at 6:06AM
MLS# OC25280016
Copyright © 2026 California Regional Multiple Listing Service, Inc. 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 duplex features two oversized 2-bedroom, 2-bath units, each with its own fenced yard and oversized tandem garage that includes an individual laundry area. Unit interiors are laid out with a large living area, an open kitchen with a breakfast bar, and a freestanding wood-burning stove on the main level. Each unit offers access to a large front deck, plus an upstairs primary bedroom with a private deck and a second bedroom and bath. Downstairs includes the roomy tandem garage space.
Built in 1984, the property is centrally located in Running Springs right off the main Highway 18, supporting convenient commuter access and year-round use. It is described as being about 12 minutes to Lake Arrowhead, 15 minutes to Snow Valley Ski Resort, about one and a half miles to the town center, and a few minutes from Sky Park at Santa’s Village.
Interior features include beamed ceilings, ceiling fans, recessed lighting, storage, and two staircases. The home has newer kitchen appliances and custom-designed countertops with luxury vinyl floors throughout, with gas range/oven and a dishwasher. Heating is listed as central, with public water and public sewer and a shingle roof. Zoning is HT/RM.
Built in 1984, the property is centrally located in Running Springs right off the main Highway 18, supporting convenient commuter access and year-round use. It is described as being about 12 minutes to Lake Arrowhead, 15 minutes to Snow Valley Ski Resort, about one and a half miles to the town center, and a few minutes from Sky Park at Santa’s Village.
Interior features include beamed ceilings, ceiling fans, recessed lighting, storage, and two staircases. The home has newer kitchen appliances and custom-designed countertops with luxury vinyl floors throughout, with gas range/oven and a dishwasher. Heating is listed as central, with public water and public sewer and a shingle roof. Zoning is HT/RM.
Key Highlights
- 0.1377‑acre lot with a 2,880 SF duplex
- Two identical 2‑bedroom, 2‑bath units, each described as 1,440 SF
- Oversized tandem garages with individual laundry areas and laundry hookups
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
$29,370
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
4.64%
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%
$587,400
$587.4K
Cap Rate 7%
$419,571
$419.6K
Cap Rate 9%
$326,333
$326.3K
Market Conditions
NOI Build-Up for 2,880 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
$44.6K $15.48/SF
− Vacancy
−$2.6K −$0.91/SF
EGI
$42.0K $14.57/SF
− OpEx
−$12.6K −$4.37/SF
NOI
$29.4K $10.20/SF
Area
San Bernardino County, CA
Vacancy
5.89%
Lease Rate
$15.48 /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%
$587,400
Cap Rate 7%
$419,571
Cap Rate 9%
$326,333
Alternative Uses
Best Use
Multifamily LT 5
$419.6K
$367.1K – $489.5K
NOI $29,370 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$364.2K
$318.7K – $424.9K
NOI $25,496 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$607.5K
$531.6K – $708.8K
NOI $42,525 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Explore this area
Business Placement
Demographics for 92382, CA
5,721
Population
4,006
Households
1.4
Avg Household Size
45
Median Age
36%
College-Educated
95%
High-School Grad
20.4 sq mi
ZIP Area
280
Density / Sq Mi
$85,208
Median Household Income
$53,164
Median Earnings
$1,731
Median Rent
$373,700
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?
Duplex - Duplex with two fenced yards, tandem garages with laundry areas, and central heating, zoned HT/RM near Highway 18.
Where is this duplex located?
The property is located at 31194 Outer Highway 18 N Running Springs, CA.
What is the asking price?
The asking price for this property is $633,500.
What are key features of this property?
This property features: 0.1377‑acre lot with a 2,880 SF duplex; Two identical 2‑bedroom, 2‑bath units, each described as 1,440 SF; Oversized tandem garages with individual laundry areas and laundry hookups
