Remodeled 4-Unit
New
For Sale
$675,000
10923 Aztec, Adelanto, CA 92301
Recently remodeled multifamily property with leased apartments and individual garages providing off-street parking for residents.
Property Size3,224 SF
Lot Size0.19 Acres
Price / SF$209.37
Days on Market2
Property Features for 10923 Aztec
General Information
Standard status
Active
Size
3,224 SF
Total Parking Spaces
4
Lot size
0.19 Acres
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Building Details
Building Size
3,224 SF
Year Built
1985
Buildings
1
Units
4
Listing Agency:
Equity Smart Real Estate Services
Listed By:
Hector Benavidez · License #01337609
(323) 702-5722
Source:
Elliman
Added: Sep 12
Last Checked: Sep 12 at 2:31PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Equity Smart Real Estate Services
Investment Insights
Based on property information with market context.
This four-unit multifamily property in Adelanto was built in 1985 and recently remodeled. The configuration includes two lower-level and two upper-level apartments, with each residence offering two bedrooms and one bathroom. All four units are currently rented, creating an occupied apartment asset with established tenancy.
The property sits on an approximately 8,100-square-foot lot and contains approximately 3,224 square feet of building area. Four individual one-car garages provide dedicated off-street parking, with one garage associated with each unit. Walk Score is 44 and Bike Score is 41, reflecting a car-dependent, somewhat bikeable setting.
The property sits on an approximately 8,100-square-foot lot and contains approximately 3,224 square feet of building area. Four individual one-car garages provide dedicated off-street parking, with one garage associated with each unit. Walk Score is 44 and Bike Score is 41, reflecting a car-dependent, somewhat bikeable setting.
Key Highlights
- Four 2‑bedroom, 1‑bathroom units, with two apartments downstairs and two upstairs
- All four units are currently rented
- Approximately 3,224 square feet of building area
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
$32,878
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
4.87%
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%
$657,560
$657.6K
Cap Rate 7%
$469,686
$469.7K
Cap Rate 9%
$365,311
$365.3K
Market Conditions
NOI Build-Up for 3,224 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
$49.9K $15.48/SF
− Vacancy
−$2.9K −$0.91/SF
EGI
$47.0K $14.57/SF
− OpEx
−$14.1K −$4.37/SF
NOI
$32.9K $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%
$657,560
Cap Rate 7%
$469,686
Cap Rate 9%
$365,311
Alternative Uses
Best Use
Multifamily LT 5
$469.7K
$411.0K – $548.0K
NOI $32,878 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$407.7K
$356.8K – $475.7K
NOI $28,542 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$680.1K
$595.1K – $793.4K
NOI $47,604 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
107
Businesses Nearby
Explore this area
Business Placement
Demographics for 92301, CA
38,912
Population
10,069
Households
3.9
Avg Household Size
29
Median Age
8%
College-Educated
73%
High-School Grad
224.8 sq mi
ZIP Area
173
Density / Sq Mi
$68,205
Median Household Income
$35,172
Median Earnings
$1,385
Median Rent
$316,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Recently remodeled multifamily property with leased apartments and individual garages providing off-street parking for residents.
Where is this quadplex located?
The property is located at 10923 Aztec Adelanto, CA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bathroom units, with two apartments downstairs and two upstairs; All four units are currently rented; Approximately 3,224 square feet of building area
