Adelanto 10-Unit Duplex
For Sale
$360,000
12023 Chamberlaine Way, Adelanto, CA 92301
Ten-unit portfolio in Adelanto with immediate rental upside.
Property Size1,800 SF
Lot Size0.95 Acres
Days on Market256
Property Features for 12023 Chamberlaine Way
General Information
Standard status
Active
Size
1,800 SF
Lot size
0.95 Acres
Property subtype
Other
Building Details
Building Size
1,800 SF
Year Built
1982
Units
2
Listing Agency:
Le Investment Group
(909) 256-7889
Listed By:
DARREN CORREA
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:43PM
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 Le Investment Group
Investment Insights
Based on property information with market context.
This is a 10-unit portfolio, comprised of five separately parceled duplexes located in Adelanto, California. Constructed in 1982, the single-story properties span nearly one acre. The portfolio features a mix of 2-bedroom, 1-bathroom units, each approximately 900 square feet. The properties are currently operating at a 6.33% capitalization rate with potential for increased rental income, supporting a pro forma capitalization rate of 6.83%. Tenants are responsible for utilities. The parcel numbers are 0459-161-53, 0459-161-54, 0459-161-55, 0459-161-56, and 0459-161-57. This offering provides in-place cash flow and long-term appreciation in one of the High Desert's fastest-growing rental markets.
Key Highlights
- Strong in‑place cash flow with a 6.33% CAP rate and immediate rental upside to a 6.83% pro forma CAP.
- Portfolio of 10 units (five duplexes) on nearly one acre, offering scale and potential.
- Low‑maintenance, single‑story construction built in 1982.
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
$18,356
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
5.10%
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%
$367,120
$367.1K
Cap Rate 7%
$262,229
$262.2K
Cap Rate 9%
$203,956
$204.0K
Market Conditions
NOI Build-Up for 1,800 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
$27.9K $15.48/SF
− Vacancy
−$1.6K −$0.91/SF
EGI
$26.2K $14.57/SF
− OpEx
−$7.9K −$4.37/SF
NOI
$18.4K $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%
$367,120
Cap Rate 7%
$262,229
Cap Rate 9%
$203,956
Alternative Uses
Best Use
Multifamily LT 5
$262.2K
$229.5K – $305.9K
NOI $18,356 @ 7.0% cap · market cap 5.10%
Second Best
Apartment 5plus
$227.6K
$199.2K – $265.6K
NOI $15,935 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$379.7K
$332.2K – $443.0K
NOI $26,578 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
238
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
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 - Ten-unit portfolio in Adelanto with immediate rental upside.
Where is this duplex located?
The property is located at 12023 Chamberlaine Way Adelanto, CA.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Strong in‑place cash flow with a 6.33% CAP rate and immediate rental upside to a 6.83% pro forma CAP.; Portfolio of 10 units (five duplexes) on nearly one acre, offering scale and potential.; Low‑maintenance, single‑story construction built in 1982.
