Duplex with Equestrian
For Sale
$499,900
Pending
1216 Leisure, Frazier Park, CA 93225
MULTI_FAMILY - Frazier Park, CA
Property Size3,427 SF
Lot Size0.98 Acres
Days on Market94
Property Features for 1216 Leisure
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Laundry Room, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 3
Parking
4
Fireplace
1
Lot features
0-1 Unit/ Acre
Elementary school district
El Tejon Unified
Middle school district
El Tejon Unified
High school district
El Tejon Unified
Directions
Take Cuddy Valley West, turn left on Tecuya, Right on Whispering Pines, Left on Pinetree, Right on Leisure lane.
Subdivision
PPIN - Pinon Pines
Standard status
Pending
APN
25639514005
Size
3,427 SF
Lot size
0.98 Acres
Taxes and HOA fees
HOA Fee
$675 Annually
Building Details
Year built
2006
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Jennings Realty
(661) 242-6100
Listed By:
Jeffrey Mowry · License #01225345
(661) 204-1732
Added: May 16
Changed: Aug 9
Last Checked: Aug 17 at 7:06AM
MLS# SR26107218
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 2006-built duplex offers two separate units with generous layouts and attached garages. Unit A includes 2,181 square feet with 2 bedrooms and 1 3/4 bathrooms, featuring a spacious living room with a cozy wood-burning fireplace, a kitchen with granite counters, gas forced air heating plus radiant hydronic heating, and direct access to an attached 2-car garage. Unit B provides 1,246 square feet with 2 bedrooms and 1 bathroom, with an inviting living room with a gas fireplace, a kitchen with granite counters, radiant hydronic heating, and direct access to its own attached 2-car garage.
The property sits on 0.9778 acres of equestrian-zoned land, with a privacy-focused setting at the end of a quiet road and mountain views from multiple rooms. A composition roof and radiant/hydronic heating are in place for day-to-day comfort.
The combination of two-unit configuration, outdoor room for use, and equestrian zoning can fit a range of occupancy needs, including a multi-generational setup or a primary residence with an additional rental or guest unit.
The property sits on 0.9778 acres of equestrian-zoned land, with a privacy-focused setting at the end of a quiet road and mountain views from multiple rooms. A composition roof and radiant/hydronic heating are in place for day-to-day comfort.
The combination of two-unit configuration, outdoor room for use, and equestrian zoning can fit a range of occupancy needs, including a multi-generational setup or a primary residence with an additional rental or guest unit.
Key Highlights
- 0.9778‑acre lot zoned for equestrian use with mountain views
- Unit A: 2,181 SF, 2 beds, 1 3/4 baths, wood‑burning fireplace
- Unit A has granite counters, gas forced air plus radiant hydronic heating
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
$42,775
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
8.56%
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%
$855,500
$855.5K
Cap Rate 7%
$611,071
$611.1K
Cap Rate 9%
$475,278
$475.3K
Market Conditions
NOI Build-Up for 3,427 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
$62.9K $18.36/SF
− Vacancy
−$1.8K −$0.53/SF
EGI
$61.1K $17.83/SF
− OpEx
−$18.3K −$5.35/SF
NOI
$42.8K $12.48/SF
Area
Kern County, CA
Vacancy
2.88%
Lease Rate
$18.36 /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%
$855,500
Cap Rate 7%
$611,071
Cap Rate 9%
$475,278
Alternative Uses
Best Use
Multifamily LT 5
$611.1K
$534.7K – $712.9K
NOI $42,775 @ 7.0% cap · market cap 8.56%
Second Best
Apartment 5plus
$564.0K
$493.5K – $658.0K
NOI $39,479 @ 7.0% cap · market cap 7.90%
Theoretical Best
Warehouse
$732.1K
$640.6K – $854.1K
NOI $51,247 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Explore this area
Business Placement
Demographics for 93225, CA
4,775
Population
2,397
Households
2
Avg Household Size
45
Median Age
26%
College-Educated
90%
High-School Grad
112.0 sq mi
ZIP Area
43
Density / Sq Mi
$47,152
Median Household Income
$40,735
Median Earnings
$1,433
Median Rent
$334,100
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 - 2006-built duplex on nearly one acre, featuring two attached two-car garages, fireplaces, and equestrian-zoned land.
Where is this duplex located?
The property is located at 1216 Leisure Frazier Park, CA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 0.9778‑acre lot zoned for equestrian use with mountain views; Unit A: 2,181 SF, 2 beds, 1 3/4 baths, wood‑burning fireplace; Unit A has granite counters, gas forced air plus radiant hydronic heating
