Occupied Triplex With Private
New
For Sale
$519,000
12623 Kiowa, Apple Valley, CA 92308
Three-unit property with updated interiors, shared laundry, and on-site parking near shopping, schools, and commuter routes.
Property Size1,862 SF
Days on Market4
Property Features for 12623 Kiowa
General Information
Standard status
Active
Size
1,862 SF
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA (approx 475 sq ft), 1 x 2BR/2BA (approx 912 sq ft)
Multifamily Units
3
Amenities
shared laundry room
Building Details
Building Size
1,862 SF
Year Built
1953
Stories
1
Units
3
Listing Agency:
(760) 242-6000
Listed By:
Sharon Cannon · License #01423980
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 10:25AM
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 Sharon Cannon
Investment Insights
Based on property information with market context.
Built in 1953, this Apple Valley triplex contains three occupied residences: two approximately 475-square-foot one-bedroom, one-bath units and one approximately 912-square-foot two-bedroom, two-bath unit. The larger residence includes a private one-car garage. Recent property improvements include a roof installed approximately 2 years ago, refreshed bathrooms, new flooring, replacement water heaters, and servicing of the septic system.
A shared laundry room with a washer and dryer serves the property, while ample parking and mature trees contribute to the site’s physical appeal. The owner covers water and trash; residents pay gas and electricity. Shopping, schools, and commuter routes are located nearby. Walk Score is 14, BikeScore is 28, and Transit Score is 25.
A shared laundry room with a washer and dryer serves the property, while ample parking and mature trees contribute to the site’s physical appeal. The owner covers water and trash; residents pay gas and electricity. Shopping, schools, and commuter routes are located nearby. Walk Score is 14, BikeScore is 28, and Transit Score is 25.
Key Highlights
- Three occupied units with two 1‑bedroom, 1‑bath residences and one 2‑bedroom, 2‑bath residence
- Two units are approximately 475 sq ft; the 2‑bedroom unit is approximately 912 sq ft
- Private one‑car garage attached to the 2‑bedroom, 2‑bath unit
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
$18,988
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
3.66%
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%
$379,760
$379.8K
Cap Rate 7%
$271,257
$271.3K
Cap Rate 9%
$210,978
$211.0K
Market Conditions
NOI Build-Up for 1,862 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
$28.8K $15.48/SF
− Vacancy
−$1.7K −$0.91/SF
EGI
$27.1K $14.57/SF
− OpEx
−$8.1K −$4.37/SF
NOI
$19.0K $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%
$379,760
Cap Rate 7%
$271,257
Cap Rate 9%
$210,978
Alternative Uses
Best Use
Multifamily LT 5
$271.3K
$237.4K – $316.5K
NOI $18,988 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$235.5K
$206.1K – $274.7K
NOI $16,484 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$392.8K
$343.7K – $458.2K
NOI $27,493 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
32
Businesses Nearby
Explore this area
Business Placement
Demographics for 92308, CA
42,469
Population
14,995
Households
2.8
Avg Household Size
41
Median Age
17%
College-Educated
87%
High-School Grad
103.2 sq mi
ZIP Area
412
Density / Sq Mi
$63,484
Median Household Income
$41,882
Median Earnings
$1,390
Median Rent
$360,800
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?
Triplex - Three-unit property with updated interiors, shared laundry, and on-site parking near shopping, schools, and commuter routes.
Where is this triplex located?
The property is located at 12623 Kiowa Apple Valley, CA.
What is the asking price?
The asking price for this property is $519,000.
What are key features of this property?
This property features: Three occupied units with two 1‑bedroom, 1‑bath residences and one 2‑bedroom, 2‑bath residence; Two units are approximately 475 sq ft; the 2‑bedroom unit is approximately 912 sq ft; Private one‑car garage attached to the 2‑bedroom, 2‑bath unit
