Two-Unit Multifamily
For Sale
$419,000
20525 US Highway 395, Adelanto, CA 92301
Two detached residences offer separate living spaces, private well service, and an airport development zoning designation.
Property Size1,680 SF
Days on Market117
Property Features for 20525 US Highway 395
General Information
Standard status
Active
Size
1,680 SF
Property subtype
Investment
Building Details
Building Size
1,680 SF
Year Built
1947
Stories
1
Units
2
Listing Agency:
REALTY ONE GROUP ROADS
Listed By:
Peter Ghim · License #00937867
(909) 496-9936
Source:
Elliman
Added: May 9
Changed: Aug 30
Last Checked: Sep 1 at 10:29PM
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 REALTY ONE GROUP ROADS
Investment Insights
Based on property information with market context.
This multifamily property at 20525 US Highway 395 includes two detached houses on 3.65 acres. Each residence provides 2 bedrooms, 1 bathroom, and approximately 840 square feet. The front house is vacant and move-in ready, while both homes are offered in AS IS condition.
Water is supplied by an on-site well, with the pump recently replaced. A new fuse box has also been installed, and the property was built in 1947. The parcel is located within an ADD zoning district, identified as an Airport Development District. Prospective buyers and their agents may consult the city regarding possible alternative uses. The property is car-dependent, with a walk score of 0 and a bike score of 25.
Water is supplied by an on-site well, with the pump recently replaced. A new fuse box has also been installed, and the property was built in 1947. The parcel is located within an ADD zoning district, identified as an Airport Development District. Prospective buyers and their agents may consult the city regarding possible alternative uses. The property is car-dependent, with a walk score of 0 and a bike score of 25.
Key Highlights
- Two residences on a 3.65‑acre lot
- Each house has 2 bedrooms, 1 bathroom, and approximately 840 sq.ft.
- ADD zoning designation: Airport Development District
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
$14,873
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
3.55%
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%
$297,460
$297.5K
Cap Rate 7%
$212,471
$212.5K
Cap Rate 9%
$165,256
$165.3K
Market Conditions
NOI Build-Up for 1,680 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 $17.16/SF
− Vacancy
−$1.8K −$1.06/SF
EGI
$27.0K $16.10/SF
− OpEx
−$12.2K −$7.24/SF
NOI
$14.9K $8.85/SF
Area
San Bernardino County, CA
Vacancy
6.20%
Lease Rate
$17.16 /SF/Yr
Expense Ratio
45.00%
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%
$297,460
Cap Rate 7%
$212,471
Cap Rate 9%
$165,256
Alternative Uses
Best Use
Apartment 5plus
$212.5K
$185.9K – $247.9K
NOI $14,873 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$354.4K
$310.1K – $413.4K
NOI $24,806 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3
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?
Multifamily property - Two detached residences offer separate living spaces, private well service, and an airport development zoning designation.
Where is this multifamily property located?
The property is located at 20525 US Highway 395 Adelanto, CA.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Two residences on a 3.65‑acre lot; Each house has 2 bedrooms, 1 bathroom, and approximately 840 sq.ft.; ADD zoning designation: Airport Development District
