Two-Story Quadplex with
New
For Sale
$799,999
15845 Tokay, Victorville, CA 92395
Four two-bedroom apartments feature detached garages, open layouts, and access to a shared laundry room.
Property Size3,572 SF
Days on Market4
Property Features for 15845 Tokay
General Information
Standard status
Active
Size
3,572 SF
Total Parking Spaces
4
Property subtype
Investment
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
on-site laundry room
Building Details
Building Size
3,572 SF
Year Built
1986
Buildings
1
Stories
2
Units
4
Listing Agency:
Listed By:
Christina Laterreur
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 4:12AM
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 Christina Laterreur
Investment Insights
Based on property information with market context.
Built in 1986, this two-story quadplex contains four 2-bedroom, 1-bath apartments. Each residence has an open floor plan and a detached one-car garage, while common parking in front accommodates additional resident and guest vehicles. A shared laundry room serves the property and provides a centralized amenity for occupants.
The building is located at 15845 Tokay in Victorville, near shopping and schools. Its setting off the main street of Bear Valley provides access to nearby services, with a BikeScore of 53, a WalkScore of 49, and a TransitScore of 30. The property is offered for sale as a four-unit multifamily asset.
The building is located at 15845 Tokay in Victorville, near shopping and schools. Its setting off the main street of Bear Valley provides access to nearby services, with a BikeScore of 53, a WalkScore of 49, and a TransitScore of 30. The property is offered for sale as a four-unit multifamily asset.
Key Highlights
- Four 2‑bedroom, 1‑bath units in a two‑story building
- Built in 1986
- Each unit includes a detached one‑car garage
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
$41,245
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
5.16%
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%
$824,900
$824.9K
Cap Rate 7%
$589,214
$589.2K
Cap Rate 9%
$458,278
$458.3K
Market Conditions
NOI Build-Up for 3,572 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
$62.2K $17.40/SF
− Vacancy
−$3.2K −$0.90/SF
EGI
$58.9K $16.50/SF
− OpEx
−$17.7K −$4.95/SF
NOI
$41.2K $11.55/SF
Area
Victorville, CA
Vacancy
5.20%
Lease Rate
$17.40 /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%
$824,900
Cap Rate 7%
$589,214
Cap Rate 9%
$458,278
Alternative Uses
Best Use
Multifamily LT 5
$589.2K
$515.6K – $687.4K
NOI $41,245 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$515.1K
$450.7K – $601.0K
NOI $36,058 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$756.7K
$662.1K – $882.9K
NOI $52,971 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
331
Businesses Nearby
Explore this area
Business Placement
Demographics for 92395, CA
47,556
Population
16,394
Households
2.9
Avg Household Size
34
Median Age
15%
College-Educated
81%
High-School Grad
16.9 sq mi
ZIP Area
2,814
Density / Sq Mi
$57,407
Median Household Income
$34,627
Median Earnings
$1,478
Median Rent
$335,900
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?
Quadplex - Four two-bedroom apartments feature detached garages, open layouts, and access to a shared laundry room.
Where is this quadplex located?
The property is located at 15845 Tokay Victorville, CA.
What is the asking price?
The asking price for this property is $799,999.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units in a two‑story building; Built in 1986; Each unit includes a detached one‑car garage
