Mixed-Use Income
For Sale
$775,000
16 Tobias St, Kernville, CA
Two-story building with flexible first-floor retail space and three upstairs apartments.
Property Size5,570 SF
Price / SF$139.14
Days on Market159
Property Features for 16 Tobias St
General Information
Standard status
Active
Size
5,570 SF
Units
Multifamily Units
3
Office Units
3
Building Details
Stories
2
Listing Agency:
Miramar Realty - Lake Isabella
Listed By:
Julie Jones · License #01366537
(760) 417-2444
Source:
Exprealty
Added: Mar 31
Changed: Aug 20
Last Checked: Sep 4 at 11:55AM
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 Miramar Realty - Lake Isabella
Investment Insights
Based on property information with market context.
This two-story mixed-use income building combines a large first-floor commercial area with three apartments on the second floor. The ground level totals 3,300 square feet and is set up to be leased as one space or divided into three separate units. Each unit has its own electric meter, with shared access to restrooms and a laundry facility, plus private rear entrances and ample parking.
Upstairs, the building includes three rentable apartments. Units #1 and #2 are 440-square-foot layouts with a living area, kitchen, bedroom, and a 3/4 bath. Unit #3 is the largest, at 1,540 square feet, and was previously customized as the owner’s residence, with two bedrooms, two bathrooms, an office, a living room with vaulted ceilings, a propane fireplace, and access to a covered patio overlooking Circle Park. The upstairs units also share an outdoor deck.
A brand-new 50-year “Cool Roof” has been installed for long-term durability.
Upstairs, the building includes three rentable apartments. Units #1 and #2 are 440-square-foot layouts with a living area, kitchen, bedroom, and a 3/4 bath. Unit #3 is the largest, at 1,540 square feet, and was previously customized as the owner’s residence, with two bedrooms, two bathrooms, an office, a living room with vaulted ceilings, a propane fireplace, and access to a covered patio overlooking Circle Park. The upstairs units also share an outdoor deck.
A brand-new 50-year “Cool Roof” has been installed for long-term durability.
Key Highlights
- Two‑story commercial building in Kernville, CA, located right on Circle Park
- First floor offers 3,300 sq ft flexible retail space: lease as one unit or split into three with separate electric meters
- First‑floor layout includes shared restrooms and a laundry facility, plus private rear entrances and ample parking
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
$69,524
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
8.97%
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%
$1,390,480
$1.4M
Cap Rate 7%
$993,200
$993.2K
Cap Rate 9%
$772,489
$772.5K
Market Conditions
NOI Build-Up for 5,570 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
$102.3K $18.36/SF
− Vacancy
−$2.9K −$0.53/SF
EGI
$99.3K $17.83/SF
− OpEx
−$29.8K −$5.35/SF
NOI
$69.5K $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%
$1,390,480
Cap Rate 7%
$993,200
Cap Rate 9%
$772,489
Alternative Uses
Best Use
Multifamily LT 5
$993.2K
$869.1K – $1.16M
NOI $69,524 @ 7.0% cap · market cap 8.97%
Second Best
Apartment 5plus
$916.7K
$802.1K – $1.07M
NOI $64,167 @ 7.0% cap · market cap 8.28%
Theoretical Best
Warehouse
$1.19M
$1.04M – $1.39M
NOI $83,294 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
3
Residential units
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
Explore this area
Business Placement
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 - Two-story building with flexible first-floor retail space and three upstairs apartments.
Where is this triplex located?
The property is located at 16 Tobias St Kernville, CA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Two‑story commercial building in Kernville, CA, located right on Circle Park; First floor offers 3,300 sq ft flexible retail space: lease as one unit or split into three with separate electric meters; First‑floor layout includes shared restrooms and a laundry facility, plus private rear entrances and ample parking
