Mojave Multifamily Investment
For Sale
$650,000
16039 L Street, Mojave, CA 93501
MULTI_FAMILY - Mojave, CA
Property Size3,863 SF
Lot Size0.35 Acres
Price / SF$168.26
Days on Market96
Property Features for 16039 L Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3 Pd H F
Directions
The property is located between Belshaw St and Cerro Gordo St.
Subdivision
17 - Kern Co/Mojave/Cal C
Standard status
Active
APN
236-172-05
Size
3,863 SF
Lot size
0.35 Acres
Utilities
Cooling system
Ductless
Building Details
Year built
1944
Number of units
8
Building materials
Wood Siding, Shingle Siding
Listing Agency:
J&V Real Estate Group Inc.
(818) 522-4481
Listed By:
Virginia Meza · License #01783201
(818) 522-4481
Added: May 18
Changed: May 22
Last Checked: Aug 21 at 6:06PM
MLS# 26004021
Copyright © 2026 Greater Antelope Valley Association of Realtors. 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 residential income property features eight units in Mojave, California. The property is conveniently located near Highway 14, the Mojave Air & Space Port, and public transportation. The layout provides added privacy, as most units do not share common walls. Two units are currently leased. The property offers potential for future rental growth and value-add improvements. One unit, located at 16039 L St, is a spacious 2-bedroom unit featuring laundry hookups inside, a newer roof, and an updated kitchen and bathroom. Another unit, located at 16049 L St Unit C, features a fully renovated interior completed in 2025, including a newly remodeled kitchen and bathroom, plus in-unit laundry hookups. The unit at 16037 L St includes convenient in-unit laundry hookups. The property is zoned R-3 Pd H F and sits on a 0.35-acre lot. The property offers an opportunity to capitalize on the expanding High Desert rental market.
Key Highlights
- 8‑unit residential income property with strong rental potential
- Convenient location near Mojave Air & Space Port, Highway 14, and public transportation
- Most units offer private‑style living with minimal shared walls
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
$44,502
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
6.85%
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%
$890,040
$890.0K
Cap Rate 7%
$635,743
$635.7K
Cap Rate 9%
$494,467
$494.5K
Market Conditions
NOI Build-Up for 3,863 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
$83.4K $21.60/SF
− Vacancy
−$2.5K −$0.65/SF
EGI
$80.9K $20.95/SF
− OpEx
−$36.4K −$9.43/SF
NOI
$44.5K $11.52/SF
Area
Kern County, CA
Vacancy
3.03%
Lease Rate
$21.60 /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%
$890,040
Cap Rate 7%
$635,743
Cap Rate 9%
$494,467
Alternative Uses
Best Use
Apartment 5plus
$635.7K
$556.3K – $741.7K
NOI $44,502 @ 7.0% cap · market cap 6.85%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$825.2K
$722.1K – $962.8K
NOI $57,767 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
243
Businesses Nearby
Explore this area
Business Placement
Demographics for 93501, CA
5,772
Population
2,416
Households
2.4
Avg Household Size
35
Median Age
7%
College-Educated
74%
High-School Grad
222.0 sq mi
ZIP Area
26
Density / Sq Mi
$55,372
Median Household Income
$37,500
Median Earnings
$1,175
Median Rent
$183,400
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?
Apartment building - Eight-unit residential income property in Mojave, California, near Highway 14.
Where is this apartment building located?
The property is located at 16039 L Street Mojave, CA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 8‑unit residential income property with strong rental potential; Convenient location near Mojave Air & Space Port, Highway 14, and public transportation; Most units offer private‑style living with minimal shared walls
