Multifamily Property with Private
For Sale
$1,998,000
16102 Muni Rd, Apple Valley, CA 92307
Seven-unit apartment complex plus a detached two-story house, with private garages, onsite laundry, and ample on-site parking.
Property Size8,764 SF
Price / SF$222
Days on Market173
Property Features for 16102 Muni Rd
General Information
Standard status
Active
Size
8,764 SF
Total Parking Spaces
20
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
7
Amenities
onsite laundry
Excellent Desert Knolls Location
A large 2,000 S.F. owner-user 3 bedroom, 2.5 bath townhome
Desirable unit mix includes all 2 and 3 bedroom floor plans
Updated interiors, newer windows, copper plumbing, central air conditioning/heating, and dishwashers
Individual garages with remote-controlled access and an on-site laundry facility
Individually metered for gas and electricity | Individual hot water heaters
Population of 112,234 & median household income of $75,363 within a 5 mile radius
Positioned to benefit from the Brightline West High-Speed Rail project and continued economic growth throughout the Victor Valley
Building Details
Building Size
8,764 SF
Units
8
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Inland Empire
Listed By:
Douglas McCauley · License #License(s): CA: 01155706
(626) 695-6776
Source:
Marcusmillichap
Added: Apr 11
Changed: Sep 9
Last Checked: Sep 30 at 9:03AM
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 Marcus & Millichap - Inland Empire
Investment Insights
Based on property information with market context.
This income property includes multiple structures on a triangular lot of over half an acre. The community features seven residential units: 2-bedroom apartments with either two or two-and-a-half baths, including four two-story townhome-style units. In addition, there is a spacious two-story 3-bedroom, 2-bath house with a backyard, a two-car garage, and views of city lights and the high desert mountain ranges.
The property is located north of the 18 near St. Mary Medical Center. Parking is supported by a newly paved concrete lot upfront with 11 additional parking spaces, plus dedicated garage parking. Each apartment has a one-car private garage, and there is onsite laundry for resident convenience. The configuration is designed to support both owner-user and absentee ownership.
The property is located north of the 18 near St. Mary Medical Center. Parking is supported by a newly paved concrete lot upfront with 11 additional parking spaces, plus dedicated garage parking. Each apartment has a one-car private garage, and there is onsite laundry for resident convenience. The configuration is designed to support both owner-user and absentee ownership.
Key Highlights
- 7‑unit apartment complex plus detached two‑story house on a half‑acre triangular lot
- Unit mix: seven 2‑bedroom units (four with 2.5 baths; three with 2 baths) plus a 3‑bedroom, 2‑bath, 2‑story house
- Onsite laundry and ample parking, including newly paved concrete front lot and 11 total spaces upfront
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
$79,676
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
3.99%
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%
$1,593,520
$1.6M
Cap Rate 7%
$1,138,229
$1.1M
Cap Rate 9%
$885,289
$885.3K
Market Conditions
NOI Build-Up for 9,000 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
$154.4K $17.16/SF
− Vacancy
−$9.6K −$1.06/SF
EGI
$144.9K $16.10/SF
− OpEx
−$65.2K −$7.24/SF
NOI
$79.7K $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%
$1,593,520
Cap Rate 7%
$1,138,229
Cap Rate 9%
$885,289
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$996.0K – $1.33M
NOI $79,676 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,889 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
993
Businesses Nearby
Explore this area
Business Placement
Demographics for 92307, CA
41,649
Population
13,832
Households
3
Avg Household Size
37
Median Age
22%
College-Educated
88%
High-School Grad
187.5 sq mi
ZIP Area
222
Density / Sq Mi
$74,715
Median Household Income
$39,014
Median Earnings
$1,379
Median Rent
$396,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Seven-unit apartment complex plus a detached two-story house, with private garages, onsite laundry, and ample on-site parking.
Where is this apartment building located?
The property is located at 16102 Muni Rd Apple Valley, CA.
What is the asking price?
The asking price for this property is $1,998,000.
What are key features of this property?
This property features: 7‑unit apartment complex plus detached two‑story house on a half‑acre triangular lot; Unit mix: seven 2‑bedroom units (four with 2.5 baths; three with 2 baths) plus a 3‑bedroom, 2‑bath, 2‑story house; Onsite laundry and ample parking, including newly paved concrete front lot and 11 total spaces upfront
