Apartment Building With Townhome
For Sale
$1,998,000
16102 Muni, Apple Valley, CA 92307
Eight-unit multifamily property with varied layouts, private outdoor areas, garages, and resident laundry facilities.
Property Size8,764 SF
Days on Market24
Property Features for 16102 Muni
General Information
Standard status
Active
Size
8,764 SF
Total Parking Spaces
9
Property subtype
Apartment
Property Condition
Severity
Repairs Needed
Evidence
minimal deferred maintenance
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/2.5BA, 3 x 2BR/2BA, 4 x 2BR/2.5BA
Multifamily Units
8
Amenities
garage
central air conditioning
fireplace
dishwasher
walk-in closet
laundry room
private backyard
patio cover
elevated deck
on-site laundry
storage
landscaping
Building Details
Building Size
8,764 SF
Year Built
1985
Listing Agency:
MARCUS & MILLICHAP
(909) 456-3493
Listed By:
Douglas McCauley · License #01155706
Source:
Velocityrealtysd
Added: Aug 10
Changed: Aug 23
Last Checked: Sep 1 at 11:12PM
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
Investment Insights
Based on property information with market context.
Casa Del Sol Apartments is an 8-unit multifamily property at 16102 Muni Road in Apple Valley, California, built in 1985. The configuration includes one freestanding three-bedroom townhome of approximately 2,000 square feet and seven additional apartments: three two-bedroom units of approximately 955 square feet and four two-bedroom townhouse-style units of approximately 975 square feet. The detached residence includes a two-car attached garage, two fireplaces, two central air conditioning systems, a dedicated laundry room, private backyard, patio cover, elevated deck, and pitched tile roof.
Property amenities include seven oversized single-car garages, an owned laundry facility, two storage rooms, a storage shed, and low-maintenance landscaping. Unit features include central air conditioning and heating, newer windows, dishwashers, and select enclosed backyards and walk-in closets. Gas and electricity are individually metered, each unit has its own hot water heater, and the property is served by public sewer. The location provides access to Interstate 15 and State Route 18.
Property amenities include seven oversized single-car garages, an owned laundry facility, two storage rooms, a storage shed, and low-maintenance landscaping. Unit features include central air conditioning and heating, newer windows, dishwashers, and select enclosed backyards and walk-in closets. Gas and electricity are individually metered, each unit has its own hot water heater, and the property is served by public sewer. The location provides access to Interstate 15 and State Route 18.
Key Highlights
- 8‑unit multifamily property built in 1985
- Unit mix includes one approximately 2,000‑square‑foot 3‑bedroom townhome and seven 2‑bedroom apartments
- Seven oversized single‑car garages plus a 2‑car attached 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
$77,586
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
3.88%
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%
$1,551,720
$1.6M
Cap Rate 7%
$1,108,371
$1.1M
Cap Rate 9%
$862,067
$862.1K
Market Conditions
NOI Build-Up for 8,764 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
$150.4K $17.16/SF
− Vacancy
−$9.3K −$1.06/SF
EGI
$141.1K $16.10/SF
− OpEx
−$63.5K −$7.24/SF
NOI
$77.6K $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%
$1,551,720
Cap Rate 7%
$1,108,371
Cap Rate 9%
$862,067
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$969.8K – $1.29M
NOI $77,586 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,405 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
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
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 multifamily property with varied layouts, private outdoor areas, garages, and resident laundry facilities.
Where is this apartment building located?
The property is located at 16102 Muni 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: 8‑unit multifamily property built in 1985; Unit mix includes one approximately 2,000‑square‑foot 3‑bedroom townhome and seven 2‑bedroom apartments; Seven oversized single‑car garages plus a 2‑car attached garage
