Duplex with Detached
For Sale
$430,000
162 N 3rd, Banning, CA 92220
Banning, CA
Property Size1,252 SF
Lot Size0.14 Acres
Price / SF$343.45
Days on Market39
Property Features for 162 N 3rd
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 3, Laundry Room, Bathroom 1
Parking
2
Subdivision
Solera (SLRA)
Lot features
Front Yard, Back Yard
Elementary school district
Banning Unified
Middle school district
Banning Unified
High school district
Banning Unified
Directions
Freeway 10 East to 8th Street left to Ramsey Street go Right to 3rd Street make left
Standard status
Active
APN
540162013
Size
1,252 SF
Lot size
0.14 Acres
Utilities
Sewer type
Public Sewer
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1915
Floors in Building
1
Number of units
2
Listing Agency:
REALTY MASTERS & ASSOCIATES
(909) 303-4500
Listed By:
Arturo Hernandez · License #01745501
(909) 638-7303
Added: Jul 16
Changed: Aug 21
Last Checked: Aug 23 at 11:06AM
MLS# CV26150080
Copyright © 2026 California Regional Multiple Listing Service, Inc. 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 duplex contains two separately arranged residences totaling 1,252 square feet. The front unit has 1 bedroom and 1 bathroom, plus a fenced front yard and four designated parking spaces. The rear unit provides 2 bedrooms and 1 bathroom with its own outdoor area and additional room for vehicles, equipment, or recreational items. Each residence has independent living space, while individual electric and gas meters support separate utility service.
The fully fenced 0.14-acre lot includes a long driveway extending from the front of the property to the rear easement. A detached laundry room adds functional support space, and the detached two-car garage offers storage or parking capacity. Public water and public sewer serve the property, which was built in 1915 and uses wall/window and window-unit cooling.
The fully fenced 0.14-acre lot includes a long driveway extending from the front of the property to the rear easement. A detached laundry room adds functional support space, and the detached two-car garage offers storage or parking capacity. Public water and public sewer serve the property, which was built in 1915 and uses wall/window and window-unit cooling.
Key Highlights
- Two‑unit property with 1,252 square feet of total building area
- Front residence includes 1 bedroom, 1 bathroom, fenced yard, and 4 dedicated parking spaces
- Rear residence offers 2 bedrooms, 1 bathroom, and a private outdoor area
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
$21,998
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
5.12%
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%
$439,960
$440.0K
Cap Rate 7%
$314,257
$314.3K
Cap Rate 9%
$244,422
$244.4K
Market Conditions
NOI Build-Up for 1,252 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
$32.0K $25.56/SF
− Vacancy
−$576 −$0.46/SF
EGI
$31.4K $25.10/SF
− OpEx
−$9.4K −$7.53/SF
NOI
$22.0K $17.57/SF
Area
Riverside County, CA
Vacancy
1.80%
Lease Rate
$25.56 /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%
$439,960
Cap Rate 7%
$314,257
Cap Rate 9%
$244,422
Alternative Uses
Best Use
Multifamily LT 5
$314.3K
$275.0K – $366.6K
NOI $21,998 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$289.5K
$253.3K – $337.8K
NOI $20,265 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$375.1K
$328.2K – $437.6K
NOI $26,255 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
635
Businesses Nearby
Explore this area
Business Placement
Demographics for 92220, CA
32,947
Population
13,258
Households
2.5
Avg Household Size
43
Median Age
17%
College-Educated
82%
High-School Grad
141.3 sq mi
ZIP Area
233
Density / Sq Mi
$59,116
Median Household Income
$35,428
Median Earnings
$1,499
Median Rent
$324,800
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?
Duplex - Two independent residences share a fenced lot with separate utilities, outdoor areas, and substantial off-street parking.
Where is this duplex located?
The property is located at 162 N 3rd Banning, CA.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Two‑unit property with 1,252 square feet of total building area; Front residence includes 1 bedroom, 1 bathroom, fenced yard, and 4 dedicated parking spaces; Rear residence offers 2 bedrooms, 1 bathroom, and a private outdoor area
