Fenced 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 Market70
Property Features for 162 N 3rd
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Laundry Room
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
Amenities
detached laundry room
detached two-car garage
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: Sep 22
Last Checked: Sep 23 at 12:06AM
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 separate residences on a fully fenced 0.14-acre lot. The 1,252-square-foot property was built in 1915 and includes a one-bedroom, one-bath front unit with a private fenced yard, plus a two-bedroom, one-bath rear unit with its own outdoor area. Individual electric and gas meters support separate utility service for each residence.
A detached laundry room and detached two-car garage add functional support space. The extended driveway runs from the front of the property to the rear easement, providing access and parking throughout the lot, while the front residence has four dedicated parking spaces. Public water and public sewer serve the property. The home is located near shopping and dining in Banning, with access to major commuter routes.
A detached laundry room and detached two-car garage add functional support space. The extended driveway runs from the front of the property to the rear easement, providing access and parking throughout the lot, while the front residence has four dedicated parking spaces. Public water and public sewer serve the property. The home is located near shopping and dining in Banning, with access to major commuter routes.
Key Highlights
- Two separate units: 1 bedroom/1 bathroom front residence and 2 bedroom/1 bathroom rear residence
- 1,252 square feet on a 0.14‑acre fully fenced lot
- Individual electric and gas meters for each unit
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
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences include private outdoor areas and independent 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 separate units: 1 bedroom/1 bathroom front residence and 2 bedroom/1 bathroom rear residence; 1,252 square feet on a 0.14‑acre fully fenced lot; Individual electric and gas meters for each unit
