Upgraded Fourplex with Owner-User
For Sale
$550,000
18385 Jonathan St, Adelanto, CA 92301
Income-producing fourplex with renovated interiors, updated building systems, and the potential for one vacant unit at closing.
Property Size2,924 SF
Price / SF$188.10
Days on Market22
Property Features for 18385 Jonathan St
General Information
Standard status
Active
Size
2,924 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1980
Listing Agency:
New Western
Listed By:
Pouya Nazarian · License #C100389
Source:
Kwcoachellavalley
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 29 at 6:22AM
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 New Western
Investment Insights
Based on property information with market context.
This 1980-built fourplex contains 2,924 square feet and has undergone improvements across all units. Updates include fresh paint, new flooring, modern light fixtures, HVAC systems, water heaters, and a silicone roof coating. The property is currently occupied by paying tenants, including one Section 8 resident and additional cash-paying tenants.
Located at 18385 Jonathan St in Adelanto, California, the property may be delivered with one unit vacant at closing for an owner-occupant. Its four-unit configuration combines existing rental occupancy with an option for personal use, subject to the applicable transaction and occupancy terms.
Located at 18385 Jonathan St in Adelanto, California, the property may be delivered with one unit vacant at closing for an owner-occupant. Its four-unit configuration combines existing rental occupancy with an option for personal use, subject to the applicable transaction and occupancy terms.
Key Highlights
- Fourplex with 2,924 square feet of living area
- Built in 1980
- All units updated with paint, flooring, light fixtures, HVAC systems, and water heaters
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
$29,818
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
5.42%
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%
$596,360
$596.4K
Cap Rate 7%
$425,971
$426.0K
Cap Rate 9%
$331,311
$331.3K
Market Conditions
NOI Build-Up for 2,924 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
$45.3K $15.48/SF
− Vacancy
−$2.7K −$0.91/SF
EGI
$42.6K $14.57/SF
− OpEx
−$12.8K −$4.37/SF
NOI
$29.8K $10.20/SF
Area
San Bernardino County, CA
Vacancy
5.89%
Lease Rate
$15.48 /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%
$596,360
Cap Rate 7%
$425,971
Cap Rate 9%
$331,311
Alternative Uses
Best Use
Multifamily LT 5
$426.0K
$372.7K – $497.0K
NOI $29,818 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$369.8K
$323.6K – $431.4K
NOI $25,886 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$616.8K
$539.7K – $719.6K
NOI $43,174 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
Explore this area
Business Placement
Demographics for 92301, CA
38,912
Population
10,069
Households
3.9
Avg Household Size
29
Median Age
8%
College-Educated
73%
High-School Grad
224.8 sq mi
ZIP Area
173
Density / Sq Mi
$68,205
Median Household Income
$35,172
Median Earnings
$1,385
Median Rent
$316,300
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?
Quadplex - Income-producing fourplex with renovated interiors, updated building systems, and the potential for one vacant unit at closing.
Where is this quadplex located?
The property is located at 18385 Jonathan St Adelanto, CA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Fourplex with 2,924 square feet of living area; Built in 1980; All units updated with paint, flooring, light fixtures, HVAC systems, and water heaters
