Remodeled Duplex with
For Sale
$649,000
Pending
1851 W 23rd St, San Bernardino, CA 92405
Vacant two-unit property with separate utility meters, private laundry areas, and updated interior finishes throughout.
Property Size1,558 SF
Days on Market98
Property Features for 1851 W 23rd St
General Information
Standard status
Pending
Size
1,558 SF
Total Parking Spaces
1
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
laundry area
Listing Agency:
Dynasty Real Estate
(747) 343-1266
Listed By:
Eran Fattal · License #01304180
(747) 343-1266
Source:
Exprealty
Added: May 26
Changed: Aug 31
Last Checked: Aug 30 at 9:48PM
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 Dynasty Real Estate
Investment Insights
Based on property information with market context.
Located in North San Bernardino, this 1,558 SF duplex contains two separate residential units and is currently vacant. Unit A offers 3 bedrooms and 1.5 bathrooms, while Unit B includes 2 bedrooms and 1 bathroom. Each unit has its own laundry area, and the property includes a 1-car garage with a new garage door.
Recent improvements include new roofs, dual-pane windows, recessed and other new lighting, updated plumbing and electrical fixtures, waterproof vinyl flooring, kitchen cabinets, countertops, garbage disposals, vanities, and toilets. Unit A has central air and heat; Unit B has a new heat pump and mini-split system. The property also has separate gas, electrical, and water meters for each unit, along with interior and exterior paint updates. Freeway 210 access is nearby.
Recent improvements include new roofs, dual-pane windows, recessed and other new lighting, updated plumbing and electrical fixtures, waterproof vinyl flooring, kitchen cabinets, countertops, garbage disposals, vanities, and toilets. Unit A has central air and heat; Unit B has a new heat pump and mini-split system. The property also has separate gas, electrical, and water meters for each unit, along with interior and exterior paint updates. Freeway 210 access is nearby.
Key Highlights
- Two‑unit duplex totaling 1,558 SF
- Unit A: 3 bedrooms and 1.5 bathrooms; Unit B: 2 bedrooms and 1 bathroom
- 1‑car garage with new garage door
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
$22,261
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
3.43%
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%
$445,220
$445.2K
Cap Rate 7%
$318,014
$318.0K
Cap Rate 9%
$247,344
$247.3K
Market Conditions
NOI Build-Up for 1,558 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
$33.7K $21.60/SF
− Vacancy
−$1.9K −$1.19/SF
EGI
$31.8K $20.41/SF
− OpEx
−$9.5K −$6.12/SF
NOI
$22.3K $14.29/SF
Area
San Bernardino, CA
Vacancy
5.50%
Lease Rate
$21.60 /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%
$445,220
Cap Rate 7%
$318,014
Cap Rate 9%
$247,344
Alternative Uses
Best Use
Multifamily LT 5
$318.0K
$278.3K – $371.0K
NOI $22,261 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$285.5K
$249.8K – $333.1K
NOI $19,984 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$469.2K
$410.6K – $547.4K
NOI $32,845 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
Explore this area
Business Placement
Demographics for 92405, CA
32,165
Population
9,727
Households
3.3
Avg Household Size
31
Median Age
13%
College-Educated
74%
High-School Grad
5.0 sq mi
ZIP Area
6,433
Density / Sq Mi
$59,271
Median Household Income
$32,066
Median Earnings
$1,424
Median Rent
$376,800
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 - Vacant two-unit property with separate utility meters, private laundry areas, and updated interior finishes throughout.
Where is this duplex located?
The property is located at 1851 W 23rd St San Bernardino, CA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,558 SF; Unit A: 3 bedrooms and 1.5 bathrooms; Unit B: 2 bedrooms and 1 bathroom; 1‑car garage with new garage door
