Three-Home Multifamily
For Sale
$1,200,000
18518 Pellisier Rd, Tehachapi, CA 93561
AG-Residential zoning, private water, equestrian improvements, and level acreage support multiple residential and agricultural uses.
Property Size5,458 SF
Price / SF$219.86
Days on Market24
Property Features for 18518 Pellisier Rd
General Information
Standard status
Active
Size
5,458 SF
Property subtype
Multi-Family
Building Details
Year Built
1989
Listing Agency:
RE/MAX All-Pro
(661) 202-0015
Listed By:
Lorena Semerenko · License #01960907
Source:
Jessicadixonrealty
Added: Aug 8
Changed: Aug 30
Last Checked: Aug 30 at 6:28PM
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 RE/MAX All-Pro
Investment Insights
Based on property information with market context.
Set on over 20 acres in Cummings Valley, this multifamily property includes three residences with a combined 5,458 square feet of living space. The homes comprise a 4-bedroom, 3-bathroom main residence, a 3-bedroom, 2-bathroom second home, and a 2-bedroom, 2-bathroom third unit. All three structures were built in 1989 and are positioned on flat, usable land.
The property is zoned AG-Residential and includes full perimeter fencing with interior cross-fencing. A private well serves the residences and land. Existing horse facilities, additional barns, and multiple storage structures provide infrastructure for animals, equipment, and agricultural activities. Mountain and valley views complement the rural setting at 18518 Pellisier Rd in Tehachapi, California.
The property is zoned AG-Residential and includes full perimeter fencing with interior cross-fencing. A private well serves the residences and land. Existing horse facilities, additional barns, and multiple storage structures provide infrastructure for animals, equipment, and agricultural activities. Mountain and valley views complement the rural setting at 18518 Pellisier Rd in Tehachapi, California.
Key Highlights
- Three residences totaling 5,458 square feet of living space
- Over 20 acres of flat, usable land
- Unit mix includes 4‑bedroom, 3‑bathroom; 3‑bedroom, 2‑bathroom; and 2‑bedroom, 2‑bathroom homes
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
$62,876
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
5.24%
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%
$1,257,520
$1.3M
Cap Rate 7%
$898,229
$898.2K
Cap Rate 9%
$698,622
$698.6K
Market Conditions
NOI Build-Up for 5,458 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
$117.9K $21.60/SF
− Vacancy
−$3.6K −$0.65/SF
EGI
$114.3K $20.95/SF
− OpEx
−$51.4K −$9.43/SF
NOI
$62.9K $11.52/SF
Area
Kern County, CA
Vacancy
3.03%
Lease Rate
$21.60 /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%
$1,257,520
Cap Rate 7%
$898,229
Cap Rate 9%
$698,622
Alternative Uses
Best Use
Apartment 5plus
$898.2K
$786.0K – $1.05M
NOI $62,876 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.17M
$1.02M – $1.36M
NOI $81,619 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 93561, CA
31,091
Population
13,876
Households
2.2
Avg Household Size
42
Median Age
28%
College-Educated
92%
High-School Grad
301.8 sq mi
ZIP Area
103
Density / Sq Mi
$86,149
Median Household Income
$52,088
Median Earnings
$1,299
Median Rent
$377,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - AG-Residential zoning, private water, equestrian improvements, and level acreage support multiple residential and agricultural uses.
Where is this multifamily property located?
The property is located at 18518 Pellisier Rd Tehachapi, CA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three residences totaling 5,458 square feet of living space; Over 20 acres of flat, usable land; Unit mix includes 4‑bedroom, 3‑bathroom; 3‑bedroom, 2‑bathroom; and 2‑bedroom, 2‑bathroom homes
