Duplex with On-Site Well
For Sale
$419,000
20515-20525 US Highway 395, Adelanto, CA 92301
Adelanto, CA
Property Size1,680 SF
Lot Size3.65 Acres
Price / SF$249.40
Days on Market543
Property Features for 20515-20525 US Highway 395
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
ADD
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Laundry Room, Bathroom 2, Bedroom 3, Bedroom 4, Living Room, Bathroom 1
Parking features
Paved or Surfaced
Fencing
Chain Link
Fireplace
1
Appliances
Electric Range
Lot features
Lot Over 40000 Sqft
View
Desert
Directions
Hwy 395 & Calleja Rd. Property is in-front of Vietnamese Temple on Hwy 395
Subdivision
ADL - Adelanto
Standard status
Active
APN
0460161290000
Lot size
3.65 Acres
Utilities
Utilities
Water Available
Sewer type
Unknown
Heating system
Propane (Heating)
Cooling system
Evaporative Cooling
Water source
Well
Building Details
Year built
1947
Floors in Building
1
Number of units
2
Flooring type
Tile
Roof type
Shingle
Listing Agency:
Realty One Group Roads
(909) 496-9936
Listed By:
Peter Ghim · License #00937867
(760) 686-3444
Added: Feb 25, 2025
Changed: Aug 20
Last Checked: Aug 22 at 7:06PM
MLS# HD25042187
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 features two separate houses on a 3.65-acre lot. Each home offers two bedrooms and one bathroom, with approximately 840 sq.ft. of space. The property is served by its own well for a reliable water supply. Interior details include tile flooring and an electric range, along with a laundry room in the unit layout. Heating is provided by propane, with evaporative cooling, and there is a fireplace. The homes are roofed with shingle roofing and are enclosed with chain-link fencing. The property is offered AS IS.
The front house is currently vacant and described as move-in ready. Updates noted include a recently replaced well pump and a new fuse box. The rear home is currently occupied, and the rent is stated to be below market rates.
Zoned ADD (Airport Development District), prospective buyers and their agents are able to inquire with the city about potential alternative uses for the property.
The front house is currently vacant and described as move-in ready. Updates noted include a recently replaced well pump and a new fuse box. The rear home is currently occupied, and the rent is stated to be below market rates.
Zoned ADD (Airport Development District), prospective buyers and their agents are able to inquire with the city about potential alternative uses for the property.
Key Highlights
- Two houses on a 3.65‑acre lot, each with two bedrooms and one bathroom
- Approximately 840 sq.ft. per house
- On‑site well water supply plus recently replaced well pump
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
$14,873
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
3.55%
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%
$297,460
$297.5K
Cap Rate 7%
$212,471
$212.5K
Cap Rate 9%
$165,256
$165.3K
Market Conditions
NOI Build-Up for 1,680 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
$28.8K $17.16/SF
− Vacancy
−$1.8K −$1.06/SF
EGI
$27.0K $16.10/SF
− OpEx
−$12.2K −$7.24/SF
NOI
$14.9K $8.85/SF
Area
San Bernardino County, CA
Vacancy
6.20%
Lease Rate
$17.16 /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%
$297,460
Cap Rate 7%
$212,471
Cap Rate 9%
$165,256
Alternative Uses
Best Use
Apartment 5plus
$212.5K
$185.9K – $247.9K
NOI $14,873 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$354.4K
$310.1K – $413.4K
NOI $24,806 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3
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?
Multifamily property - Duplex with on-site well water, propane heating, evaporative cooling, and paved parking.
Where is this multifamily property located?
The property is located at 20515-20525 US Highway 395 Adelanto, CA.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Two houses on a 3.65‑acre lot, each with two bedrooms and one bathroom; Approximately 840 sq.ft. per house; On‑site well water supply plus recently replaced well pump
