Fully Occupied 4-Unit
For Sale
$717,000
21250 Santa Maria Dr, Tehachapi, CA 93561
Four residential units include private patios, garage parking, and on-site laundry hookups.
Property Size4,238 SF
Lot Size0.30 Acres
Price / SF$169.18
Days on Market9
Property Features for 21250 Santa Maria Dr
General Information
Standard status
Active
Size
4,238 SF
Lot size
0.30 Acres
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
3 x 2BR/1BTH, 1 x 3BR/1BTH
Multifamily Units
4
Amenities
private patios
mountain views
on-site laundry hookups
Building Details
Buildings
1
Listing Agency:
Watson Realty
(661) 327-5161
Listed By:
Candis Parke-Thomas · License #00950582
(661) 412-7091
Source:
Exprealty
Added: Sep 8
Changed: Sep 15
Last Checked: Sep 15 at 2:38PM
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 Watson Realty
Investment Insights
Based on property information with market context.
This fully occupied quadplex contains 4,238 square feet across four residential units: three 2-bedroom, 1-bath units and one 3-bedroom, 1-bath unit. Each residence offers a spacious floor plan and a private patio, while the property also includes on-site laundry hookups. Upper-level units have mountain views.
The property occupies a 13,000 SF lot at 21250 Santa Maria Dr in Tehachapi, California. Improvements include a 2-car garage and additional parking for residents and guests. An elementary school, shopping, dining, and other everyday services are located nearby.
The property occupies a 13,000 SF lot at 21250 Santa Maria Dr in Tehachapi, California. Improvements include a 2-car garage and additional parking for residents and guests. An elementary school, shopping, dining, and other everyday services are located nearby.
Key Highlights
- Fully occupied 4‑unit quadplex
- Unit mix includes three 2BR/1 BTH units and one 3BR/1 BTH unit
- 4,238 SF property on a 13,000 SF lot
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
$52,898
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
7.38%
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%
$1,057,960
$1.1M
Cap Rate 7%
$755,686
$755.7K
Cap Rate 9%
$587,756
$587.8K
Market Conditions
NOI Build-Up for 4,238 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
$77.8K $18.36/SF
− Vacancy
−$2.2K −$0.53/SF
EGI
$75.6K $17.83/SF
− OpEx
−$22.7K −$5.35/SF
NOI
$52.9K $12.48/SF
Area
Kern County, CA
Vacancy
2.88%
Lease Rate
$18.36 /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%
$1,057,960
Cap Rate 7%
$755,686
Cap Rate 9%
$587,756
Alternative Uses
Best Use
Multifamily LT 5
$755.7K
$661.2K – $881.6K
NOI $52,898 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$697.5K
$610.3K – $813.7K
NOI $48,822 @ 7.0% cap · market cap 6.81%
Theoretical Best
Warehouse
$905.4K
$792.2K – $1.06M
NOI $63,375 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
432
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units include private patios, garage parking, and on-site laundry hookups.
Where is this quadplex located?
The property is located at 21250 Santa Maria Dr Tehachapi, CA.
What is the asking price?
The asking price for this property is $717,000.
What are key features of this property?
This property features: Fully occupied 4‑unit quadplex; Unit mix includes three 2BR/1 BTH units and one 3BR/1 BTH unit; 4,238 SF property on a 13,000 SF lot
