Four-Unit Multifamily
New
For Sale
$725,000
22129 Tehama, Apple Valley, CA 92308
Consistent two-bedroom, two-bath layouts are complemented by garage space and an onsite laundry room.
Property Size4,032 SF
Days on Market7
Property Features for 22129 Tehama
General Information
Standard status
Active
Size
4,032 SF
Property subtype
Investment
Building Details
Building Size
4,032 SF
Year Built
1966
Units
4
Listing Agency:
Coldwell Banker Commercial Rea
Listed By:
Robert Basen · License #00521368
(760) 792-8622
Source:
Elliman
Added: Sep 11
Last Checked: Sep 16 at 4:06PM
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 Coldwell Banker Commercial Rea
Investment Insights
Based on property information with market context.
This four-unit multifamily property includes four two-bedroom, two-bathroom residences, creating a consistent unit configuration across the building. The property also provides six garages, an onsite laundry room, full concrete walkways, and a wrap-around driveway for circulation throughout the site. Built in 1966, the asset combines residential units with several supporting improvements in a compact configuration.
Located at 22129 Tehama Road in Apple Valley, California, the property records a walk score of 52, a bike score of 35, and a transit score of 28. The unit mix, garage count, laundry facility, and site layout provide a clearly defined small-scale multifamily offering.
Located at 22129 Tehama Road in Apple Valley, California, the property records a walk score of 52, a bike score of 35, and a transit score of 28. The unit mix, garage count, laundry facility, and site layout provide a clearly defined small-scale multifamily offering.
Key Highlights
- Four 2‑bedroom, 2‑bathroom units
- Six garages included
- Onsite laundry room for tenants
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
$41,117
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
5.67%
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%
$822,340
$822.3K
Cap Rate 7%
$587,386
$587.4K
Cap Rate 9%
$456,856
$456.9K
Market Conditions
NOI Build-Up for 4,032 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
$62.4K $15.48/SF
− Vacancy
−$3.7K −$0.91/SF
EGI
$58.7K $14.57/SF
− OpEx
−$17.6K −$4.37/SF
NOI
$41.1K $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%
$822,340
Cap Rate 7%
$587,386
Cap Rate 9%
$456,856
Alternative Uses
Best Use
Multifamily LT 5
$587.4K
$514.0K – $685.3K
NOI $41,117 @ 7.0% cap · market cap 5.67%
Second Best
Apartment 5plus
$509.9K
$446.2K – $594.9K
NOI $35,695 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$850.5K
$744.2K – $992.2K
NOI $59,534 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Explore this area
Business Placement
Demographics for 92308, CA
42,469
Population
14,995
Households
2.8
Avg Household Size
41
Median Age
17%
College-Educated
87%
High-School Grad
103.2 sq mi
ZIP Area
412
Density / Sq Mi
$63,484
Median Household Income
$41,882
Median Earnings
$1,390
Median Rent
$360,800
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 - Consistent two-bedroom, two-bath layouts are complemented by garage space and an onsite laundry room.
Where is this quadplex located?
The property is located at 22129 Tehama Apple Valley, CA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Four 2‑bedroom, 2‑bathroom units; Six garages included; Onsite laundry room for tenants
