Crestline Duplex: Investment
For Sale
$299,000
23004 Pine Ln, Crestline, CA 92325
Well-maintained duplex in Crestline with income potential.
Property Size1,444 SF
Lot Size0.11 Acres
Days on Market268
Property Features for 23004 Pine Ln
General Information
Standard status
Active
Size
1,444 SF
Lot size
0.11 Acres
Property subtype
Other
Building Details
Building Size
1,444 SF
Year Built
1940
Units
2
Listing Agency:
Excellence RE Real Estate
(562) 948-4553
Listed By:
Kyle Ribas · License #01961766
(562) 948-4553
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 16
Last Checked: Aug 23 at 7:10AM
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 Excellence RE Real Estate
Investment Insights
Based on property information with market context.
Located in Crestline, a mountain community in the San Bernardino Mountains, this duplex presents an investment opportunity. The property features two separate units. The top unit includes 2 bedrooms and 1 bathroom and is currently tenant-occupied, generating rental income. The bottom unit is a 1-bedroom, 1-bathroom unit with washer and dryer hookups. This bottom unit has been recently upgraded and is move-in ready. The property's layout, with separate entrances, suits investors seeking rental income or owner-users looking to occupy one unit while renting the other. The location provides access to Lake Gregory Regional Park, hiking, and outdoor recreation.
Key Highlights
- Duplex with two separate units offering income potential.
- Top unit (2 bed, 1 bath) is tenant‑occupied and generating rental income.
- Bottom unit (1 bed, 1 bath) is recently upgraded and move‑in ready.
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
$14,726
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
4.93%
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%
$294,520
$294.5K
Cap Rate 7%
$210,371
$210.4K
Cap Rate 9%
$163,622
$163.6K
Market Conditions
NOI Build-Up for 1,444 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
$22.4K $15.48/SF
− Vacancy
−$1.3K −$0.91/SF
EGI
$21.0K $14.57/SF
− OpEx
−$6.3K −$4.37/SF
NOI
$14.7K $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%
$294,520
Cap Rate 7%
$210,371
Cap Rate 9%
$163,622
Alternative Uses
Best Use
Multifamily LT 5
$210.4K
$184.1K – $245.4K
NOI $14,726 @ 7.0% cap · market cap 4.93%
Second Best
Apartment 5plus
$182.6K
$159.8K – $213.1K
NOI $12,784 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$304.6K
$266.5K – $355.4K
NOI $21,321 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 92325, CA
9,892
Population
6,692
Households
1.5
Avg Household Size
45
Median Age
28%
College-Educated
90%
High-School Grad
8.7 sq mi
ZIP Area
1,137
Density / Sq Mi
$79,254
Median Household Income
$49,704
Median Earnings
$1,514
Median Rent
$358,300
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?
Duplex - Well-maintained duplex in Crestline with income potential.
Where is this duplex located?
The property is located at 23004 Pine Ln Crestline, CA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Duplex with two separate units offering income potential.; Top unit (2 bed, 1 bath) is tenant‑occupied and generating rental income.; Bottom unit (1 bed, 1 bath) is recently upgraded and move‑in ready.
