Single-Level
For Sale
$449,000
Pending
23390 Forrest, Perris, CA 92570
MULTI_FAMILY - Perris, CA
Property Size2,286 SF
Lot Size0.97 Acres
Days on Market197
Property Features for 23390 Forrest
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Bedroom 7, Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 5, Kitchen, Bedroom 8, Laundry Room, Bedroom 1
Parking features
Driveway, Carport
Fireplace
1
Lot features
2-5 Units/ Acre
Elementary school district
Perris Union High
Middle school district
Perris Union High
High school district
Perris Union High
Directions
Travel north on Marshall St - West on Mundo Ave home is on the right. High vehicle clearance recommended
Subdivision
SRCAR - Southwest Riverside County
Standard status
Pending
APN
325080004
Size
2,286 SF
Lot size
0.97 Acres
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1962
Floors in Building
1
Number of units
2
Listing Agency:
First Team Real Estate
(714) 557-0771
Listed By:
Dan Robach · License #02056264
(949) 988-3000
Added: Jan 26
Changed: Aug 10
Last Checked: Aug 11 at 11:06PM
MLS# SW26018488
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 includes two separate residences within a 2286-square-foot property designed for single-level living. The room inventory includes 8 bedrooms, 3 bathrooms, kitchens, and a laundry room, along with a fireplace. Central heating and central air provide the primary mechanical systems, while public water serves the property. Parking is provided by a driveway and carport.
The property occupies 0.97 acres at 23390 Forrest in Perris, California. Built in 1962, the asset combines a duplex configuration with a sizable lot and generous outdoor area. Its separate residential layout provides flexibility for household or occupancy arrangements while retaining the practical features of an established residential property.
The property occupies 0.97 acres at 23390 Forrest in Perris, California. Built in 1962, the asset combines a duplex configuration with a sizable lot and generous outdoor area. Its separate residential layout provides flexibility for household or occupancy arrangements while retaining the practical features of an established residential property.
Key Highlights
- Two separate residences configured as a duplex
- 0.97‑acre lot in Perris, CA
- 2286 square feet with 8 bedrooms and 3 bathrooms
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
$40,165
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
8.95%
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%
$803,300
$803.3K
Cap Rate 7%
$573,786
$573.8K
Cap Rate 9%
$446,278
$446.3K
Market Conditions
NOI Build-Up for 2,286 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
$58.4K $25.56/SF
− Vacancy
−$1.1K −$0.46/SF
EGI
$57.4K $25.10/SF
− OpEx
−$17.2K −$7.53/SF
NOI
$40.2K $17.57/SF
Area
Riverside County, CA
Vacancy
1.80%
Lease Rate
$25.56 /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%
$803,300
Cap Rate 7%
$573,786
Cap Rate 9%
$446,278
Alternative Uses
Best Use
Multifamily LT 5
$573.8K
$502.1K – $669.4K
NOI $40,165 @ 7.0% cap · market cap 8.95%
Second Best
Apartment 5plus
$528.6K
$462.5K – $616.7K
NOI $37,002 @ 7.0% cap · market cap 8.24%
Theoretical Best
Office A
$684.8K
$599.2K – $799.0K
NOI $47,939 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
42
Businesses Nearby
Explore this area
Business Placement
Demographics for 92570, CA
59,015
Population
15,590
Households
3.8
Avg Household Size
32
Median Age
10%
College-Educated
68%
High-School Grad
106.3 sq mi
ZIP Area
555
Density / Sq Mi
$77,570
Median Household Income
$34,671
Median Earnings
$1,461
Median Rent
$419,800
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?
Duplex - Two separate residences feature central heating and cooling, driveway and carport parking, and substantial outdoor space.
Where is this duplex located?
The property is located at 23390 Forrest Perris, CA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Two separate residences configured as a duplex; 0.97‑acre lot in Perris, CA; 2286 square feet with 8 bedrooms and 3 bathrooms
