5-Unit Apartment
New
For Sale
$795,000
23762 Manzanita Drive, Crestline, CA 92325
Crestline, CA
Property Size3,143 SF
Lot Size0.24 Acres
Price / SF$252.94
Days on Market4
Property Features for 23762 Manzanita Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
4
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 3, Bathroom 2, Bathroom 3, Bathroom 5, Bathroom 1, Laundry Room, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 2
Subdivision
Crestline (CRES)
Lot features
Bluff, Front Yard
Directions
Cross Streets: Hillside Dr and Lake Dr
Standard status
Active
APN
0338102290000
Size
3,143 SF
Lot size
0.24 Acres
Utilities
Sewer type
Unknown
Water source
Public
Amenities
storage
laundry
Building Details
Year built
1950
Floors in Building
1
Number of units
5
Listing Agency:
H & R REALTY
(909) 877-0847
Listed By:
GABRIEL PADILLA · License #01794056
(909) 770-3540
Added: Aug 31
Changed: Sep 3
Last Checked: Sep 3 at 5:06PM
MLS# IV26191430
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 3,143-square-foot apartment property contains five residential units: four one-bedroom, one-bath apartments and one studio. An additional unfinished building is currently used for storage and laundry, with any future improvements subject to permits and applicable approvals. The property was built in 1950 and is served by a public water source on a 0.2397-acre lot.
The property is in Crestline, near local shops, restaurants, recreation, and the San Bernardino Mountains. Its unit mix combines four similarly configured apartments with a studio, while the separate unfinished structure provides existing utility space and may offer additional improvement potential subject to agency approval.
The property is in Crestline, near local shops, restaurants, recreation, and the San Bernardino Mountains. Its unit mix combines four similarly configured apartments with a studio, while the separate unfinished structure provides existing utility space and may offer additional improvement potential subject to agency approval.
Key Highlights
- Five‑unit property with four 1‑bedroom, 1‑bath units plus one studio
- 3,143 square feet on a 0.2397‑acre lot
- Additional unfinished building used for storage and laundry
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
$27,824
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
3.50%
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%
$556,480
$556.5K
Cap Rate 7%
$397,486
$397.5K
Cap Rate 9%
$309,156
$309.2K
Market Conditions
NOI Build-Up for 3,143 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
$53.9K $17.16/SF
− Vacancy
−$3.3K −$1.06/SF
EGI
$50.6K $16.10/SF
− OpEx
−$22.8K −$7.24/SF
NOI
$27.8K $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%
$556,480
Cap Rate 7%
$397,486
Cap Rate 9%
$309,156
Alternative Uses
Best Use
Apartment 5plus
$397.5K
$347.8K – $463.7K
NOI $27,824 @ 7.0% cap · market cap 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$663.0K
$580.1K – $773.5K
NOI $46,408 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
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?
Apartment building - Five residential units accompany an unfinished building used for storage and laundry.
Where is this apartment building located?
The property is located at 23762 Manzanita Drive Crestline, CA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Five‑unit property with four 1‑bedroom, 1‑bath units plus one studio; 3,143 square feet on a 0.2397‑acre lot; Additional unfinished building used for storage and laundry
