Duplex With Tandem
For Sale
$633,500
31194 Outer Highway 18 N, Running Springs, CA 92382
Running Springs, CA
Property Size2,880 SF
Lot Size0.14 Acres
Price / SF$219.97
Days on Market276
Property Features for 31194 Outer Highway 18 N
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
HT/RM
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 4, Laundry Room, Bathroom 2, Bedroom 1, Bedroom 2, Kitchen, Bathroom 4, Bedroom 3, Bathroom 1
Parking
4
Parking features
Garage, Open
Patio and Porch features
Deck
Interior features
Beamed Ceilings, Balcony, Block Walls, Ceiling Fan(s), 2 Staircases, Recessed Lighting, Storage, Tandem
Fireplace
1
Appliances
Microwave, Gas Water Heater, Gas Range, Gas Oven, Dishwasher
Subdivision
Upper Rowco (UPRW)
Lot features
2-5 Units/ Acre
Elementary school
Hoffman
Middle school
Mary Putnam
High school
Rim Of The World
Elementary school district
Rim of the World
Middle school district
Rim of the World
High school district
Rim of the World
Directions
From HWY 18 turn on Oakleak Dr. Left on Outer Hwy 18
Standard status
Active
APN
0328303020000
Size
2,880 SF
Lot size
0.14 Acres
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Water source
Public
Building Details
Year built
1984
Floors in Building
3
Number of units
2
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Keller Williams Realty
(714) 584-2700
Listed By:
David Fisk · License #02062398
(949) 610-9050
Added: Jan 1
Changed: Sep 29
Last Checked: Oct 4 at 1:06PM
MLS# OC25280016
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 1984 duplex contains two matching residences, each with 1,440 square feet, two bedrooms, and two bathrooms. Both units include open kitchens with breakfast bars, living areas with freestanding wood-burning stoves, beamed ceilings, private decks, fenced outdoor areas, and oversized tandem two-car garages. Laundry hookups are provided in each garage, with interior access to the residences. Recent improvements include newer kitchen appliances, custom countertops, and luxury vinyl flooring. Unit A has a newer water heater; Unit B has a new water heater and newer furnace.
The property sits at 31194 Outer Highway 18 N in Running Springs, immediately off Highway 18. Lake Arrowhead is 12 minutes away, Snow Valley Ski Resort is 15 minutes away, and the town center is 1.5 miles from the property. Sky Park at Santa’s Village is also described as a few minutes away. The property is zoned HT/RM and occupies 0.1377 acres, with public water and public sewer.
The property sits at 31194 Outer Highway 18 N in Running Springs, immediately off Highway 18. Lake Arrowhead is 12 minutes away, Snow Valley Ski Resort is 15 minutes away, and the town center is 1.5 miles from the property. Sky Park at Santa’s Village is also described as a few minutes away. The property is zoned HT/RM and occupies 0.1377 acres, with public water and public sewer.
Key Highlights
- Two‑unit duplex totaling 2,880 square feet
- Each residence offers 1,440 square feet, 2 bedrooms, and 2 bathrooms
- Oversized tandem 2‑car garages with laundry hookups and interior access
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
$29,370
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
4.64%
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%
$587,400
$587.4K
Cap Rate 7%
$419,571
$419.6K
Cap Rate 9%
$326,333
$326.3K
Market Conditions
NOI Build-Up for 2,880 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
$44.6K $15.48/SF
− Vacancy
−$2.6K −$0.91/SF
EGI
$42.0K $14.57/SF
− OpEx
−$12.6K −$4.37/SF
NOI
$29.4K $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%
$587,400
Cap Rate 7%
$419,571
Cap Rate 9%
$326,333
Alternative Uses
Best Use
Multifamily LT 5
$419.6K
$367.1K – $489.5K
NOI $29,370 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$364.2K
$318.7K – $424.9K
NOI $25,496 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$607.5K
$531.6K – $708.8K
NOI $42,525 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Explore this area
Business Placement
Demographics for 92382, CA
5,721
Population
4,006
Households
1.4
Avg Household Size
45
Median Age
36%
College-Educated
95%
High-School Grad
20.4 sq mi
ZIP Area
280
Density / Sq Mi
$85,208
Median Household Income
$53,164
Median Earnings
$1,731
Median Rent
$373,700
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?
Duplex - Two matching residences feature private outdoor areas, individual laundry hookups, and direct garage access.
Where is this duplex located?
The property is located at 31194 Outer Highway 18 N Running Springs, CA.
What is the asking price?
The asking price for this property is $633,500.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,880 square feet; Each residence offers 1,440 square feet, 2 bedrooms, and 2 bathrooms; Oversized tandem 2‑car garages with laundry hookups and interior access
