Duplex With Multiple
For Sale
$375,000
31861 Hollow Way, Running Springs, CA 92382
Running Springs, CA
Property Size1,434 SF
Lot Size0.10 Acres
Price / SF$261.51
Days on Market49
Property Features for 31861 Hollow Way
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 2, Basement, Bathroom 1, Laundry Room, Bedroom 3
Parking features
Driveway
Interior features
Beamed Ceilings, Balcony, Ceiling Fan(s)
Fireplace
1
Appliances
Water Heater, Gas Water Heater
Subdivision
Running Springs (RUSG)
Lot features
0-1 Unit/ Acre
Elementary school district
Rim of the World
Middle school district
Rim of the World
High school district
Rim of the World
Directions
Secret Dr/ Hollow Way
Standard status
Active
APN
0295131230000
Size
1,434 SF
Lot size
0.10 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Water source
Public
Amenities
fireplace
vaulted ceilings
deck
fenced yard
storage shed
laundry area
Building Details
Year built
1972
Floors in Building
2
Number of units
2
Roof type
Composition
Architectural style
Contemporary
Additional Structures
Storage
Listing Agency:
REAL ESTATE EBROKER INC
(760) 722-3222
Listed By:
DEBORAH DADE · License #01435722
(909) 626-2890
Added: Jul 9
Changed: Aug 26
Last Checked: Aug 26 at 3:06PM
MLS# IV26140943
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 1,434-square-foot duplex contains two single-level residences: a 2-bedroom, 1-bath unit and a 1-bedroom, 1-bath unit. Both have ground-level entry and access to driveway parking. The larger residence includes a fireplace, vaulted ceilings, and two decks, with one deck connecting to both bedrooms. The smaller residence includes one bedroom and a full bathroom.
The property also features a fenced yard, a large storage shed, and a shared laundry area serving both units. Built in 1972, the contemporary-style property has central heating, public water, public sewer, a composition roof, and a 0.101-acre lot. The duplex is located at 31861 Hollow Way in Running Springs, California, between Lake Arrowhead and Big Bear Lake and near downtown shopping and dining.
The property also features a fenced yard, a large storage shed, and a shared laundry area serving both units. Built in 1972, the contemporary-style property has central heating, public water, public sewer, a composition roof, and a 0.101-acre lot. The duplex is located at 31861 Hollow Way in Running Springs, California, between Lake Arrowhead and Big Bear Lake and near downtown shopping and dining.
Key Highlights
- 1,434‑square‑foot duplex on a 0.101‑acre lot
- Unit mix includes 2‑bedroom, 1‑bath and 1‑bedroom, 1‑bath residences
- Two decks accompany the larger unit, including one accessible from both bedrooms
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
$14,624
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
3.90%
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%
$292,480
$292.5K
Cap Rate 7%
$208,914
$208.9K
Cap Rate 9%
$162,489
$162.5K
Market Conditions
NOI Build-Up for 1,434 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
$22.2K $15.48/SF
− Vacancy
−$1.3K −$0.91/SF
EGI
$20.9K $14.57/SF
− OpEx
−$6.3K −$4.37/SF
NOI
$14.6K $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%
$292,480
Cap Rate 7%
$208,914
Cap Rate 9%
$162,489
Alternative Uses
Best Use
Multifamily LT 5
$208.9K
$182.8K – $243.7K
NOI $14,624 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$181.4K
$158.7K – $211.6K
NOI $12,695 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$302.5K
$264.7K – $352.9K
NOI $21,174 @ 7.0% cap · market cap 5.65%
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
234
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
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 - Two single-level residences provide separate ground-floor access, driveway parking, shared laundry, and a fenced yard with storage.
Where is this duplex located?
The property is located at 31861 Hollow Way Running Springs, CA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1,434‑square‑foot duplex on a 0.101‑acre lot; Unit mix includes 2‑bedroom, 1‑bath and 1‑bedroom, 1‑bath residences; Two decks accompany the larger unit, including one accessible from both bedrooms
