Historic Triplex with ADU
For Sale
$975,000
Pending
403 N Campus, Upland, CA 91786
Three residences combine a character-filled main home with two separate rental units on a versatile lot.
Property Size3,282 SF
Days on Market33
Property Features for 403 N Campus
General Information
Standard status
Pending
Size
3,282 SF
Property subtype
Triplex
Property Condition
Severity
Repairs Needed
Evidence
Exterior paint needed
Units
Unit Mix
1 x 3BR/2BA, 2 x 2BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
automatic gated entry
Building Details
Building Size
3,282 SF
Year Built
1911
Buildings
2
Listing Agency:
REALTY ONE GROUP WEST
(909) 981-4851
Listed By:
Alejandro Ramirez · License #01298195
Source:
Camdenmckayre
Added: Jul 31
Changed: Aug 31
Last Checked: Aug 30 at 9:57PM
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 REALTY ONE GROUP WEST
Investment Insights
Based on property information with market context.
Built in 1911, this triplex includes a historic main residence with 3 bedrooms, 2 baths, and built-in features, plus a separate structure containing two additional units. Each secondary unit has 2 bedrooms and 1 bath. The residences are described as well maintained, while the exterior paint requires attention. An automatic gated entry provides controlled access to the property.
The property is located at 403 N Campus in Upland’s Pleasant View District of Historic Downtown Upland, near a bike path, dining, boutique shopping, the train, and public transit. The lot is described as large and versatile, with space for up to two additional ADUs. The combination of three existing residences, separate-unit configuration, and stated ADU capacity creates a flexible multifamily layout.
The property is located at 403 N Campus in Upland’s Pleasant View District of Historic Downtown Upland, near a bike path, dining, boutique shopping, the train, and public transit. The lot is described as large and versatile, with space for up to two additional ADUs. The combination of three existing residences, separate-unit configuration, and stated ADU capacity creates a flexible multifamily layout.
Key Highlights
- Triplex configuration with one 3‑bedroom, 2‑bath main home and two additional 2‑bedroom, 1‑bath units
- Built in 1911 with historic character and built‑in features in the main residence
- Separate building houses the two additional residential units
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
$33,469
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
3.43%
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%
$669,380
$669.4K
Cap Rate 7%
$478,129
$478.1K
Cap Rate 9%
$371,878
$371.9K
Market Conditions
NOI Build-Up for 3,282 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
$50.8K $15.48/SF
− Vacancy
−$3.0K −$0.91/SF
EGI
$47.8K $14.57/SF
− OpEx
−$14.3K −$4.37/SF
NOI
$33.5K $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%
$669,380
Cap Rate 7%
$478,129
Cap Rate 9%
$371,878
Alternative Uses
Best Use
Multifamily LT 5
$478.1K
$418.4K – $557.8K
NOI $33,469 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$415.1K
$363.2K – $484.3K
NOI $29,055 @ 7.0% cap · market cap 2.98%
Theoretical Best
Office A
$692.3K
$605.8K – $807.7K
NOI $48,460 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,059
Businesses Nearby
Explore this area
Business Placement
Demographics for 91786, CA
55,763
Population
20,094
Households
2.8
Avg Household Size
36
Median Age
30%
College-Educated
88%
High-School Grad
8.9 sq mi
ZIP Area
6,266
Density / Sq Mi
$86,961
Median Household Income
$43,050
Median Earnings
$1,923
Median Rent
$607,100
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?
Triplex - Three residences combine a character-filled main home with two separate rental units on a versatile lot.
Where is this triplex located?
The property is located at 403 N Campus Upland, CA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Triplex configuration with one 3‑bedroom, 2‑bath main home and two additional 2‑bedroom, 1‑bath units; Built in 1911 with historic character and built‑in features in the main residence; Separate building houses the two additional residential units
