Upland Fourplex Investment
For Sale
$1,250,000
Pending
457 W Alpine, Upland, CA 91786
Four-unit multifamily property in a desirable Upland location.
Property Size3,456 SF
Lot Size0.17 Acres
Days on Market97
Property Features for 457 W Alpine
General Information
Standard status
Pending
Size
3,456 SF
Lot size
0.17 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$13,415
Building Details
Building Size
3,456 SF
Year Built
1962
Units
4
Listing Agency:
MARCUS & MILLICHAP
(909) 456-3400
Listed By:
Kevin Struve · License #02188347
Source:
Elliman
Added: May 27
Changed: Aug 23
Last Checked: Jul 24 at 10:12AM
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 MARCUS & MILLICHAP
Investment Insights
Based on property information with market context.
The property at 457 Alpine Street in Upland, California, presents an opportunity to acquire a four-unit multifamily investment property. Situated on a quiet, tree-lined cul-de-sac, this two-story fourplex contains approximately 3,456 square feet of rentable building area on a 0.17-acre RM-20 zoned lot. The unit mix consists entirely of two-bedroom, one-bathroom units. The property provides four covered carport parking spaces and two additional open parking spaces, along with street parking. Additional amenities include an on-site laundry room, central heating, wall-mounted air conditioning units, and a shaded courtyard. The owner currently pays for water, sewer, trash, and gas utilities. The property is located blocks from Downtown Upland, offering access to restaurants, retail, entertainment, and neighborhood services. It is also located near Upland High School and provides connectivity to employment centers and major transportation corridors throughout the Inland Empire and San Gabriel Valley. The property is not subject to local city rent control and is governed by California's statewide rent control regulations under AB 1482.
Key Highlights
- Four‑unit multifamily property in a desirable Upland location, near Downtown Upland.
- Consists of all two‑bedroom / one‑bathroom units.
- Located on a quiet tree‑lined cul‑de‑sac street.
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
$35,243
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
2.82%
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%
$704,860
$704.9K
Cap Rate 7%
$503,471
$503.5K
Cap Rate 9%
$391,589
$391.6K
Market Conditions
NOI Build-Up for 3,456 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
$53.5K $15.48/SF
− Vacancy
−$3.2K −$0.91/SF
EGI
$50.3K $14.57/SF
− OpEx
−$15.1K −$4.37/SF
NOI
$35.2K $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%
$704,860
Cap Rate 7%
$503,471
Cap Rate 9%
$391,589
Alternative Uses
Best Use
Multifamily LT 5
$503.5K
$440.5K – $587.4K
NOI $35,243 @ 7.0% cap · market cap 2.82%
Second Best
Apartment 5plus
$437.1K
$382.4K – $509.9K
NOI $30,595 @ 7.0% cap · market cap 2.45%
Theoretical Best
Office A
$729.0K
$637.9K – $850.5K
NOI $51,029 @ 7.0% cap · market cap 4.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,830
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?
Quadplex - Four-unit multifamily property in a desirable Upland location.
Where is this quadplex located?
The property is located at 457 W Alpine Upland, CA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Four‑unit multifamily property in a desirable Upland location, near Downtown Upland.; Consists of all two‑bedroom / one‑bathroom units.; Located on a quiet tree‑lined cul‑de‑sac street.
