Four-Unit Quadplex with
New
For Sale
$975,000
9221 Wheeler Ct, Fontana, CA 92335
Fontana multifamily property with updated interiors, shared outdoor space, laundry facilities, and enclosed parking.
Property Size2,912 SF
Price / SF$334.82
Days on Market3
Property Features for 9221 Wheeler Ct
General Information
Standard status
Active
Size
2,912 SF
Property subtype
Multi-Family
Building Details
Year Built
1978
Listed By:
Beata Mandell · License #01392993
(310) 701-3808
Source:
Highrisescondos
Added: Sep 18
Last Checked: Sep 19 at 9:28AM
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 Beata Mandell
Investment Insights
Based on property information with market context.
This four-unit multifamily property in Fontana was built in 1978 and includes two one-bedroom, one-bath units, one one-bedroom, one-bath unit with a den, and one two-bedroom, one-bath unit. The property has received exterior work, fresh paint, and interior updates. Shared amenities include a large backyard, on-site washer and dryer, and eight parking spaces, including four enclosed garages. The lot measures 8,100 square feet.
The property is positioned near the 10, 15, and 210 Freeways, providing access across the Inland Empire and toward Los Angeles, San Bernardino, and Riverside. Nearby employment context includes Amazon, Kaiser Permanente Fontana Medical Center, and the broader Inland Empire logistics corridor. Current operating metrics include a 5.81% cap rate and 11.11 GIM.
The property is positioned near the 10, 15, and 210 Freeways, providing access across the Inland Empire and toward Los Angeles, San Bernardino, and Riverside. Nearby employment context includes Amazon, Kaiser Permanente Fontana Medical Center, and the broader Inland Empire logistics corridor. Current operating metrics include a 5.81% cap rate and 11.11 GIM.
Key Highlights
- Four‑unit property with two one‑bedroom units, one one‑bedroom unit plus den, and one two‑bedroom unit
- 8,100‑square‑foot lot with 8 on‑site parking spaces, including 4 enclosed garages
- Built in 1978 with exterior renovations, fresh paint, and interior upgrades
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
$42,890
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
4.40%
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%
$857,800
$857.8K
Cap Rate 7%
$612,714
$612.7K
Cap Rate 9%
$476,556
$476.6K
Market Conditions
NOI Build-Up for 2,912 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
$64.6K $22.20/SF
− Vacancy
−$3.4K −$1.16/SF
EGI
$61.3K $21.04/SF
− OpEx
−$18.4K −$6.31/SF
NOI
$42.9K $14.73/SF
Area
Fontana, CA
Vacancy
5.22%
Lease Rate
$22.20 /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%
$857,800
Cap Rate 7%
$612,714
Cap Rate 9%
$476,556
Alternative Uses
Best Use
Multifamily LT 5
$612.7K
$536.1K – $714.8K
NOI $42,890 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$563.0K
$492.7K – $656.9K
NOI $39,412 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$847.3K
$741.4K – $988.6K
NOI $59,314 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
798
Businesses Nearby
Explore this area
Business Placement
Demographics for 92335, CA
96,605
Population
25,861
Households
3.7
Avg Household Size
31
Median Age
10%
College-Educated
67%
High-School Grad
17.5 sq mi
ZIP Area
5,520
Density / Sq Mi
$75,198
Median Household Income
$35,912
Median Earnings
$1,636
Median Rent
$433,600
Median Home Value
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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?
Quadplex - Fontana multifamily property with updated interiors, shared outdoor space, laundry facilities, and enclosed parking.
Where is this quadplex located?
The property is located at 9221 Wheeler Ct Fontana, 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: Four‑unit property with two one‑bedroom units, one one‑bedroom unit plus den, and one two‑bedroom unit; 8,100‑square‑foot lot with 8 on‑site parking spaces, including 4 enclosed garages; Built in 1978 with exterior renovations, fresh paint, and interior upgrades
