18335 Montezuma · Adelanto, CA 92301

$7,200,000

2928 bd · 2304.0 ba · 13,944 sqft · MultiFamily public records · 35 Days on market

Built 1986 2.22 ac lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.8/30.0
• Appreciation +10.0/10.0
• DSCR +9.8/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Livability +2.4/5.0
• Schools +2.2/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 48 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

A well kept 48 unit apartment complex in the growing city of Adelanto, California is now avaliable. The apartment consists of a unit mix of (14) 2bed/1bath, (33) 1bed/1bath, and (1) Studio. The building was constructed in 1986 and the overall building square footage is approx 27,888 according to public records. The tenant parking is gated and has covered parking with carports. The complex is one story and sits on a lot approx 96,702 square feet or 2.22 acres. This apartment is conveniently located within a five minute drive of a shopping center named "Adelanto Marketplace" that consists of stores such as Stater Bros Markets, Starbucks, US Bank, Del Taco, Bakin Robbins Ice Cream, D

Key facts

• Tenant parking
• One story
• Covered parking

Tags

• 48 UNIT APARTMENT COMPLEX
• TENANT PARKING
• GATED PARKING
• COVERED PARKING
• CARPORTS
• ONE STORY

Property features AI

Finance

• Other: Some unit mix and rent totals provided: one unit type (1 unit) with rent shown, 14 units of a 2-bed type, and 33 units of a 1-bed type (rental totals listed for each unit type)
• Financial info: Gross scheduled income approximately $730,344; Net operating income approximately $442,907; Operating expenses approximately $288,119 (includes insurance and water/sewer and trash); Insurance expense approximately $40,800; Water and sewer expense approximately $36,000; Trash expense approximately $20,159; Property consists of 48 total units across 4 buildings; Total building area reported as 27,888
• HOA & community: Community features include biking paths and sidewalks

Exterior

• Utilities: Public sewer; District/public water; Separate gas and electric meters (48 each); One separate water meter
• Home design: Community apartment (attached property); Single-story buildings (total of 4 buildings)
• Construction: Built year per public records
• Exterior features: No pool; Lot zoned for 2–5 units per acre; Additional parcel numbers recorded

Interior

• Kitchen: Kitchens included in individual units
• Bedrooms: Units include one-bedroom and two-bedroom layouts
• Bathrooms: Units include full bathrooms
• Interior features: Entry located on the first level; Attached units with 2+ common walls
• Laundry & utility: On-site laundry area

What this means for you Summary

Snapshot

• This is a 48 × 61-bed/48.0-bath units multifamily listed at $7.20M.

Deal economics

• At list price, monthly cash flow is $22k ($265k/yr) — positive. Per door: $459/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($91k rent vs $7.20M).
• Recommended offer: $6.98M (3.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 4.2% in Adelanto — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 47/100 on livability (#1,250 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: crime D, schools F, amenities F.
• Victor Valley Union High (urban): math 25% / reading 25% proficiency, ranked #407 of 517 in CA (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.7%/yr); 615 active listings in the ZIP; 5,458 units permitted in San Bernardino County in 2024 (1,500 in 5+ unit buildings).
• At $90,894/mo this rent would consume 1588% of the median local household income ($69k/yr) (locally 1345% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $770k of equity ($50k loan paydown + $720k appreciation (10.0% local appreciation)).
• San Bernardino County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 4.7% rent growth), your $2.02M cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$1.24M cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($6.98M) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 3y ago; this cycle's ask is 578213% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $800k; list at $7.20M implies a 801% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 5→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $6,984,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.26% ✓
• Cap rate: 9.97%
• Cash-on-cash: 13.12%
• DSCR: 1.58
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 4.68% rent growth · sell at horizon

5-year hold

• IRR: 34.7%
• Equity multiple: 3.72×
• Total profit: $5,483,182
• Equity at exit: $6,486,330

10-year hold

• IRR: 30.5%
• Equity multiple: 8.63×
• Total profit: $15,384,866
• Equity at exit: $13,988,016

Cash invested: $2,016,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 92301

• Home prices YoY: 10.0%
• Rents YoY: 4.7%
• Active inventory: 615
• Price-to-rent: 316.9×

Monthly cashflow live

• Estimated rent: $90,894 medium
• Mortgage (P&I): −$37,758
• Tax est. 1.5%: −$9,000 /mo · $108,000/yr
• Insurance: −$3,000
• HOA: −$0
• Vacancy / Maint / Mgmt: −$19,088
• Net cashflow: $22,049

Break-even live

Break-even rent $62,984

Max offer price $7,200,000

Occupancy floor 71%

48-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 48× units	61	48	$90,912
Total (48 units)			$90,894

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,800,000
• Closing costs: $216,000
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $7,200,000 Active 35 DOM
2. 2026-06-17
   days on market $7,200,000 Active 34 DOM
3. 2026-06-16
   days on market $7,200,000 Active 33 DOM
4. 2026-06-15
   days on market $7,200,000 Active 32 DOM
5. 2026-06-13
   days on market $7,200,000 Active 30 DOM
6. 2026-06-09
   days on market $7,200,000 Active 26 DOM
7. 2026-06-08
   days on market $7,200,000 Active 25 DOM
8. 2026-06-07
   days on market $7,200,000 Active 24 DOM
9. 2026-06-04
   days on market $7,200,000 Active 21 DOM
10. 2026-06-03
    days on market $7,200,000 Active 20 DOM
11. 2026-06-02
    days on market $7,200,000 Active 19 DOM
12. 2026-06-01
    days on market $7,200,000 Active 18 DOM
13. 2026-05-31
    days on market $7,200,000 Active 17 DOM
14. 2026-05-16
    listed $1,245
15. 2026-05-15
    listed $1,545
16. 2026-05-14
    listed $7,200,000 Active
17. 2026-04-22
    historical $1,545
18. 2026-01-15
    historical $1,545
19. 2025-12-03
    historical $1,545
20. 2025-12-03
    price $1,545
21. 2025-10-04
    listed $1,195
22. 2025-09-26
    listed $1,195
23. 2025-09-25
    historical $1,195
24. 2025-09-13
    listed $1,195
25. 2025-09-12
    historical $1,195
26. 2025-09-12
    listed $1,195
27. 2025-09-12
    historical $1,195
28. 2025-09-05
    historical $1,195
29. 2025-09-03
    listed $1,195
30. 2025-09-03
    historical $1,495
31. 2025-07-31
    listed $1,495
32. 2025-07-30
    listed $1,195
33. 2025-07-30
    listed $1,175
34. 2025-02-11
    historical $1,195
35. 2025-01-16
    listed $1,195
36. 2025-01-16
    historical $1,195
37. 2025-01-11
    listed $1,195
38. 2023-10-11
    historical $1,295
39. 2023-10-05
    listed $1,295
40. 2001-10-16
    soldstatus $799,500
41. 1997-01-31
    soldstatus $500,000
42. 1997-01-31
    soldstatus $53,000
43. 1997-01-31
    soldstatus $53,000
44. 1997-01-31
    soldstatus $21,500
45. 1997-01-31
    soldstatus $50,000
46. 1997-01-31
    soldstatus $84,500
47. 1997-01-31
    soldstatus $29,000
48. 1997-01-31
    soldstatus $105,500
49. 1997-01-31
    soldstatus $53,000
50. 1995-01-03
    soldstatus $520,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 5 d/yr ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 16 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $1,090,728
• − Mortgage interest: −$403,312
• − Property taxes: −$108,000
• − Insurance: −$36,000
• − Repairs & maintenance: −$87,258
• − Management: −$87,258
• − Depreciation: −$209,455
• Taxable income: $159,445
• Est. tax owed @ 24.0%: −$38,267
• After-tax cash flow: $226,317/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Victor Valley Union High
• NCES district ID: 0636972
• Math proficiency: 25% ▲ 6.00%
• Reading proficiency: 25% ▼ -12.00%
• Median HH income: $45,112
• Composite: 21.6/100
• National rank: #8296
• State rank: #407 of 517 in CA

Livability — Adelanto

• Score: 47/100
• State rank: #1250
• US rank: #26338

Category grades

Amenities F Commute F Cost of living D- Crime D Employment D- Housing A+ Health & safety F User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Adelanto, CA
• County: San Bernardino County · 2,030,291 people
• City population: 38,577
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 38,577
• Household income: $68,676
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1345.0

Population outlook (San Bernardino County) Hauer SSP2

• Today (2025): 2,300,329 people
• By 2030: 2,378,907 · +3.4%
• By 2040: 2,523,137 · +9.7%
• By 2050: 2,642,388 · +14.9%
• By 2075: 2,880,769 · +25.2%
• By 2100: 2,909,436 · +26.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 34% Black 15% White 9% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 58%
• Foreign-born: 18% · Canada
• Languages at home: 52% English-only · Spanish 46%

Political lean MEDSL · San Bernardino

• 2024 margin: Toss-up / Even · D 47.5% · R 49.7% · Other 2.8%
• 2008→2024 swing: -8.5pp toward R · 2008: 6.3pp · 2024: -2.1pp
• All cycles: 2024: R+2.1 2020: D+10.7 2016: D+9.8 2012: D+5.4 2008: D+6.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 41.09%
• Current HPI: 453.6071
• Rent YoY: ▲ 4.68%
• Metro: Riverside-San Bernardino-Ontario, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

-99.8% since first listed

37 events — show timeline

• 2026-05-16 Listed for Rent $1,245 APPFOLIO
• 2026-05-15 Listed for Rent $1,545 APPFOLIO
• 2026-05-14 Listed $7,200,000 CRMLS
• 2026-04-22 Rental Removed $1,545 APPFOLIO
• 2026-01-15 Rental Removed $1,545 APPFOLIO
• 2025-12-03 Rental Removed $1,545 APPFOLIO
• 2025-12-03 Price Changed $1,545 APPFOLIO
• 2025-10-04 Listed for Rent $1,195 APPFOLIO
• 2025-09-26 Listed for Rent $1,195 APPFOLIO
• 2025-09-25 Rental Removed $1,195 APPFOLIO
• 2025-09-13 Listed for Rent $1,195 APPFOLIO
• 2025-09-12 Rental Removed $1,195 APPFOLIO
• 2025-09-12 Listed for Rent $1,195 APPFOLIO
• 2025-09-12 Rental Removed $1,195 APPFOLIO
• 2025-09-05 Rental Removed $1,195 APPFOLIO
• 2025-09-03 Listed for Rent $1,195 APPFOLIO
• 2025-09-03 Rental Removed $1,495 APPFOLIO
• 2025-07-31 Listed for Rent $1,495 APPFOLIO
• 2025-07-30 Listed for Rent $1,195 APPFOLIO
• 2025-07-30 Listed for Rent $1,175 APPFOLIO
• 2025-02-11 Rental Removed $1,195 RENTALBEAST
• 2025-01-16 Listed for Rent $1,195 RENTALBEAST
• 2025-01-16 Rental Removed $1,195 TURBOTENANT
• 2025-01-11 Listed for Rent $1,195 TURBOTENANT
• 2023-10-11 Rental Removed $1,295 APPFOLIO
• 2023-10-05 Listed for Rent $1,295 APPFOLIO
• 2001-10-16 Sold (Public Records) $799,500 Public Records
• 1997-01-31 Sold (Public Records) $53,000 Public Records
• 1997-01-31 Sold (Public Records) $105,500 Public Records
• 1997-01-31 Sold (Public Records) $29,000 Public Records
• 1997-01-31 Sold (Public Records) $84,500 Public Records
• 1997-01-31 Sold (Public Records) $50,000 Public Records
• 1997-01-31 Sold (Public Records) $21,500 Public Records
• 1997-01-31 Sold (Public Records) $53,000 Public Records
• 1997-01-31 Sold (Public Records) $53,000 Public Records
• 1997-01-31 Sold (Public Records) $500,000 Public Records
• 1995-01-03 Sold (Public Records) $520,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $10,468 · +7.1% YoY. Source: county tax records.