Description

Excellent six-unit multifamily investment opportunity located at 15510 Tonekai Road in Apple Valley, CA. Offered at $960,000 ($160,000 per unit), the property features an attractive 6.50% current CAP rate with upside to a 7.23% pro forma CAP rate. Built in 1958, the property consists of a single-story residential building totaling approximately 4,502 rentable square feet on a 0.39-acre lot. The desirable unit mix includes four 2-bedroom/1-bath units and two 1-bedroom/1-bath units, with spacious and functional floor plans. The property generates approximately $102,000 in annual scheduled rental income, with potential to increase to $110,400 at projected market rents. Additional features include onsite parking, stucco construction, and a low-density residential setting. Conveniently located near shopping, dining, healthcare facilities, and major employment centers throughout Apple Valley and the greater Victor Valley. An attractive opportunity to acquire an established income-producing multifamily asset with rental upside and long-term investment potential.

Property details

Year built

1958

Property type

Residential Income

Lot size

16,988 sqft

Location

15510 Tonekai • Apple Valley, CA 92307

More homes for sale and rent in Apple Valley, CA →

Listing Agent

DARREN CORREA

DRE #: 02066621

Brokerage: LE INVESTMENT GROUP

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Closed sales reported in 92307, nearest first, last 12 months. All recent sales in Apple Valley →

CRMLS

MLS# IV26222718

Listed: 10/13/2026 11:26 AM

Based on information from the California Regional Multiple Listing Service, Inc. as of 10/13/2026 6:33 PM. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.

IDX information is provided exclusively for consumers' personal, non-commercial use. Information is deemed reliable but not guaranteed. Buyer should independently verify all information.

Listed by: LE INVESTMENT GROUP

Equal Housing Opportunity

Advertising Broker: Nalren Corp (CA DRE #02423715)

Licensed in the state of California

Nalren Corp (CA DRE #02423715) is the Advertising Broker for this IDX display. We are not the listing broker for this property. The listing broker/agent information is shown above. Contact the listing agent for inquiries.

Residential Income - 15510 Tonekai, Apple Valley, CA