116 Beardsley Avenue, Bakersfield, CA 93308

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Glen Henderson

[email protected] +1(619) 889-7646

$1,650,000

Est. payment - /mo

2 Beds

1 Bath

0.45 Acres Lot

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UPDATED:

10/11/2024 11:38 AM

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID GD24198522

Bedrooms 2

HOA Y/N No

Lot Size 0.450 Acres

Type of Financing Cash,Conventional

Property Description

This property offers an exceptional high cap rate of 8.6% and immediate opportunity to increase cash flow. Current rents are below market and poised for a 10% increase in 2025, with market rents reaching up to $1,375 per month, unlocking substantial revenue potential. Each unit comes with separate utility meters, making it easier to manage costs, while the roof-mounted AC units with central heating and air conditioning provide added convenience and energy efficiency. Most units have been updated in recent years. All units come with a parking, plus 2 guest parking spots; easily reline the lot to create even more parking spaces to increase tenant satisfaction and appeal. This is a rare opportunity for investors looking for a property with strong income growth, low operating costs, and increasing market demand. The laundry room is not being used; this can add more income if operated. The street is part of the city's beautifying project adding additional value for the years to come. Additionally, two new apartment buildings are planned in the area, boosting future demand and property value. Close to shopping and freeways, the building has a very high occupancy rate and quick turnover.
This property offers an exceptional high cap rate of 8.6% and immediate opportunity to increase cash flow. Current rents are below market and poised for a 10% increase in 2025, with market rents reaching up to $1,375 per month, unlocking substantial revenue potential. Each unit comes with separate utility meters, making it easier to manage costs, while the roof-mounted AC units with central heating and air conditioning provide added convenience and energy efficiency. Most units have been updated in recent years. All units come with a parking, plus 2 guest parking spots; easily reline the lot to create even more parking spaces to increase tenant satisfaction and appeal. This is a rare opportunity for investors looking for a property with strong income growth, low operating costs, and increasing market demand. The laundry room is not being used; this can add more income if operated. The street is part of the city's beautifying project adding additional value for the years to come. Additionally, two new apartment buildings are planned in the area, boosting future demand and property value. Close to shopping and freeways, the building has a very high occupancy rate and quick turnover.

Location

State CA

County Kern

Area Bakersfield (93308)

Zoning Assessor

Building

Lot Description Curbs, Sidewalks

Story 2

Level or Stories 2 Story

Others

Acceptable Financing Cash, Conventional

Space Rent $141,024

Listing Terms Cash, Conventional

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Listed by Karine Haneyan • John Hart Real Estate

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Glen Henderson

+1(619) 889-7646

Broker Associate | CA BRE #01384181

Broker Associate CA BRE #01384181

San Diego Communities

116 Beardsley Avenue Bakersfield, CA 93308

Glen Henderson

Key Details

Location

Building

Others

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