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Listed by Ryan Gonzalez, DRE #01874815 • Lyon Stahl Investment Real Est
$ 925,000
Est. payment /mo
Active
210 17th ST Bakersfield, CA 93301
0.26 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW26170501
Year Built 1935
Lot Size 0.260 Acres
Source California Regional MLS
Property Description
We are pleased to present 210 17th Street, an 8-unit multifamily investment opportunity in Downtown Bakersfield. Built in 1935, the property pairs classic red-tile Spanish bungalows fronting 17th Street with a two-story rear building - vintage character product that no longer gets built. The unit mix is a split of 5 one-bedroom / one-bath and 3 two-bedroom / one-bath units on a generous 11,325 SF lot, separately metered for gas and electricity. Offered at $925,000 - $115,625 per unit and $156 per SF - the asset trades at a fraction of replacement cost. In-place rents average $1,060 - the one-bedrooms as low as $600 - versus $1,095 and $1,195 at market. The property will be delivered with five vacant units, providing investors with an exceptional value-add opportunity to immediately renovate, lease at market rents, and accelerate NOI growth from day one. Positioned in the 93301 zip code blocks from the Chester Avenue core, the Fox Theater, and Bakersfield High School, the property draws on the deep workforce renter base of California's 9th largest city. Current income delivers a 6.02% cap rate day one, underwriting to an 6.84% market cap as units roll - a +8% lift in gross scheduled income.
Location
State CA
County Kern
Area Bksf - Bakersfield
Interior
Laundry None
Exterior
Garage Spaces 7.0
Pool None
Building
Water District - Public
Others
Tax ID 00612328000
Special Listing Condition Not Applicable
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