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$ 925,000
Est. payment /mo
New
210 17th Street Bakersfield, CA 93301
3 Beds
2 Baths
0.26 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW26170501
Bedrooms 3
Lot Size 0.260 Acres
Property Sub-Type Res Income 2-4 Units
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
Zoning Public Rec
Direction West of Union Ave on 17th St
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 00612328000
Acceptable Financing Cash, Conventional, Exchange
Listing Terms Cash, Conventional, Exchange
Listed by Ryan Gonzalez, DRE#01874815 Lyon Stahl Investment Real Est
Felicia Lewis
Broker Associate | License ID: 01872727
+1(858) 876-8565 | felicia@felicialewisgroup.com