1601 Lotus Ln Bakersfield, CA 93307

Exceptional investment opportunity in Bakersfield, California, presents the King Square Apartments, a 73-unit multifamily property ideally situated at 1601 Lotus Ln, 93307. This Class C apartment building boasts a total of 78,804 square feet, with 75,304 square feet of net rentable space. Currently operating at 100% occupancy, the property generates a substantial Net Operating Income (NOI) of $363,809, with a pro-forma NOI projected at $498,124. The asking price is $6,700,000, representing a price per square foot of $88.97 and a price per unit of $91,781. Built in 2009, this fee-simple owned property comprises ten two-story buildings situated on a 4.78-acre lot (APN 17006011) and zoned R-2. The unit mix includes 36 two-bedroom, 33 three-bedroom, and 4 four-bedroom apartments. King Square Apartments is a LIHTC property with a 9% tax credit award and a 55-year Regulatory Agreement stipulating that 72 units must be rented to residents earning no more than Area Median Income (AMI) levels: 10% at 30% AMI, 10% at 40% AMI, and 50% at 50% AMI. The property was placed in service in July 2008. This presents a unique opportunity to acquire a well-maintained, 70+ unit apartment complex built in 2008, significantly below replacement cost.