2115 G St Bakersfield, CA 93301

This fee-simple multifamily investment opportunity in Bakersfield, CA, presents a 12-unit apartment building with significant upside potential. Located at 2115 G St, in the heart of downtown, near the Fox Theatre and Padre Hotel, this property consists of two buildings on two contiguous parcels (APN: 003-222-07 & 003-222-08), totaling 6,010 square feet on a 0.21-acre lot. The property includes eight units built in 2006 and four units built in 1968, all one-bedroom, one-bathroom units. The property boasts a current 100% occupancy rate, generating a Net Operating Income (NOI) of $106,505, with a current cap rate of 5.76%. A pro-forma NOI of $122,228 and a pro-forma cap rate of 6.61% reflect the potential for increased revenue after completing renovations on seven units. Five units have already been remodeled to current market standards. The property is zoned C and offers two parking pads. The asking price is $1,850,000 ($154,167 per unit, $307.82 per square foot). This stabilized investment is ideal for a 1031 exchange. The recent 2023 renovations provide a strong foundation for immediate cash flow and future growth. High rental demand in this prime downtown location ensures a strong return on investment.