For Sale
$1,125,000

931 Monterey StBakersfield, CA 93305

Fully renovated, high-yield apartment building.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fully renovated four-unit apartment building situated at 931 Monterey St, Bakersfield, CA 93305. The property, boasting a total of 5,280 square feet, comprises four identical four-bedroom, two-bathroom units, each approximately 1,320 square feet. A complete renovation in 2023 included new plumbing, electrical systems, lighting, HVAC units, and updated interior and exterior finishes. The property sits on a 7,405 square foot lot and is zoned R-2 Multi-Family. Currently 100% leased, this building benefits from consistently low vacancy rates in the area and accepts Section 8 tenants, each pre-qualified by the Housing Authority. The asking price is $1,125,000, representing a price per square foot of $225 and a price per unit of $281,250. The property generates a strong net operating income (NOI) of $94,828, resulting in an attractive 8.43% cap rate. This turnkey investment offers immediate cash flow and significant potential for long-term appreciation in a desirable Southeast Bakersfield location. The property's APN is 015-360-06. This is a rare opportunity to acquire a fully modernized, high-performing multi-family asset in a stable market.

Highlights

  • 100% Leased, four-unit apartment building.
  • Fully renovated in 2023 with new plumbing, electrical, HVAC, and interior/exterior finishes.
  • Four identical units, each with four bedrooms and two bathrooms.
  • Low vacancy rate in a desirable location.
  • Section 8 tenants, all pre-qualified by the Housing Authority.

Property Details for 931 Monterey St

Property type
Apartment buildings
Square Feet
5,280 SF
Year Renovated
2023
Buildings
1
Stories
2
Units
4

Location Insight

City
Bakersfield
County
Kern
State
California
Latitude
35.379574312801
Longitude
-118.98689315562
931 Monterey St, Bakersfield, California

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931 Monterey St
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