701 Woodrow Ave Bakersfield, CA 93308

This exceptional 5-unit apartment building in Bakersfield, CA, presents a compelling investment opportunity. Located on a spacious 5,662-square-foot lot (APN 11304212004), this property boasts a desirable unit mix: one three-bedroom/one-bathroom, one two-bedroom/two-bathroom, two one-bedroom/one-bathroom, and a studio apartment. The property features three buildings, two stories high, totaling 3,330-3,500 square feet. Built in 1938 and extensively renovated in 2024, the property benefits from significant recent upgrades. Four of the five units have undergone substantial renovations, including new stucco, vinyl flooring, windows, AC units, countertops, and modern appliances. The front house, while freshly painted, offers a value-add opportunity with minor improvements needed. The property enjoys 100% occupancy, generating a strong net operating income (NOI) of $37,499, resulting in a 5.00% cap rate. Key capital improvements include a new main sewer line and updated plumbing and electrical systems. Current rents are below market rates, presenting significant potential for rental growth. The property is zoned RS and is conveniently located near the Bakersfield Airport and a large Amazon fulfillment center. This is an ideal investment for those seeking immediate cash flow and substantial upside potential in a thriving rental market. The property is offered at $699,999.