931 Monterey StBakersfield, CA 93305

Property Details for 931 Monterey St

Property size (Sq ft)

5,280 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Bakersfield

County

Kern

State

California

Latitude

35.3796

Longitude

-118.987

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