404 Covey AveBakersfield, CA 93308

Property Details for 404 Covey Ave

Year built

2024

Property size (Sq ft)

3,174 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional new construction multifamily property, located at 404 Covey Avenue in Bakersfield, California (93308), presents a compelling investment opportunity. Completed in 2024, this three-unit apartment building boasts a total of 3,174 square feet on a 13,503 square foot lot. Each unit offers approximately 1,058 square feet of living space, featuring faux wood ceramic tile flooring, durable construction materials, and tile roofing. The kitchens are equipped with built-in dishwashers, stoves/ovens, and microwaves. Each unit also includes dedicated parking for two large vehicles. Currently, two units are rented, achieving a 66% occupancy rate as of November 4, 2024, with a third unit pending lease. The current monthly rent is $4,850, with one unit at $1,700 and two pending at $1,575 each. A significant advantage is the inclusion of fully paid-for solar panels on each unit, resulting in minimal electricity costs for tenants. The property's Net Operating Income (NOI) is $43,560, yielding a pro-forma cap rate of 6.2%. The property is zoned for multi-family residential use and is listed at $699,000. The Kern County Assessor's Parcel Number (APN) is 114-182-13-00-5. The ownership is held by J & J Acquisition Partners, Inc. This property offers a strong return on investment with significant upside potential.

Location Insight

City

Bakersfield

County

Kern

State

California

Latitude

35.4098

Longitude

-119.035

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