1001 Walnut DrArvin, CA 93203

Property Details for 1001 Walnut Dr

Year built

2004

Construction

WOOD FRAME

Lot size

5.60 AC

Property size (Sq ft)

109,540 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

192-070-04-00-3

APU

19207004003

Description

La Amistad Apartments, a 2004-built, 80-unit apartment complex in Arvin, CA, presents a compelling investment opportunity. This Fee Simple, Class B property boasts 243,936 square feet on a 5.6-acre lot, with 131,686 square feet of net rentable space. The property features ten 2-story buildings, offering a mix of 48 three-bedroom and 32 four-bedroom units. Currently operating at 100% occupancy, the property generates a NOI of $477,961, representing a 6.21% cap rate and a pro-forma cap rate of 7.03%. The asking price is $7,692,000, or $96,150 per unit. The property is subject to a 55-year Regulatory Agreement stemming from a 9% LIHTC award received upon its placement in service in November 2004. This agreement mandates that 79 units be rented to residents earning no more than Area Median Income (AMI), with specific percentages at 40%, 50%, and 55% AMI, and rents are restricted accordingly by the Tax Credit Allocation Committee (TCAC). The property's location in the rapidly expanding and affordable market of Arvin, Kern County, CA (zip code 93203, APN 19207004003), offers investors a unique opportunity in the California market. This is a rare chance to acquire a substantial multifamily property with a strong income stream and significant tax advantages.

• CAP approach

  CAP return

  Valuation

  6%

  $36,108,888

  6.5%

  $33,331,282

  7%

  $30,950,476

• Comparable approach

  Method

  Valuation

  Relative Method

  $32,286,696

  Geo Method

  $32,286,696

• Alternative Use

  Use

  Valuation

  Residential

  $33,331,282

  Hospitality

  $30,531,274

  Educational

  $25,401,662

  Medical

  $26,275,264

  Retail

  $39,513,696

Location Insight

City

Arvin

County

Kern

State

California

Latitude

35.1957

Longitude

-118.839

CBSA code

12540

CBSA name

BAKERSFIELD, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].