1234 Chester AveBakersfield, CA 93301

Property Details for 1234 Chester Ave

Year built

1962

Construction

WOOD

Lot size

0.21 AC

Property size (Sq ft)

7,489 SF

Zone code

C-C

Property type

Office properties

Property subtype

Office buildings

APN

006-460-25-00-9

APU

646025009

Description

This exceptional value-add investment opportunity presents a portfolio of eight buildings totaling 18,015 square feet situated on a 32,937 square foot lot in the heart of Downtown Bakersfield, California (93301). The portfolio, located at 1234 Chester Avenue and encompassing addresses 1222-1232, 1300-1304, and 1306 Chester Avenue, consists of a diverse mix of multi-tenant and single-tenant office spaces, including a four-plex residential unit. Currently boasting 83.34% occupancy across multiple short-term and month-to-month leases, this presents a significant opportunity for immediate income growth through lease renewals and rent increases. The portfolio features eight buildings, two stories maximum, and is zoned C-C by the City of Bakersfield (APN: 006-460-15, 18, 19, 25). The asking price is $2,200,000, with a current cap rate of 5.38% and a pro-forma cap rate of 7.78%. The average tenant size is under 1,000 square feet, providing diversification of occupancy. Benefiting from a prime location near Bakersfield City Hall, Kern County Superior Court, and numerous amenities including Starbucks, Maya Cinemas, and Bakersfield High School, this portfolio offers significant upside potential for a savvy investor. The properties will be sold as a single portfolio, not individually. Lease type is Gross.

• CAP approach

  CAP return

  Valuation

  6%

  $2,134,974

  6.5%

  $1,970,745

  7%

  $1,829,978

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,424,108

  Geo Method

  $1,424,108

• Alternative Use

  Use

  Valuation

  Residential

  $2,443,724

  Hospitality

  $2,238,438

  Educational

  $1,862,354

  Medical

  $1,926,403

  Retail

  $2,896,995

Location Insight

City

Bakersfield

County

Kern

State

California

Latitude

35.3694

Longitude

-119.018

CBSA code

12540

CBSA name

BAKERSFIELD, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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