1601 Lotus LnBakersfield, CA 93307

Property Details for 1601 Lotus Ln

Year built

2009

Construction

WOOD

Lot size

4.78 AC

Property size (Sq ft)

28,864 SF

Zone code

R-2

Property type

Apartment buildings

APN

170-060-11-00-0

APU

17006011000

Description

Exceptional investment opportunity in Bakersfield, California, presents the King Square Apartments, a 73-unit multifamily property ideally situated at 1601 Lotus Ln, 93307. This Class C apartment building boasts a total of 78,804 square feet, with 75,304 square feet of net rentable space. Currently operating at 100% occupancy, the property generates a substantial Net Operating Income (NOI) of $363,809, with a pro-forma NOI projected at $498,124. The asking price is $6,700,000, representing a price per square foot of $88.97 and a price per unit of $91,781. Built in 2009, this fee-simple owned property comprises ten two-story buildings situated on a 4.78-acre lot (APN 17006011) and zoned R-2. The unit mix includes 36 two-bedroom, 33 three-bedroom, and 4 four-bedroom apartments. King Square Apartments is a LIHTC property with a 9% tax credit award and a 55-year Regulatory Agreement stipulating that 72 units must be rented to residents earning no more than Area Median Income (AMI) levels: 10% at 30% AMI, 10% at 40% AMI, and 50% at 50% AMI. The property was placed in service in July 2008. This presents a unique opportunity to acquire a well-maintained, 70+ unit apartment complex built in 2008, significantly below replacement cost.

• CAP approach

  CAP return

  Valuation

  6%

  $10,202,250

  6.5%

  $9,417,462

  7%

  $8,744,786

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,507,606

  Geo Method

  $8,507,606

• Alternative Use

  Use

  Valuation

  Residential

  $9,417,462

  Hospitality

  $8,626,345

  Educational

  $7,177,018

  Medical

  $7,423,846

  Retail

  $11,164,249

Location Insight

City

Bakersfield

County

Kern

State

California

Latitude

35.3372

Longitude

-118.989

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].