106 Mccord AveBakersfield, CA 93308

Property Details for 106 Mccord Ave

Year built

1949

Construction

WOOD FRAME

Lot size

0.08 AC

Zone code

C2

Property type

Hospitality properties

Property subtype

Mobile home & RV parks

APN

114-230-25-00-0

APU

11423025000

Description

This exceptional investment opportunity presents a 22-space mobile home park ideally situated in Bakersfield, California's Oildale area, a designated Federal Opportunity Zone. Currently boasting 86% occupancy, the park generates a strong NOI of $68,640, representing a 7.84% cap rate. A pro-forma analysis projects a 10.10% cap rate with an NOI of $88,360 at full occupancy. The property sits on a 0.46-acre lot and includes a laundry room, ample guest parking, and a secure chain-link fence. Fifteen of the 22 spaces are park-owned and will convey with the sale, representing an estimated $180,000 value. Recent significant upgrades have been completed to the park's electrical, water, and sewer lines, as well as to the park-owned homes to ensure they are rent-ready. The asking price is $875,000, translating to $39,772.73 per pad. Conveniently located near major retailers such as McDonald's, Jack in the Box, Sonic, and Starbucks, this property offers a compelling combination of strong current performance and significant upside potential. The property is part of a two-park portfolio, with the possibility of acquiring an adjacent 20-space park. Seller financing may be considered. The property's APN is 114-230-24-00-7. Built in 1949, this Class C stabilized investment is offered as an LLC.

• CAP approach

  CAP return

  Valuation

  6%

  $1,276,438

  6.5%

  $1,178,250

  7%

  $1,094,089

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,064,335

  Geo Method

  $1,064,335

• Alternative Use

  Use

  Valuation

  Residential

  $1,178,250

  Hospitality

  $1,079,271

  Educational

  $897,941

  Medical

  $928,822

  Retail

  $1,396,796

Location Insight

City

Bakersfield

County

Kern

State

California

Latitude

35.407

Longitude

-119.022

CBSA code

12540

CBSA name

BAKERSFIELD, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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