830 Almond CtWasco, CA 93280

Property Details for 830 Almond Ct

Year built

2007

Construction

WOOD

Lot size

3.09 AC

Property size (Sq ft)

60,495 SF

Zone code

C2

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

030-450-09-00-7

APU

3045009007

Description

This exceptional investment opportunity presents the acquisition of Poso Place Senior Apartments, an 81-unit apartment building located in Wasco, California. Built in 2007, this three-story Class B property boasts 60,750 square feet, with 53,311 square feet of net rentable space. The property sits on a 3.09-acre lot and is zoned C2. Currently operating at 100% occupancy, the property generates a NOI of $174,825, representing a 3.93% cap rate. Pro forma projections indicate a NOI of $238,030 and a 5.36% cap rate. The asking price is $4,445,000, or approximately $54,877 per unit. The unit mix includes 64 one-bedroom and 17 two-bedroom apartments. Importantly, this is a LIHTC property with a 55-year regulatory agreement, including a 9% tax credit award, and restrictions on 80 units based on Area Median Income (AMI) guidelines. Located approximately 25 miles northwest of Bakersfield, Wasco's economy is primarily agricultural. This offering presents a rare opportunity to acquire a well-maintained, nearly fully occupied senior housing complex with significant long-term tax advantages. The property's strong performance and favorable location make it an attractive investment for discerning buyers. The APN is 03045009007. This is a fee simple ownership.

• CAP approach

  CAP return

  Valuation

  6%

  $10,634,429

  6.5%

  $9,816,396

  7%

  $9,115,225

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,451,370

  Geo Method

  $17,830,780

• Alternative Use

  Use

  Valuation

  Residential

  $9,816,396

  Hospitality

  $8,991,766

  Educational

  $7,481,044

  Medical

  $7,738,328

  Retail

  $11,637,179

Location Insight

City

Wasco

County

Kern

State

California

Latitude

35.5854

Longitude

-119.335

CBSA code

12540

CBSA name

BAKERSFIELD, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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