16197 H StMojave, CA 93501

Property Details for 16197 H St

Year built

2011

Construction

WOOD FRAME

Lot size

81.94 AC

Property size (Sq ft)

87,756 SF

Zone code

R-2 PD

Property type

Apartment buildings

APN

236-480-12-00-4

APU

23648012004

Description

This exceptional 81-unit apartment complex, built in 2011, presents a compelling investment opportunity in Mojave, California. Located on approximately 82 acres, this Class A property boasts 84,256 square feet of net rentable space, currently operating at 100% occupancy. The property features a mix of unit sizes, including 40 two-bedroom, 33 three-bedroom, and 8 four-bedroom units, offering diverse rental options. The asking price is $4,150,000, translating to approximately $78,691 per unit, with a current NOI of $278,521 and a pro-forma NOI of $426,560, resulting in a 6.02% cap rate and a pro-forma cap rate of 10.28%. The property is subject to a 55-year Regulatory Agreement stemming from its designation as a LIHTC property with a 9% tax credit award, mandating that 80 units be rented to residents earning no more than a specified percentage of the Area Median Income (AMI). The property's location in Mojave, an unincorporated community in Kern County, offers proximity to Bakersfield and Los Angeles, and benefits from the area's aviation, space, and military industries. The property's fee simple ownership and R-1 zoning provide flexibility for future development or management strategies. This is a rare opportunity to acquire a well-maintained, high-occupancy multifamily asset with significant upside potential. The property's strong cash flow, coupled with the potential for increased NOI, makes it an attractive investment for both seasoned and emerging investors. The property's substantial lot size also presents additional development possibilities.

• CAP approach

  CAP return

  Valuation

  6%

  $34,478,916

  6.5%

  $31,826,692

  7%

  $29,553,356

• Comparable approach

  Method

  Valuation

  Relative Method

  $25,865,906

  Geo Method

  $25,865,906

• Alternative Use

  Use

  Valuation

  Residential

  $31,826,692

  Hospitality

  $29,153,078

  Educational

  $24,255,020

  Medical

  $25,089,186

  Retail

  $37,730,028

Location Insight

City

Mojave

County

Kern

State

California

Latitude

35.0525

Longitude

-118.18

CBSA code

12540

CBSA name

BAKERSFIELD, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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