16197 H StMojave, CA 93501

  • Residential income properties
  • 87,756 SF
For Sale
$4,150,000 View listing

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
Residential income properties
Property subtype
Other 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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
16197 H St, Mojave, California

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$5,702
$511,189
$8,100,867
$8,612,056
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