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Available For Sale - Retail

19,515 SF | Show Pricing $

AVAILABILITY DETAILS

Size
19,515 SF
Price/SF
Show Pricing $
Listing ID
SA458257
Notes
Palm Tree Village: 40 Unit Multi-Family Apartment, Mobile Home, and Commercial units on ±2.61 Acres of land in Bakersfield, CA. Property consists of multiple structures totaling ±19,515 SF including (6) apartment type buildings with multiple units, (1) SFR, (2) commercial buildings and (16) mobile home spaces. The property has (3) studio units, (8) 1 bed/1 bath units, (10) 2 bed/1 bath units, (1) 3 bed/2 bath unit, (1) SFR unit, (16) generous-sized mobile home spaces, and (4) commercial spaces. Each multi-family unit has separate gas & electric meters, all units have private rear patio/backyards, mobile home lots are spacious with existing pads poured, and all roads throughout are paved. Each lease term is typically MTM, noting tenants to pay their own utility & hot water, and separate electric meter. There are (2) commercial buildings that are fully leased; #335 operates as a church and #327-329 has been a long-term Smoke Shop who recently expanded, and extended the lease by 5 additional years showing their commitment to the space. The apartments are located in North Bakersfield with the Meadows Apartment and Amazon Distribution Center just North of the property. There are Elementary, Middle School and High School and local colleges within a few miles of the property.



The value-add opportunity consists of addressing the under-market rent of (10) tenants by very minimal amounts, extending lease length over the next 6-12 months for the (5) tenants at market rates, and leasing the remaining (25) units totaling 62.5% of the property. Value-add opportunity with actual rents of $140,148/year collected plus upside potential. After addressing the vacancies alone, the annual income is $324,351 (231% upside). After addressing the undermarket units, this deal has potential annual income of $365,580. Unique investment offering easy-to-rent small spaces within an under-built market offering a strong need for these type of units. Once stabilized, the deal offers a 12.6% Cap rate, 26.45% cash-on-cash return when leveraged with 30% down, which produces a 2.7 Debt Coverage Ratio!



BONUS APN/Structure: 323 1/2 is on a sperate APN valued at $120k that is included in the sale price!
Uses
Retail

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Jared Ennis, Central CA Commercial
BRE# 01945284