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1507 Pearl St - 1507 Pearl St 2 Unit Apartment Building Offered at $299,000 at a 6.82% Cap Rate Bakersfield, CA 93305
Investment Highlights
- Two separate residences on one 7,405 SF lot
- Front home fully remodeled — new kitchen, bath, flooring
- Zoned R-1, unincorporated Kern County
- Permitted ADU (2BD/1BA, ~580 SF)
- Solar system paid in full
- Estimated combined market rent: $2,900/mo ($34,800/yr)
Executive Summary
Two separate residences on one 7,405 SF lot, zoned R-1. Front home is 2BD/1BA, approximately 914 SF, built 1940, fully remodeled with new kitchen, bath, and flooring. Rear unit is a permitted ADU, 2BD/1BA, approximately 580 SF, built 1942, with private entrance and yard, galley kitchen, and in-unit laundry. Solar system is paid in full. Property is owner-occupied at time of sale and not currently rented. Estimated combined market rent is $2,900/month ($34,800/year), based on comparable rentals in the 93305 area. Full income and expense proforma, including tax, insurance, and maintenance assumptions, is detailed in the Offering Memorandum. Buyer and buyer's agent should independently verify zoning, permits, and all financial estimates prior to purchase.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$34,800
|
$23.29
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$696
|
$0.47
|
| Effective Gross Income |
$34,104
|
$22.83
|
| Taxes |
$5,411
|
$3.62
|
| Operating Expenses |
$8,290
|
$5.55
|
| Total Expenses |
$13,701
|
$9.17
|
| Net Operating Income |
$20,403
|
$13.66
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $34,800 |
| Annual Per SF | $23.29 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $696 |
| Annual Per SF | $0.47 |
| Effective Gross Income | |
|---|---|
| Annual | $34,104 |
| Annual Per SF | $22.83 |
| Taxes | |
|---|---|
| Annual | $5,411 |
| Annual Per SF | $3.62 |
| Operating Expenses | |
|---|---|
| Annual | $8,290 |
| Annual Per SF | $5.55 |
| Total Expenses | |
|---|---|
| Annual | $13,701 |
| Annual Per SF | $9.17 |
| Net Operating Income | |
|---|---|
| Annual | $20,403 |
| Annual Per SF | $13.66 |
Property Facts
| Price | $299,000 | Property Type | Multifamily |
| Price Per Unit | $149,500 | Apartment Style | Single-Family Home |
| Sale Type | Investment | Building Size | 1,494 SF |
| Cap Rate | 6.82% | No. Stories | 1 |
| Gross Rent Multiplier | 8.59 | Year Built | 1940 |
| No. Units | 2 | ||
| Zoning | R1 - R-1 (Low-Density Residential), unincorporated Kern County. Max 10 units/net acre. ADUs permitted per Chapter 19.90. | ||
| Price | $299,000 |
| Price Per Unit | $149,500 |
| Sale Type | Investment |
| Cap Rate | 6.82% |
| Gross Rent Multiplier | 8.59 |
| No. Units | 2 |
| Property Type | Multifamily |
| Apartment Style | Single-Family Home |
| Building Size | 1,494 SF |
| No. Stories | 1 |
| Year Built | 1940 |
| Zoning | R1 - R-1 (Low-Density Residential), unincorporated Kern County. Max 10 units/net acre. ADUs permitted per Chapter 19.90. |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | $1,650 | 914 |
| 2+1 | 1 | $1,250 | 580 |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
20/100
Fairly bikeable
40/100
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1507 Pearl St - 1507 Pearl St