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Palm Apartments 1607 Palm Dr 10 Unit Apartment Building $1,150,000 ($115,000/Unit) 6.20% Cap Rate Bakersfield, CA 93305
Investment Highlights
- Modern dual-pane windows
- Beautiful, well-kept grounds
- Fully occupied 10-unit building
- Updated exterior paint
- Stable, long-term residency
- Desirable unit mix of 1-bedroom and 2-bedroom units
Executive Summary
One of the most updated, top-tier managed 10-unit buildings coming on the market in some time. The East Bakersfield offering consists of two 2-bedroom units, and eight 1-bedroom units, fully occupied, modern dual-pane windows, updated exterior paint, beautiful grounds. Owner takes pride in providing a quality living experience for their tenants that has led to happy long-term residents. The 2-bedroom units rent in the $1291-1522 range, and the 1-bedroom units rent in the $744-1194 range.
Financial Summary (Pro Forma - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$132,144
|
$22.33
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$5,286
|
$0.89
|
| Effective Gross Income |
$126,858
|
$21.44
|
| Taxes |
$22,204
|
$3.75
|
| Operating Expenses |
$33,535
|
$5.67
|
| Total Expenses |
$55,739
|
$9.42
|
| Net Operating Income |
$71,119
|
$12.02
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $132,144 |
| Annual Per SF | $22.33 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $5,286 |
| Annual Per SF | $0.89 |
| Effective Gross Income | |
|---|---|
| Annual | $126,858 |
| Annual Per SF | $21.44 |
| Taxes | |
|---|---|
| Annual | $22,204 |
| Annual Per SF | $3.75 |
| Operating Expenses | |
|---|---|
| Annual | $33,535 |
| Annual Per SF | $5.67 |
| Total Expenses | |
|---|---|
| Annual | $55,739 |
| Annual Per SF | $9.42 |
| Net Operating Income | |
|---|---|
| Annual | $71,119 |
| Annual Per SF | $12.02 |
Property Facts
| Price | $1,150,000 | Apartment Style | Low-Rise |
| Price Per Unit | $115,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.35 AC |
| Cap Rate | 6.20% | Building Size | 5,917 SF |
| Gross Rent Multiplier | 8.7 | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R3 | ||
| Price | $1,150,000 |
| Price Per Unit | $115,000 |
| Sale Type | Investment |
| Cap Rate | 6.20% |
| Gross Rent Multiplier | 8.7 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.35 AC |
| Building Size | 5,917 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1950 |
| Opportunity Zone |
Yes |
| Zoning | R3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $1,024 | 670 |
| 2+2 | 2 | $1,406 | 950 |
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Property Taxes
| Parcel Number | 138-021-09-00-4 | Total Assessment | $170,248 |
| Land Assessment | $45,191 | Annual Taxes | $22,204 ($3.75/SF) |
| Improvements Assessment | $125,057 | Tax Year | 2025 |
Property Taxes
Parcel Number
138-021-09-00-4
Land Assessment
$45,191
Improvements Assessment
$125,057
Total Assessment
$170,248
Annual Taxes
$22,204 ($3.75/SF)
Tax Year
2025
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Palm Apartments | 1607 Palm Dr
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