Cedarvale Apartments 701 Planz Rd 40 Unit Apartment Building $5,600,000 ($140,000/Unit) 8.18% Cap Rate Bakersfield, CA 93304

This property consists of two separate APNs: 025-210-03, 025-210-04 with a combined building square footage of 36,640 sf. The Cedarvale Apartment complex (built in 1983) features 40, two-bedroom, one bath units contained within 10 buildings in an attractive setting surrounded by mature trees and lawns. Each building has two ground floor units and two second floor units with balconies. The property is gated and located adjacent to South High school with easy access to Highway 99 which now links up to the Westside Parkway providing quick commutes to most areas of Bakersfield. There is plenty of parking with 73 spaces, 37 of which are covered. Each unit is approximately 1,000 square feet. The average rent per unit is $1,180. Newly vacant units are renting for $1,295. Bakersfield is one of the country's fastest-growing cities and it continues to grow as a top destination for businesses looking to grow and affordable housing throughout Central and Southern California.