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Cedarvale Apartments 701 Planz Rd 40 Unit Apartment Building $5,290,000 ($132,250/Unit) 7.46% Cap Rate Bakersfield, CA 93304
Investment Highlights
- Great Unit Mix
- Upside in rents
- Separately metered
Executive Summary
701 Planz Road, 'Cedarvale Apartments' presents a rare opportunity to acquire a well located garden style multifamily asset in the Bakersfield market. This offering comprises ten fourplex buildings across two parcels for a total of 40 units, providing meaningful scale within a single transaction.
The property features a uniform unit mix of two bedroom and one bathroom floor plans with tile/wood floors and granite countertops, which simplifies operations and supports consistent underwriting across the portfolio. Major capital improvements completed within the past eight years include full roof and HVAC replacements across all units.
In place rents remain meaningfully below market, representing a clear path to revenue growth through increasing leases up to market rates.701 Planz Road is well suited for investors seeking to establish or expand a position in the Bakersfield multifamily market.
The property features a uniform unit mix of two bedroom and one bathroom floor plans with tile/wood floors and granite countertops, which simplifies operations and supports consistent underwriting across the portfolio. Major capital improvements completed within the past eight years include full roof and HVAC replacements across all units.
In place rents remain meaningfully below market, representing a clear path to revenue growth through increasing leases up to market rates.701 Planz Road is well suited for investors seeking to establish or expand a position in the Bakersfield multifamily market.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$607,552
|
$16.58
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$62,160
|
$1.70
|
| Effective Gross Income |
$545,392
|
$14.89
|
| Taxes |
$55,548
|
$1.52
|
| Operating Expenses |
$95,368
|
$2.60
|
| Total Expenses |
$150,916
|
$4.12
|
| Net Operating Income |
$394,476
|
$10.77
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $607,552 |
| Annual Per SF | $16.58 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $62,160 |
| Annual Per SF | $1.70 |
| Effective Gross Income | |
|---|---|
| Annual | $545,392 |
| Annual Per SF | $14.89 |
| Taxes | |
|---|---|
| Annual | $55,548 |
| Annual Per SF | $1.52 |
| Operating Expenses | |
|---|---|
| Annual | $95,368 |
| Annual Per SF | $2.60 |
| Total Expenses | |
|---|---|
| Annual | $150,916 |
| Annual Per SF | $4.12 |
| Net Operating Income | |
|---|---|
| Annual | $394,476 |
| Annual Per SF | $10.77 |
Property Facts
| Price | $5,290,000 | Apartment Style | Garden |
| Price Per Unit | $132,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.90 AC |
| Cap Rate | 7.46% | Building Size | 36,640 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 90% |
| Gross Rent Multiplier | 9.7 | No. Stories | 2 |
| No. Units | 40 | Year Built | 1983 |
| Property Type | Multifamily | Parking Ratio | 1.99/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R-3 - Residential | ||
| Price | $5,290,000 |
| Price Per Unit | $132,250 |
| Sale Type | Investment |
| Cap Rate | 7.46% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 9.7 |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.90 AC |
| Building Size | 36,640 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1983 |
| Parking Ratio | 1.99/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-3 - Residential |
Amenities
Unit Amenities
- Balcony
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
- Patio
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Gated
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 40 | $1,295 | 916 |
1 1
Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 025-210-04-00-4 | Total Assessment | $1,137,418 (2025) |
| Land Assessment | $284,348 (2025) | Annual Taxes | $55,548 ($1.52/SF) |
| Improvements Assessment | $853,070 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
025-210-04-00-4
Land Assessment
$284,348 (2025)
Improvements Assessment
$853,070 (2025)
Total Assessment
$1,137,418 (2025)
Annual Taxes
$55,548 ($1.52/SF)
Tax Year
2026
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Cedarvale Apartments | 701 Planz Rd