Village View Bakersfield, CA Property Description FOR SALE 16 Units 2 Bed 11/2 Bath Gated Courtyard and Parking Many Upgrades $1,325,000.00 SOLD AS-IS PROFORMA Gross Sched. Rents: $149,760.00 Est. Vacancy Loss: 5% Effective Gross Inc.: $144,123.00 NOI: $87,968.00
Village View Bakersfield, CA Property Description 16-Unit All 2-Story Townhome Style Units Two Buildings with 13,600 Total Square Footage Corner Lot Measuring 28,314 Square Footage On-Site Laundry Facility 16 Covered Parking Spaces: recently asphalted Gated Access with Security Camera System Internet Access Capital Improvements on Property We are offering this 16-Unit all 2-story townhome style units located at 530 Oregon Street in Bakersfield California. The property consists of two 2-story buildings containing 16 units, constructed in 1969 and total 13,600 square feet of gross building area. Each building measures 6,800 square feet and contains eight units each. The property sits on an irregular shaped parcel measuring 28,314 square feet. It is a corner lot with about 315 feet of street frontage along Oregon Street to the south and 160 feet along Kern Street to the East. The unit mix includes entirely two-bedroom/one-and-a-half bathroom units, which are similarly sized at 805 square feet each. The layout includes a living room, dining area, kitchen, and half bathroom on the first floor, while two bedrooms and one full bathroom are on the second floor. All units are individually metered for gas and electricity, improved with wall-to-wall tile floor covers, each containing a central heating unit. Amenities also include centralized air conditioning, stoves, a carport with 16 covered parking spaces, on-site laundry facility, security camera system, Wi-Fi, and outdoor patios. The City of Bakersfield is located within Kern County, the third largest county in California in terms of land area. It has enjoyed an explosion of growth in recent years and new estimates put the city's population at 312,000. Fueled by the new home and resale market, 10 of the largest national home builders have entered Bakersfield's single family market. This has pushed the affordability of homes to levels that are out of reach for a large percentage of residents. Multifamily owners have benefited from this, providing the opportunity to aggressively raise rents.
Village View Bakersfield, CA Property Description Property: Village View Property Address: 530 Oregon Street Bakersfield, CA 93305 Assessor's Parcel Number 013-290-03 Zoning R33 Site Description Number of Units: 16 Number of Buildings: 2 Number of Stories: 2 Year Built/Renovated: 1969 / 2017 Gross Square Feet: 13,600 Lot Size 28,314 SF Type of Ownership: Fee Simple Utilities Water: Master Phone: Separate Electric: Separate Gas: Separate Construction Foundation: Concrete Framing: Wood Exterior: Stucco Roof: Composition Mechanical HVAC, Central Packaged Heating and A/C Type Fire Protection: Smoke Detectors, Exterior Fire Extinguishers
Village View Bakersfield, CA Property Photos FRONT SIDE OF UNITS STREET ACCESS GATED PARKING
Property Photos Newly paved and striped parking area. New auto-sensing LED lights. Courtyard with Concrete Panel Patio fence system. Consists of Steel Framing and Concrete Panels. Makes for long lasing separation without the hassle of repairing/painting fence slats.
Property Photos Laundry Facility. Two Speed Queen Washers and Dryers 100% owned. Great convenience for residents. Brings some revenue, pays for itself. Typical Interior Upgrades. Tile flooring and countertops, stove, hood, fixtures. Special Marine paint applied to all under-sink cabinet bases! Prevents water damage from unreported leaks. Saves a lot in future maintenance!
Property Details Typical Staircase Typical Living Room Typical Bathroom
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FLOOR PLAN
Pricing and Financial Data RENT ROLL Unit Number Unit Type Unit SF Current Rent Rent Sq ft. Sched Rent Rent Sq Ft 530 OREGON ST #1 2 Bdr 1.5 Bath Vacant 805 $0.91 $780.00 $0.94 530 OREGON ST #2 2 Bdr 1.5 Bath 805 $730.00 $0.91 $780.00 $0.94 530 OREGON ST #3 2 Bdr 1.5 Bath 805 $750.00 $0.91 $780.00 $0.94 530 OREGON ST #4 2 Bdr 1.5 Bath 805 $750.00 $0.91 $780.00 $0.94 530 OREGON ST #5 2 Bdr 1.5 Bath 805 $720.00 $0.91 $780.00 $0.94 530 OREGON ST #6 2 Bdr 1.5 Bath 805 $730.00 $0.91 $780.00 $0.94 530 OREGON ST #7 2 Bdr 1.5 Bath 805 $730.00 $0.91 $780.00 $0.94 530 OREGON ST #8 2 Bdr 1.5 Bath 805 $760.00 $0.91 $780.00 $0.94 1400 KERN ST #1 2 Bdr 1.5 Bath 805 $750.00 $0.91 $780.00 $0.94 1400 KERN ST #2 2 Bdr 1.5 Bath 805 $730.00 $0.91 $780.00 $0.94 1400 KERN ST #3 2 Bdr 1.5 Bath 805 $730.00 $0.91 $780.00 $0.94 1400 KERN ST #4 2 Bdr 1.5 Bath 805 $730.00 $0.91 $780.00 $0.94 1400 KERN ST #5 2 Bdr 1.5 Bath 805 $730.00 $0.91 $780.00 $0.94 1400 KERN ST #6 2 Bdr 1.5 Bath 805 $750.00 $0.91 $780.00 $0.94 1400 KERN ST #7 2 Bdr 1.5 Bath 805 $750.00 $0.91 $780.00 $0.94 1400 KERN ST #8 2 Bdr 1.5 Bath 805 $750.00 $0.91 $780.00 $0.94 16 Units 1 Total Vacant 805 $750.00 15 Total Occupied 12,075 $11,090.00 $12,480.00 16 Total 12880 $11,840.00 $12,480.00
Pricing and Financial Data INCOME & EXPENSES Total Number of Units: 16 Total Area (Gross): 13,600 SF Income Current Per Unit ProForma Per Unit GROSS POTENTIAL RENT $142,080 $8,880.00 $149,760 $9,360.00 Other Income Miscellaneous Laundry $1,659.00 $104.00 1659 104 GROSS POTENTIAL INCOME $143,739.00 $8,983.00 $151,419.00 $9,463.00 Vacancy Collection Allowance 5% ($7,008) ($7,296) EFFECTIVE GROSS INCOME $136,731.00 $8,545.00 $144,123.00 $9,007.00 Expenses Real Estate Taxes $13,196.82 $825.00 $13,196.82 $825.00 Insurance $4,204.00 $263.00 $4,204.00 $263.00 Utilities $9,600.00 $600.00 $9,600.00 $600.00 Trash Service $3,264.00 $204.00 $3,264.00 $204.00 Repairs and Maintenance $13,700.00 $856.00 $13,700.00 $856.00 Onsite Payroll $0.00 $150.00 $0.00 $150.00 Management Fee $7,680.00 $480.00 $7,680.00 $480.00 General and Adminstrative $1,400.00 $163.00 $1,400.00 $163.00 Landscaping $1,800.00 $150.00 $1,800.00 $150.00 Pest Control $1,310.00 $82.00 $1,310.00 $82.00 TOTAL EXPENSES $56,154.82 $3,773.00 $56,154.82 $3,773.00 Expenses per Sq. Ft. $4.12 $4.40 % of EGI 39.07% 38.48% NET OPERATING INCOME $80,576.18 $4,772.00 $87,968.18 $5,234.00
Pricing Analysis List Price Price 1,325,000.00 NET OPERATING INCOME 87,968.00 Cash Flow Analysis Net Cash Flow 87,968.00 Value Indicators Cap Rate 6.6 GRM 8.8 Price Per Unit 82,812 Price Per Sq. Ft. 97.42