116 Beardsley Avenue
Bakersfield, CA 93308
0.45 acres | #GD24198522
Description
This property offers an exceptional high cap rate of 8.6% and immediate opportunity to increase cash flow. Current rents are below market and poised for a 10% increase in 2025, with market rents reaching up to $1,375 per month, unlocking substantial revenue potential.
Each unit comes with separate utility meters, making it easier to manage costs, while the roof-mounted AC units with central heating and air conditioning provide added convenience and energy efficiency. Most units have been updated in recent years. All units come with a parking, plus 2 guest parking spots; easily reline the lot to create even more parking spaces to increase tenant satisfaction and appeal. This is a rare opportunity for investors looking for a property with strong income growth, low operating costs, and increasing market demand. The laundry room is not being used; this can add more income if operated.
The street is part of the city's beautifying project adding additional value for the years to come. Additionally, two new apartment buildings are planned in the area, boosting future demand and property value. Close to shopping and freeways, the building has a very high occupancy rate and quick turnover.
Property Details
- Lot DescriptionZeroToOneUnitAcre
- Property TypeMulti-Family
- Sewer InformationPublicSewer
- Original List Price$1,650,000
- MLS #GD24198522
- MLS #GD24198522
- Property SubtypeApartment
- Cost1650000
- Utility SourcePublic
- Acres0.45
- Year Built1969
- CountyKern
- Stories2
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Karine Haneyan (#G165115227)
Listing Office: John Hart Real Estate (#G8155)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
