1612 1st Street, Bakersfield, CA 93304
- $1,600,000
- List Price
- $1,600,000
- Status
- PENDING
- MLS#
- IV26020349
- Year Built
- 1940
- Lot Size
- 27,442
- Acres
- 0.63
- Lot Location
- Corner Lot, Near Public Transit
- Days on Market
- 111
- Property Type
- Multifamily
- Property Sub Type
- Mixed Use
- Stories
- Two Levels
Property Description
This charming Spanish-style 10-unit apartment property in Bakersfield presents a rare and beautiful value-add investment opportunity. The property features distinctive Spanish cottage architecture with red-tile roofs, arched entryways, and lush landscaping that exudes curb appeal and timeless character. Each unit is thoughtfully designed with spacious layouts and classic details that attract quality tenants. With strong in-place cash flow, the investor can enjoy immediate income from a stabilized rental base in a high-demand submarket. What sets this opportunity apart is the significant upside potential through the conversion of eight detached garages. The investor has the option to create new revenue streams by converting the garages into rentable accessory dwelling units (ADUs), tapping into the growing demand for affordable housing in Bakersfield. Alternatively, the garages can be leased as storage units for additional monthly income. This flexible value-add strategy offers both immediate and long-term income growth, making it an ideal opportunity for a savvy investor looking to capitalize on both yield and appreciation in a growing Central Valley market.
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Additional Information
- Pool Description
- None
- Cooling
- Yes
- Cooling Description
- Wall/Window Unit(s)
- View
- None
- Roof
- Spanish Tile
- Garage Spaces Total
- 8
- Sewer
- Public Sewer
- Attached Structure
- Attached
- Number Of Units Total
- 10
- Gross Scheduled Income
- $141,768
- Operating Expense
- 39974
Listing courtesy of Listing Agent: ANTHONY RODRIGUEZ (mr.anthonygrodriguez@gmail.com) from Listing Office: THE ASSOCIATES REALTY GROUP.
Mortgage Calculator
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.