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Listed by Karinehaneyanjh@gmail.com - Karine Haneyan - DRE #02100210 - John Hart Real Estate 818-246-1099

$1,650,000

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116 Beardsley Avenue Bakersfield, CA 93308

Apartment Residence

Beds

Baths

10,064 Sq. Ft.

0.45 Acre Lot

Property Activity

Time on Site

days

Days on Market

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Last updated on 11/15/2024 2:29 PM

Listing Details

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. Continue reading

MLS#

GD24198522

Property Type

Apartment

Status

Year Built

1969

Square Feet

10,064 sq. ft

Lot Size

0.45

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