Renovated Spanish-Style Apartment
For Sale
Under Contract
$1,225,000
1800 Forrest Street, Bakersfield, CA 93304
Residential Income, Bakersfield, CA
Property Size4,272 SF
Lot Size0.28 Acres
Price / SF$286.75
Days on Market147
Property Features for 1800 Forrest Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
8
Elementary school
Penn, William
Middle school
Emerson
High school
Bakersfield
Subdivision
10
Standard status
Active Under Contract
APN
00719712
Size
4,272 SF
Lot size
0.28 Acres
Amenities
washer/dryer hookups
Building Details
Year built
1919
Floors in Building
1
Number of units
8
Listing Agency:
Miramar Realty
(661) 381-6500
Listed By:
Troy T Lei
(661) 342-0095
Added: Apr 7
Changed: Aug 26
Last Checked: Aug 31 at 12:06PM
MLS# 202603702
Copyright © 2026 Golden Empire MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 8-unit apartment property in Bakersfield presents a renovated Spanish-style multifamily configuration with approximately 4,272 square feet of building area. The property was built in 1919 and has undergone a full rehabilitation, providing updated improvements across the asset.
The unit mix is weighted toward 1-bedroom residences, with two 2-bedroom units also included. Every apartment has washer/dryer hookups. The property occupies 0.28 acres at 1800 Forrest Street in Bakersfield, within Kern County and the 93304 ZIP code.
The unit mix is weighted toward 1-bedroom residences, with two 2-bedroom units also included. Every apartment has washer/dryer hookups. The property occupies 0.28 acres at 1800 Forrest Street in Bakersfield, within Kern County and the 93304 ZIP code.
Key Highlights
- 8‑unit Spanish‑style apartment property
- Fully renovated multifamily asset
- 4,272 square feet on 0.28 acres
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$51,417
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,028,340
$1.0M
Cap Rate 7%
$734,529
$734.5K
Cap Rate 9%
$571,300
$571.3K
Market Conditions
NOI Build-Up for 4,272 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$99.5K $23.28/SF
− Vacancy
−$6.0K −$1.40/SF
EGI
$93.5K $21.88/SF
− OpEx
−$42.1K −$9.85/SF
NOI
$51.4K $12.04/SF
Area
Bakersfield, CA
Vacancy
6.00%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,028,340
Cap Rate 7%
$734,529
Cap Rate 9%
$571,300
Alternative Uses
Best Use
Apartment 5plus
$734.5K
$642.7K – $857.0K
NOI $51,417 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$992.0K – $1.32M
NOI $79,357 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,202
Businesses Nearby
Explore this area
Business Placement
Demographics for 93304, CA
50,837
Population
16,380
Households
3.1
Avg Household Size
31
Median Age
11%
College-Educated
71%
High-School Grad
7.5 sq mi
ZIP Area
6,778
Density / Sq Mi
$51,627
Median Household Income
$31,562
Median Earnings
$1,141
Median Rent
$228,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight-unit multifamily property with updated interiors and washer/dryer hookups throughout.
Where is this apartment building located?
The property is located at 1800 Forrest Street Bakersfield, CA.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: 8‑unit Spanish‑style apartment property; Fully renovated multifamily asset; 4,272 square feet on 0.28 acres
