10-Unit Apartment
For Sale
$1,060,000
1018 Miller Street, Bakersfield, CA 93305
Residential Income, Bakersfield, CA
Property Size3,808 SF
Lot Size0.23 Acres
Price / SF$278.36
Days on Market58
Property Features for 1018 Miller Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
Williams_Bak
High school
East
Subdivision
31
Standard status
Active
APN
01540006
Size
3,808 SF
Lot size
0.23 Acres
Building Details
Year built
1950
Floors in Building
2
Number of units
10
Listing Agency:
Central Valley Property Advisors
(661) 376-0575
Listed By:
Eric VanDenk · License #02223453
6613760575x1
Added: Jul 6
Changed: Aug 28
Last Checked: Sep 1 at 5:06PM
MLS# 202607255
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 multifamily property at 1018 Miller Street in Bakersfield, California, contains 10 apartment units within a 3,808-square-foot building. Each residence follows the same one-bedroom, one-bathroom layout, creating a consistent unit mix throughout the asset.
The property occupies approximately 0.23 acres and was built in 1950. Its uniform residential configuration provides a straightforward physical profile for evaluating an apartment investment in Kern County.
The property occupies approximately 0.23 acres and was built in 1950. Its uniform residential configuration provides a straightforward physical profile for evaluating an apartment investment in Kern County.
Key Highlights
- 10 apartment units in a 3,808‑square‑foot building
- Every unit includes 1 bedroom and 1 bathroom
- Uniform floor plan across the entire unit mix
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
$45,832
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
4.32%
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%
$916,640
$916.6K
Cap Rate 7%
$654,743
$654.7K
Cap Rate 9%
$509,244
$509.2K
Market Conditions
NOI Build-Up for 3,808 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
$88.7K $23.28/SF
− Vacancy
−$5.3K −$1.40/SF
EGI
$83.3K $21.88/SF
− OpEx
−$37.5K −$9.85/SF
NOI
$45.8K $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%
$916,640
Cap Rate 7%
$654,743
Cap Rate 9%
$509,244
Alternative Uses
Best Use
Apartment 5plus
$654.7K
$572.9K – $763.9K
NOI $45,832 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$884.2K – $1.18M
NOI $70,737 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
813
Businesses Nearby
Explore this area
Business Placement
Demographics for 93305, CA
38,392
Population
11,824
Households
3.2
Avg Household Size
29
Median Age
9%
College-Educated
64%
High-School Grad
5.8 sq mi
ZIP Area
6,619
Density / Sq Mi
$41,290
Median Household Income
$27,936
Median Earnings
$1,065
Median Rent
$245,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Uniform one-bedroom, one-bathroom layouts offer a consistent configuration across the property.
Where is this apartment building located?
The property is located at 1018 Miller Street Bakersfield, CA.
What is the asking price?
The asking price for this property is $1,060,000.
What are key features of this property?
This property features: 10 apartment units in a 3,808‑square‑foot building; Every unit includes 1 bedroom and 1 bathroom; Uniform floor plan across the entire unit mix
