Renovated 8-Unit Apartment
For Sale
$655,000
113 Hopkins Ave, Bakersfield, CA 93308
Renovated multifamily property offering a combination of studio and two-bedroom units.
Property Size2,430 SF
Price / SF$269.55
Days on Market245
Property Features for 113 Hopkins Ave
General Information
Standard status
Active
Size
2,430 SF
Property subtype
Residential Income
Units
Unit Mix
5 x 2BR/1BA, 3 x studio
Multifamily Units
8
Listing Agency:
The Mora Partners Inc.
(661) 808-3426
Listed By:
Maira Rodriguez
(661) 808-3426
Source:
Exprealty
Added: Dec 29, 2025
Changed: Aug 31
Last Checked: Aug 31 at 2:34AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Mora Partners Inc.
Investment Insights
Based on property information with market context.
This renovated apartment building in North Bakersfield contains 8 units arranged in a varied residential mix. The property includes five 2-bedroom/1-bathroom units along with three studio units, providing distinct floor plan options within the same asset.
Located at 113 Hopkins Ave in Bakersfield, the property is positioned in the North Bakersfield area and is offered as a multifamily acquisition.
Located at 113 Hopkins Ave in Bakersfield, the property is positioned in the North Bakersfield area and is offered as a multifamily acquisition.
Key Highlights
- Renovated 8‑unit apartment building
- Five 2‑bedroom/1‑bathroom units
- Three studio units
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
$29,247
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
4.47%
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%
$584,940
$584.9K
Cap Rate 7%
$417,814
$417.8K
Cap Rate 9%
$324,967
$325.0K
Market Conditions
NOI Build-Up for 2,430 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
$56.6K $23.28/SF
− Vacancy
−$3.4K −$1.40/SF
EGI
$53.2K $21.88/SF
− OpEx
−$23.9K −$9.85/SF
NOI
$29.2K $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%
$584,940
Cap Rate 7%
$417,814
Cap Rate 9%
$324,967
Alternative Uses
Best Use
Apartment 5plus
$417.8K
$365.6K – $487.5K
NOI $29,247 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$644.9K
$564.3K – $752.3K
NOI $45,140 @ 7.0% cap · market cap 6.89%
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
345
Businesses Nearby
Explore this area
Business Placement
Demographics for 93308, CA
56,037
Population
21,443
Households
2.6
Avg Household Size
35
Median Age
18%
College-Educated
84%
High-School Grad
344.6 sq mi
ZIP Area
163
Density / Sq Mi
$59,511
Median Household Income
$39,676
Median Earnings
$1,260
Median Rent
$298,000
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 - Renovated multifamily property offering a combination of studio and two-bedroom units.
Where is this apartment building located?
The property is located at 113 Hopkins Ave Bakersfield, CA.
What is the asking price?
The asking price for this property is $655,000.
What are key features of this property?
This property features: Renovated 8‑unit apartment building; Five 2‑bedroom/1‑bathroom units; Three studio units
