Three Homes on Half
For Sale
$419,900
Pending
2117 Kentucky St, Bakersfield, CA 93305
Three homes with development potential on over half acre.
Property Size2,768 SF
Lot Size0.57 Acres
Days on Market279
Property Features for 2117 Kentucky St
General Information
Standard status
Pending
Size
2,768 SF
Lot size
0.57 Acres
Property subtype
Investment
Building Details
Building Size
2,768 SF
Year Built
1929
Stories
1
Units
3
Listed By:
Steven Rangel · License #01356820
(818) 421-6668
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 31
Last Checked: Aug 26 at 12:30PM
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 Steven Rangel
Investment Insights
Based on property information with market context.
This property features three homes, each equipped with individual utilities, including separate water meters. The homes have been reroofed within the last 3 years. Situated on over half an acre, the property presents a development opportunity. According to the listing, a buyer may be able to build up to 16 units, pending investigation with the building department. The property is located in Bakersfield, CA.
Key Highlights
- Development potential: Over half‑acre parcel with the possibility to build up to 16 units (buyer to verify).
- Three existing homes: Provides immediate rental income potential.
- Separate utilities: Each home has individual utilities, including separate water meters.
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
$33,315
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
7.93%
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%
$666,300
$666.3K
Cap Rate 7%
$475,929
$475.9K
Cap Rate 9%
$370,167
$370.2K
Market Conditions
NOI Build-Up for 2,768 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
$64.4K $23.28/SF
− Vacancy
−$3.9K −$1.40/SF
EGI
$60.6K $21.88/SF
− OpEx
−$27.3K −$9.85/SF
NOI
$33.3K $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%
$666,300
Cap Rate 7%
$475,929
Cap Rate 9%
$370,167
Alternative Uses
Best Use
Apartment 5plus
$475.9K
$416.4K – $555.3K
NOI $33,315 @ 7.0% cap · market cap 7.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$734.5K
$642.7K – $857.0K
NOI $51,418 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
811
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?
Multifamily property - Three homes with development potential on over half acre.
Where is this multifamily property located?
The property is located at 2117 Kentucky St Bakersfield, CA.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: Development potential: Over half‑acre parcel with the possibility to build up to 16 units (buyer to verify).; Three existing homes: Provides immediate rental income potential.; Separate utilities: Each home has individual utilities, including separate water meters.
