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    Large Affordable Housing Community Title is generated by Realmo AI

    1201 40th St, Bakersfield, CA 93301

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    240-unit affordable housing community in Bakersfield, California.

    Type:Multifamily
    Added:
    Apr 3, 2026
    Days on Market:
    67
    Last Refresh:
    Apr 3 at 5:15 am

    Property Features for 1201 40th St

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Dusty Haeling
    Dusty Haeling

    Listing agent Dusty Haeling License #CA: 01292212

    Listing office Sacramento Downtown Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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 Sacramento Downtown Office

    HighLights

    • Large‑scale (240 units) affordable housing community in Bakersfield, CA, offering a rare investment opportunity.
    • Clear path for Low‑Income Housing Tax Credit (LIHTC) re‑syndication to extend affordability and fund capital improvements.
    • 100% of units restricted to households earning no more than 60% of Area Median Income (AMI), ensuring consistent demand.
    • Desirable unit mix with a high proportion of three‑bedroom units, catering to family housing needs.
    • Located in a supply‑constrained affordable housing market with durable demand and limited new supply.
    • Opportunity to modernize building systems, replenish reserves, and enhance long‑term operational sustainability.

    Overview

    Sunrise Apartments is a 240-unit affordable housing community located in Bakersfield, California. It presents a preservation and re-syndication opportunity for investors seeking to extend long-term affordability through the Low-Income Housing Tax Credit (LIHTC) program. Originally redeveloped using tax-exempt bonds and 4% LIHTCs, the property is encumbered by a California Tax Credit Allocation Committee (TCAC) regulatory agreement, requiring it to operate as a Qualified Low-Income Housing Project. The property operates under the 40-60 test, with 100% of the units restricted to households earning no more than 60% of Area Median Income (AMI). Rents are limited per Section 42 of the Internal Revenue Code and are subject to ongoing TCAC compliance monitoring. The unit mix includes eight two-bedroom units and 232 three-bedroom, two-bath units. The property's scale and configuration support consistent demand from income-qualified households and align with long-term workforce and family housing needs in the Bakersfield market. A re-syndication would support the modernization of building systems, replenishment of reserves, and enhancement of long-term operational sustainability. The property is well positioned for a 4% bond re-syndication and may support deeper income targeting where feasible. Bakersfield is a supply-constrained affordable housing market, particularly for households earning below 60% of AMI. As the economic center of Kern County, the city benefits from a diverse employment base including healthcare, logistics, agriculture, energy, education, and public sector employment. Continued population growth, rising housing costs, and limited new affordable supply have reinforced the importance of preserving existing communities such as Sunrise Apartments. The property offers investors the opportunity to acquire a large-scale, 100% affordable housing asset with regulatory clarity, durable demand, and a defined path to long-term affordability preservation through LIHTC re-syndication.
    Location Intelligence

    Current Use by Public Records

    Colony Square Apartments Apartment Building Sunrise Apartments Apartment Building apt Apartment Building U S Roofing Roofing Company O & A Security Services Security Service

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bakersfield
    County
    Kern
    State
    California
    Longitude
    -119.0159186
    Latitude
    35.3960903

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    FAQs

    What type of property is this?
    Apartment building - 240-unit affordable housing community in Bakersfield, California.
    Where is this apartment building located?
    The property is located at 1201 40th St Bakersfield, CA.
    What are key features of this property?
    This property features: Large‑scale (240 units) affordable housing community in Bakersfield, CA, offering a rare investment opportunity.; Clear path for Low‑Income Housing Tax Credit (LIHTC) re‑syndication to extend affordability and fund capital improvements.; 100% of units restricted to households earning no more than 60% of Area Median Income (AMI), ensuring consistent demand.
    (916) 724-1359
    We can help!
    Listing Contact
    Dusty Haeling
    Dusty Haeling
    Real Estate License ID: CA: 01292212
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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