Turnkey Five-Unit Multifamily
For Sale
$615,000
2207 Riv, Bakersfield, CA 93305
Fully renovated five-unit property with four 1-bedroom units and one rear 3-bedroom unit in turnkey condition.
Property Size3,144 SF
Days on Market60
Property Features for 2207 Riv
General Information
Standard status
Active
Size
3,144 SF
Property subtype
Investment
Additional Details
Multifamily Units
5
Building Details
Building Size
3,144 SF
Year Built
1952
Stories
2
Units
5
Tenancy
Multi
Listing Agency:
Central Valley Property Advisors
(419) 206-7117
Listed By:
Eric VanDenk · License #02223453
Source:
Elliman
Added: Jul 3
Changed: Aug 25
Last Checked: Aug 30 at 9:36PM
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 Central Valley Property Advisors
Investment Insights
Based on property information with market context.
This fully renovated five-unit multifamily property is offered in turnkey condition. The building includes four updated 1-bedroom, 1-bathroom units, plus a spacious 3-bedroom, 2-bathroom unit located at the rear of the property. Extensive renovations and modern upgrades have been completed throughout, supporting a low-maintenance operation.
The property is located at 2207 River Blvd in Bakersfield, CA 93305. It is positioned as a well-maintained investment opportunity with income potential.
The unit mix provides a combination of smaller updated apartments and a larger rear unit, with renovations throughout aimed at delivering a ready-to-rent experience for new owners.
The property is located at 2207 River Blvd in Bakersfield, CA 93305. It is positioned as a well-maintained investment opportunity with income potential.
The unit mix provides a combination of smaller updated apartments and a larger rear unit, with renovations throughout aimed at delivering a ready-to-rent experience for new owners.
Key Highlights
- Fully renovated five‑unit investment property at 2207 River Blvd, Bakersfield
- Unit mix: four 1‑bedroom, 1‑bath units plus one rear 3‑bedroom, 2‑bath unit
- Extensive renovations and modern upgrades throughout the property
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
$37,840
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
6.15%
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%
$756,800
$756.8K
Cap Rate 7%
$540,571
$540.6K
Cap Rate 9%
$420,444
$420.4K
Market Conditions
NOI Build-Up for 3,144 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
$73.2K $23.28/SF
− Vacancy
−$4.4K −$1.40/SF
EGI
$68.8K $21.88/SF
− OpEx
−$31.0K −$9.85/SF
NOI
$37.8K $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%
$756,800
Cap Rate 7%
$540,571
Cap Rate 9%
$420,444
Alternative Uses
Best Use
Apartment 5plus
$540.6K
$473.0K – $630.7K
NOI $37,840 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$834.3K
$730.0K – $973.4K
NOI $58,403 @ 7.0% cap · market cap 9.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
722
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated five-unit property with four 1-bedroom units and one rear 3-bedroom unit in turnkey condition.
Where is this apartment building located?
The property is located at 2207 Riv Bakersfield, CA.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Fully renovated five‑unit investment property at 2207 River Blvd, Bakersfield; Unit mix: four 1‑bedroom, 1‑bath units plus one rear 3‑bedroom, 2‑bath unit; Extensive renovations and modern upgrades throughout the property
