Updated Four-Unit
For Sale
$639,000
132 Warren Avenue, Bakersfield, CA 93308
ResidentialIncome, Bakersfield, CA
Property Size3,636 SF
Lot Size0.21 Acres
Price / SF$175.74
Days on Market131
Property Features for 132 Warren Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-2
Subdivision
Out of Area
Standard status
Active
APN
11332111
Size
3,636 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
7855
Amenities
private patios
in-unit laundry
Building Details
Year built
1967
Listing Agency:
Better Homes and Gardens Real Estate Platinum Realty Group
(661) 488-7411
Listed By:
Jennie Settelmeyer · License #01195487
(661) 618-3790
Added: Apr 23
Changed: Aug 19
Last Checked: Aug 31 at 6:06AM
MLS# 9993903
Copyright © 2026 Tehachapi Area Association of Realtors. 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 R-2-zoned four-unit residential property contains 3,636 square feet on a 0.21-acre lot. Built in 1967, the asset includes updated units, private patios, attached garages, and laundry facilities within each residence. The unit mix combines three two-bedroom homes with one one-bedroom home, offering varied layouts within the same property.
Located in Bakersfield, the property is near shopping centers, dining, and transportation. Garage configurations range from one-car attached garages to a two-car attached garage, while unit layouts include both single-story and two-story residences. The property is situated at 132 Warren Avenue in the 93308 ZIP code.
Located in Bakersfield, the property is near shopping centers, dining, and transportation. Garage configurations range from one-car attached garages to a two-car attached garage, while unit layouts include both single-story and two-story residences. The property is situated at 132 Warren Avenue in the 93308 ZIP code.
Key Highlights
- Four‑unit property with 3,636 square feet on 0.21 acres
- R‑2 zoning in Bakersfield, CA 93308
- Unit mix includes three 2‑bedroom units and one 1‑bedroom unit
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
$47,119
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
7.37%
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%
$942,380
$942.4K
Cap Rate 7%
$673,129
$673.1K
Cap Rate 9%
$523,544
$523.5K
Market Conditions
NOI Build-Up for 3,636 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
$72.0K $19.80/SF
− Vacancy
−$4.7K −$1.29/SF
EGI
$67.3K $18.51/SF
− OpEx
−$20.2K −$5.55/SF
NOI
$47.1K $12.96/SF
Area
Bakersfield, CA
Vacancy
6.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$942,380
Cap Rate 7%
$673,129
Cap Rate 9%
$523,544
Alternative Uses
Best Use
Multifamily LT 5
$673.1K
$589.0K – $785.3K
NOI $47,119 @ 7.0% cap · market cap 7.37%
Second Best
Apartment 5plus
$625.2K
$547.0K – $729.4K
NOI $43,762 @ 7.0% cap · market cap 6.85%
Theoretical Best
Office A
$964.9K
$844.3K – $1.13M
NOI $67,542 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
509
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units offer private patios, attached garages, and in-unit laundry.
Where is this quadplex located?
The property is located at 132 Warren Avenue Bakersfield, CA.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: Four‑unit property with 3,636 square feet on 0.21 acres; R‑2 zoning in Bakersfield, CA 93308; Unit mix includes three 2‑bedroom units and one 1‑bedroom unit
