Occupied
New
For Sale
$585,000
237 Dr Martin Luther King Jr, Bakersfield, CA 93307
Every residence is leased and includes private outdoor space, indoor laundry, and designated parking.
Property Size3,557 SF
Days on Market6
Property Features for 237 Dr Martin Luther King Jr
General Information
Standard status
Active
Size
3,557 SF
Total Parking Spaces
4
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA, 1 x 2BR/1.5BA, 1 x 3BR/1.5BA
Multifamily Units
4
Parking per Unit
1
Amenities
indoor laundry
private patio
Building Details
Building Size
3,557 SF
Year Built
1983
Year Renovated
2022
Stories
1
Units
4
Listing Agency:
eXp Realty of Greater Los Angeles, Inc.
(661) 250-0710
Listed By:
Veronica Alcazar · License #01254201
Source:
Elliman
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 30 at 10:23PM
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 eXp Realty of Greater Los Angeles, Inc.
Investment Insights
Based on property information with market context.
This 1983 quadplex contains four occupied residences with a mix of two- and three-bedroom layouts. Unit A offers 2 Bedrooms / 1 Bathroom, Unit B has 3 Bedrooms / 1 Bathroom, Unit C includes 2 Bedrooms / 1.5 Bathrooms, and Unit D provides 3 Bedrooms / 1.5 Bathrooms. Each residence has indoor laundry, a private patio, and one designated parking space within the property.
The units were remodeled in 2022 with granite countertops, tile flooring, and interior paint. Units C and D also have LVT flooring on the stairs. Air-conditioning units were installed in 2021, and Unit A includes an additional cooler. A concrete block wall with wrought-iron gates was added in 2022. The property is located at 237 Dr Martin Luther King Jr in Bakersfield, California.
The units were remodeled in 2022 with granite countertops, tile flooring, and interior paint. Units C and D also have LVT flooring on the stairs. Air-conditioning units were installed in 2021, and Unit A includes an additional cooler. A concrete block wall with wrought-iron gates was added in 2022. The property is located at 237 Dr Martin Luther King Jr in Bakersfield, California.
Key Highlights
- Four occupied residences with a 2- and 3‑bedroom unit mix
- Unit A: 2 Bedrooms / 1 Bathroom; Unit B: 3 Bedrooms / 1 Bathroom
- Unit C: 2 Bedrooms / 1.5 Bathrooms; Unit D: 3 Bedrooms / 1.5 Bathrooms
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
$45,257
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
7.74%
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%
$905,140
$905.1K
Cap Rate 7%
$646,529
$646.5K
Cap Rate 9%
$502,856
$502.9K
Market Conditions
NOI Build-Up for 3,557 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
$69.1K $19.44/SF
− Vacancy
−$4.5K −$1.26/SF
EGI
$64.7K $18.18/SF
− OpEx
−$19.4K −$5.45/SF
NOI
$45.3K $12.72/SF
Area
ZIP 93307
Vacancy
6.50%
Lease Rate
$19.44 /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%
$905,140
Cap Rate 7%
$646,529
Cap Rate 9%
$502,856
Alternative Uses
Best Use
Multifamily LT 5
$646.5K
$565.7K – $754.3K
NOI $45,257 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$581.3K
$508.6K – $678.2K
NOI $40,691 @ 7.0% cap · market cap 6.96%
Theoretical Best
Office A
$878.9K
$769.0K – $1.03M
NOI $61,523 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
Explore this area
Business Placement
Demographics for 93307, CA
88,338
Population
24,349
Households
3.6
Avg Household Size
29
Median Age
7%
College-Educated
59%
High-School Grad
141.2 sq mi
ZIP Area
626
Density / Sq Mi
$52,572
Median Household Income
$29,141
Median Earnings
$1,195
Median Rent
$238,400
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?
Quadplex - Every residence is leased and includes private outdoor space, indoor laundry, and designated parking.
Where is this quadplex located?
The property is located at 237 Dr Martin Luther King Jr Bakersfield, CA.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Four occupied residences with a 2- and 3‑bedroom unit mix; Unit A: 2 Bedrooms / 1 Bathroom; Unit B: 3 Bedrooms / 1 Bathroom; Unit C: 2 Bedrooms / 1.5 Bathrooms; Unit D: 3 Bedrooms / 1.5 Bathrooms
