Two-Building Office-Retail
For Sale
Contact for pricing
1423 24th St, Bakersfield, CA 93301
Two-building office and retail project totaling approximately 5,345 square feet on the SEC of 24th Street and Chester Avenue.
Property Size5,345 SF
Price / SF$130.03
Days on Market139
Property Features for 1423 24th St
General Information
Standard status
Active
Size
5,345 SF
Property subtype
Office
Zoning
C-2
Building Details
Buildings
2
Stories
2
Listing Agency:
Colliers - Bakersfield, California
Listed By:
Cameron Mahoney · License #CA 01937802
(661) 631-3814
Source:
Crexi
Added: Apr 22
Changed: Sep 4
Last Checked: Sep 7 at 12:29PM
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 Colliers - Bakersfield, California
Investment Insights
Based on property information with market context.
This two-building office and retail project is approximately 5,345 square feet total and consists of 1423 24th St in addition to the nearby parcel referenced as 2332 Chester Avenue. The property is positioned on the southeast corner of 24th Street and Chester Avenue.
The SEC corner location provides a convenient retail-and-office configuration within a single offering, combining office space with retail space across two buildings.
The SEC corner location provides a convenient retail-and-office configuration within a single offering, combining office space with retail space across two buildings.
Key Highlights
- Two‑building office and retail project totaling approximately 5,345 SF
- Conveniently located on the SEC of 24th Street and Chester Avenue
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
$51,184
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
7.36%
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%
$1,023,680
$1.0M
Cap Rate 7%
$731,200
$731.2K
Cap Rate 9%
$568,711
$568.7K
Market Conditions
NOI Build-Up for 5,345 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
$77.0K $14.40/SF
− Vacancy
−$3.8K −$0.72/SF
EGI
$73.1K $13.68/SF
− OpEx
−$21.9K −$4.10/SF
NOI
$51.2K $9.58/SF
Area
Bakersfield, CA
Vacancy
5.00%
Lease Rate
$14.40 /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%
$1,023,680
Cap Rate 7%
$731,200
Cap Rate 9%
$568,711
Alternative Uses
Best Use
Office B
$1.01M
$883.9K – $1.18M
NOI $70,714 @ 7.0% cap · market cap 10.17%
Second Best
Retail
$731.2K
$639.8K – $853.1K
NOI $51,184 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,289 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,406
Businesses Nearby
Explore this area
Business Placement
Demographics for 93301, CA
14,518
Population
6,202
Households
2.3
Avg Household Size
33
Median Age
20%
College-Educated
83%
High-School Grad
4.3 sq mi
ZIP Area
3,376
Density / Sq Mi
$40,725
Median Household Income
$36,623
Median Earnings
$1,129
Median Rent
$264,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-building office and retail project totaling approximately 5,345 square feet on the SEC of 24th Street and Chester Avenue.
Where is this office building located?
The property is located at 1423 24th St Bakersfield, CA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Two‑building office and retail project totaling approximately 5,345 SF; Conveniently located on the SEC of 24th Street and Chester Avenue
