13-Unit Multifamily Investment
For Sale
Contact for pricing
Pending
1601 - 1603 - 1605 Jefferson St., Bakersfield, CA 93305
Thirteen-unit multifamily building with a mix of one- and two-bedroom apartments and construction spanning 1961 to 1986.
Property Size9,866 SF
Days on Market59
Property Features for 1601 - 1603 - 1605 Jefferson St.
General Information
Standard status
Pending
Size
9,866 SF
Property subtype
Multifamily
Building Details
Year Built
1961
Listing Agency:
Central Valley Property Advisors
Listed By:
Randy Hernandez · License #01903568
Source:
Crexi
Added: Jun 10
Changed: Jul 10
Last Checked: Aug 6 at 8:50AM
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 13-unit multifamily investment property offers a unit mix of one-bedroom and two-bedroom apartments, with the majority configured as two-bedroom units. The property is spread across two parcels totaling approximately 18,776 square feet and includes approximately 9,866 rentable square feet. Construction was completed in phases between 1961 and 1980, with an additional phase completed in 1986, creating a multi-period building profile consistent with many workforce-focused rental communities.
The property is located at 1601–1603–1605 Jefferson St. in Bakersfield, California 93305. It presents a straightforward ownership structure for an investor seeking a smaller-scale apartment portfolio, with all 13 units operating within the same overall property footprint.
For buyers and operators, the primary leasing profile is anchored by the predominance of two-bedroom layouts, complemented by one-bedroom units. This configuration can support tenant flexibility across different household sizes while keeping the overall asset focused on traditional apartment demand. The property’s established unit count and defined construction timeline make it suitable for investors looking to acquire a completed multifamily asset with an income-producing unit mix already in place.
The property is located at 1601–1603–1605 Jefferson St. in Bakersfield, California 93305. It presents a straightforward ownership structure for an investor seeking a smaller-scale apartment portfolio, with all 13 units operating within the same overall property footprint.
For buyers and operators, the primary leasing profile is anchored by the predominance of two-bedroom layouts, complemented by one-bedroom units. This configuration can support tenant flexibility across different household sizes while keeping the overall asset focused on traditional apartment demand. The property’s established unit count and defined construction timeline make it suitable for investors looking to acquire a completed multifamily asset with an income-producing unit mix already in place.
Key Highlights
- 13‑unit multifamily property with 1- and 2‑bedroom apartments
- Approximately 9,866 rentable SF on two parcels totaling about 18,776 SF
- Year built: phases constructed between 1961–1980 and 1986
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
$118,745
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
8.33%
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%
$2,374,900
$2.4M
Cap Rate 7%
$1,696,357
$1.7M
Cap Rate 9%
$1,319,389
$1.3M
Market Conditions
NOI Build-Up for 9,866 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
$229.7K $23.28/SF
− Vacancy
−$13.8K −$1.40/SF
EGI
$215.9K $21.88/SF
− OpEx
−$97.2K −$9.85/SF
NOI
$118.7K $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%
$2,374,900
Cap Rate 7%
$1,696,357
Cap Rate 9%
$1,319,389
Alternative Uses
Best Use
Apartment 5plus
$1.70M
$1.48M – $1.98M
NOI $118,745 @ 7.0% cap · market cap 8.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.62M
$2.29M – $3.05M
NOI $183,271 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,055
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 - Thirteen-unit multifamily building with a mix of one- and two-bedroom apartments and construction spanning 1961 to 1986.
Where is this apartment building located?
The property is located at 1601 - 1603 - 1605 Jefferson St. Bakersfield, CA.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: 13‑unit multifamily property with 1- and 2‑bedroom apartments; Approximately 9,866 rentable SF on two parcels totaling about 18,776 SF; Year built: phases constructed between 1961–1980 and 1986
