Single-Story Medical Office
For Sale
$2,862,540
1801 16th St, Bakersfield, CA 93301
Well-maintained single-story medical office building with flexible suites, excess parking, and immediate occupancy options.
Property Size15,817 SF
Price / SF$180.98
Days on Market122
Property Features for 1801 16th St
General Information
Standard status
Active
Size
15,817 SF
Property subtype
Office
Building Details
Stories
1
Listing Agency:
Bakersfield
Listed By:
David Williams · License #00855489
(661) 631-3816
Source:
Colliers
Added: May 8
Changed: Sep 3
Last Checked: Sep 5 at 3:36AM
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 Bakersfield
Investment Insights
Based on property information with market context.
Centennial Medical Building is a well-maintained, single-story medical office property offering flexible suites within a 15,817 RSF layout. The building is presented for sale with immediate occupancy options, supporting both owner-user and investor scenarios.
The property is located in downtown Bakersfield and is within walking distance of Dignity Health Mercy Hospital Downtown. The offering also includes excess parking and a surplus lot that may support expansion or additional parking.
As described, the property provides turnkey functionality for incoming tenants and also presents potential income from leased suites.
The property is located in downtown Bakersfield and is within walking distance of Dignity Health Mercy Hospital Downtown. The offering also includes excess parking and a surplus lot that may support expansion or additional parking.
As described, the property provides turnkey functionality for incoming tenants and also presents potential income from leased suites.
Key Highlights
- Single‑story medical office building built in 1969
- 15,817 RSF medical office building offered at $2,862,540 ($190/SF)
- Located in downtown Bakersfield, CA within walking distance of Dignity Health Mercy Hospital Downtown
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
$210,682
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%
$4,213,640
$4.2M
Cap Rate 7%
$3,009,743
$3.0M
Cap Rate 9%
$2,340,911
$2.3M
Market Conditions
NOI Build-Up for 15,817 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
$379.6K $24.00/SF
− Vacancy
−$28.5K −$1.80/SF
EGI
$351.1K $22.20/SF
− OpEx
−$140.5K −$8.88/SF
NOI
$210.7K $13.32/SF
Area
Bakersfield, CA
Vacancy
7.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$4,213,640
Cap Rate 7%
$3,009,743
Cap Rate 9%
$2,340,911
Alternative Uses
Best Use
Healthcare Medical
$3.01M
$2.63M – $3.51M
NOI $210,682 @ 7.0% cap · market cap 7.36%
Second Best
Office B
$2.99M
$2.62M – $3.49M
NOI $209,259 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$4.20M
$3.67M – $4.90M
NOI $293,817 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,582
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 - Well-maintained single-story medical office building with flexible suites, excess parking, and immediate occupancy options.
Where is this office building located?
The property is located at 1801 16th St Bakersfield, CA.
What is the asking price?
The asking price for this property is $2,862,540.
What are key features of this property?
This property features: Single‑story medical office building built in 1969; 15,817 RSF medical office building offered at $2,862,540 ($190/SF); Located in downtown Bakersfield, CA within walking distance of Dignity Health Mercy Hospital Downtown
