24-Unit Apartment
For Sale
$2,590,000
1905 California Ave, Bakersfield, CA 93304
Unit mix includes one-, two-, and three-bedroom floor plans in a multifamily property serving Bakersfield renters.
Property Size16,668 SF
Price / SF$155.39
Days on Market57
Property Features for 1905 California Ave
General Information
Standard status
Active
Size
16,668 SF
Property subtype
Residential Income
Units
Unit Mix
19 x 2BR/1BA, 4 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
24
Listing Agency:
Central Valley Property Advisors
(661) 376-0575
Listed By:
Eric VanDenk · License #02071696
(661) 376-0575
Source:
Exprealty
Added: Jul 6
Changed: Aug 21
Last Checked: Aug 30 at 8:06PM
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.
Located at 1905 California Ave in Bakersfield, California, this 16,668-square-foot apartment property contains 24 units in a varied residential configuration. The mix includes 19 two-bedroom/one-bath apartments, four one-bedroom/one-bath apartments, and one three-bedroom/one-bath apartment.
The property sits along a Bakersfield corridor with access to employment centers, retail amenities, schools, and transportation routes. Its combination of multiple floor plans and a Central Valley location provides a clearly defined multifamily asset for sale, with current gross annual income exceeding $280,000.
The property sits along a Bakersfield corridor with access to employment centers, retail amenities, schools, and transportation routes. Its combination of multiple floor plans and a Central Valley location provides a clearly defined multifamily asset for sale, with current gross annual income exceeding $280,000.
Key Highlights
- 24‑unit multifamily apartment property
- 19 2‑bedroom/1‑bath units, four 1‑bedroom/1‑bath units, and one 3‑bedroom/1‑bath unit
- 16,668 square feet of apartment improvements
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
$200,612
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
7.75%
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%
$4,012,240
$4.0M
Cap Rate 7%
$2,865,886
$2.9M
Cap Rate 9%
$2,229,022
$2.2M
Market Conditions
NOI Build-Up for 16,668 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
$388.0K $23.28/SF
− Vacancy
−$23.3K −$1.40/SF
EGI
$364.7K $21.88/SF
− OpEx
−$164.1K −$9.85/SF
NOI
$200.6K $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%
$4,012,240
Cap Rate 7%
$2,865,886
Cap Rate 9%
$2,229,022
Alternative Uses
Best Use
Apartment 5plus
$2.87M
$2.51M – $3.34M
NOI $200,612 @ 7.0% cap · market cap 7.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.42M
$3.87M – $5.16M
NOI $309,625 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
3,028
Businesses Nearby
Explore this area
Business Placement
Demographics for 93304, CA
50,837
Population
16,380
Households
3.1
Avg Household Size
31
Median Age
11%
College-Educated
71%
High-School Grad
7.5 sq mi
ZIP Area
6,778
Density / Sq Mi
$51,627
Median Household Income
$31,562
Median Earnings
$1,141
Median Rent
$228,800
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 - Unit mix includes one-, two-, and three-bedroom floor plans in a multifamily property serving Bakersfield renters.
Where is this apartment building located?
The property is located at 1905 California Ave Bakersfield, CA.
What is the asking price?
The asking price for this property is $2,590,000.
What are key features of this property?
This property features: 24‑unit multifamily apartment property; 19 2‑bedroom/1‑bath units, four 1‑bedroom/1‑bath units, and one 3‑bedroom/1‑bath unit; 16,668 square feet of apartment improvements
