24-Unit Apartment
For Sale
$2,590,000
1905 California Avenue, Bakersfield, CA 93304
MULTI_FAMILY - Bakersfield, CA
Property Size16,668 SF
Lot Size0.44 Acres
Price / SF$155.39
Days on Market34
Property Features for 1905 California Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Carport
Elementary school
Penn, William
Middle school
Emerson
High school
Bakersfield
Subdivision
10
Standard status
Active
APN
00712015
Size
16,668 SF
Lot size
0.44 Acres
Building Details
Year built
1964
Floors in Building
2
Number of units
24
Listing Agency:
Central Valley Property Advisors
(661) 376-0575
Listed By:
Eric VanDenk · License #02223453
6613760575x1
Added: Jul 6
Changed: Aug 7
Last Checked: Aug 8 at 12:06PM
MLS# 202607254
Copyright © 2026 Bakersfield Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 1905 California Avenue in Bakersfield, this apartment asset contains 24 units within a 16,668-square-foot property on 0.44 acres. The configuration includes nineteen 2-bedroom/1-bath residences, four 1-bedroom/1-bath residences, and one 3-bedroom/1-bath residence, providing a range of layouts within the same community. The property was built in 1964 and includes carport parking.
California Avenue provides access to employment centers, retail amenities, schools, and transportation routes in Bakersfield. The property is positioned along a major corridor within the city and offers a multi-unit residential configuration suited to continued apartment operations.
California Avenue provides access to employment centers, retail amenities, schools, and transportation routes in Bakersfield. The property is positioned along a major corridor within the city and offers a multi-unit residential configuration suited to continued apartment operations.
Key Highlights
- 24‑unit apartment property on 0.44 acres
- Unit mix: nineteen 2‑bedroom/1‑bath, four 1‑bedroom/1‑bath, and one 3‑bedroom/1‑bath units
- 16,668 square feet of property area
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
2,966
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 - Apartment property with a varied one-, two-, and three-bedroom unit mix.
Where is this apartment building located?
The property is located at 1905 California Avenue 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 apartment property on 0.44 acres; Unit mix: nineteen 2‑bedroom/1‑bath, four 1‑bedroom/1‑bath, and one 3‑bedroom/1‑bath units; 16,668 square feet of property area
