7-Unit Apartment
For Sale
Contact for pricing
2124 O ST, Bakersfield, CA 93301
Rehabilitated interiors, on-site laundry, and alley-accessed parking support the property’s seven-unit rental configuration.
Property Size5,618 SF
Price / SF$210.18
Days on Market114
Property Features for 2124 O ST
General Information
Standard status
Active
Size
5,618 SF
Net Rentable
5,618 SF
Class
C
Total Parking Spaces
9
Property subtype
Multifamily
Zoning
C-2
Occupancy
100%
Net Operating Income
$84,068
Financials
Asking Price
$1,180,800
Gross Income
$98,400
Units
Unit Mix
4 x 2BR/1.75BA, 3 x 1BR/1BA
Multifamily Units
7
Amenities
on-site laundry room
Building Details
Year Built
1985
Year Renovated
2025
Buildings
1
Stories
2
Units
9
Listing Agency:
Epique Realty
(661) 204-0159
Listed By:
Debra McTaggart · License #02215280
Source:
Crexi
Added: May 10
Changed: Aug 29
Last Checked: Aug 29 at 9:55PM
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 Epique Realty
Investment Insights
Based on property information with market context.
Built in 1985, this C-2-zoned apartment property contains seven units across approximately 5,618 square feet of rentable space. The configuration includes four two-bedroom, 1.75-bath units and three one-bedroom, one-bath units. Interior rehabilitation, fresh paint, four new HVAC systems installed in 2025, and an on-site laundry room are among the noted improvements. Parking is accessed from the alley.
The property is located in downtown Bakersfield, within walking distance of Downtown Elementary and a 10-minute walk from the Bakersfield Convention Center. Its combination of varied unit layouts and updated interior systems provides a clearly defined multifamily configuration.
The property is located in downtown Bakersfield, within walking distance of Downtown Elementary and a 10-minute walk from the Bakersfield Convention Center. Its combination of varied unit layouts and updated interior systems provides a clearly defined multifamily configuration.
Key Highlights
- Seven‑unit apartment property with four 2‑bedroom/1.75‑bath units and three 1‑bedroom/1‑bath units
- Approximately 5,618 square feet of rentable space
- Four new HVAC systems installed in 2025
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
$72,804
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
6.17%
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%
$1,456,080
$1.5M
Cap Rate 7%
$1,040,057
$1.0M
Cap Rate 9%
$808,933
$808.9K
Market Conditions
NOI Build-Up for 5,618 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
$111.2K $19.80/SF
− Vacancy
−$7.2K −$1.29/SF
EGI
$104.0K $18.51/SF
− OpEx
−$31.2K −$5.55/SF
NOI
$72.8K $12.96/SF
Area
Bakersfield, CA
Vacancy
6.50%
Lease Rate
$19.80 /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%
$1,456,080
Cap Rate 7%
$1,040,057
Cap Rate 9%
$808,933
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$910.1K – $1.21M
NOI $72,804 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$966.0K
$845.2K – $1.13M
NOI $67,617 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,360 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
3,749
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Rehabilitated interiors, on-site laundry, and alley-accessed parking support the property’s seven-unit rental configuration.
Where is this apartment building located?
The property is located at 2124 O ST Bakersfield, CA.
What is the asking price?
The asking price for this property is $1,180,800.
What are key features of this property?
This property features: Seven‑unit apartment property with four 2‑bedroom/1.75‑bath units and three 1‑bedroom/1‑bath units; Approximately 5,618 square feet of rentable space; Four new HVAC systems installed in 2025
