11-Unit Apartment
For Sale
$1,500,000
2300 D St, Bakersfield, CA 93301
CO-zoned multifamily property with cottage units, varied layouts, and extensive tenant parking.
Property Size8,212 SF
Lot Size0.51 Acres
Price / SF$182.66
Days on Market11
Property Features for 2300 D St
General Information
Standard status
Active
Size
8,212 SF
Total Parking Spaces
11
Lot size
0.51 Acres
Property subtype
Residential Income
Zoning
CO
Financials
Asking Price
$1,500,000
Gross Rent Multiplier
8.8
Units
Unit Mix
6 x 1BR/1BA, 2 x 2BR/1BA, 2 x 1BR + bonus room, 1 x studio
Multifamily Units
11
Building Details
Year Built
1940
Listing Agency:
ASU Commercial
(661) 889-6597
Listed By:
Marc A Thurston · License #01099353
(661) 889-6597
Source:
Exprealty
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 30 at 10:37PM
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 ASU Commercial
Investment Insights
Based on property information with market context.
Located at 2300 D St in Downtown Bakersfield, this apartment property includes approximately 8,212 square feet of improvements on a 22,202-square-foot CO-zoned lot. Constructed between 1937 and 1940, the property contains 11 units along with a small office and maintenance room.
The unit mix includes six one-bedroom, one-bath apartments, including four cottages; two two-bedroom, one-bath units, including one cottage; two one-bedroom units with bonus rooms; and one studio. Ten units have access to an individual one-car garage, while the remaining unit is served by a carport. The improvements have remained under the same ownership since 1977.
The unit mix includes six one-bedroom, one-bath apartments, including four cottages; two two-bedroom, one-bath units, including one cottage; two one-bedroom units with bonus rooms; and one studio. Ten units have access to an individual one-car garage, while the remaining unit is served by a carport. The improvements have remained under the same ownership since 1977.
Key Highlights
- 11‑unit apartment property with approximately 8,212 square feet of improvements
- 22,202‑square‑foot CO‑zoned lot at 2300 D St in Downtown Bakersfield
- Unit mix includes six 1‑bedroom/1‑bath units, two 2‑bedroom/1‑bath units, two 1‑bedroom units with bonus rooms, and one studio
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
$98,838
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
6.59%
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%
$1,976,760
$2.0M
Cap Rate 7%
$1,411,971
$1.4M
Cap Rate 9%
$1,098,200
$1.1M
Market Conditions
NOI Build-Up for 8,212 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
$191.2K $23.28/SF
− Vacancy
−$11.5K −$1.40/SF
EGI
$179.7K $21.88/SF
− OpEx
−$80.9K −$9.85/SF
NOI
$98.8K $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%
$1,976,760
Cap Rate 7%
$1,411,971
Cap Rate 9%
$1,098,200
Alternative Uses
Best Use
Apartment 5plus
$1.41M
$1.24M – $1.65M
NOI $98,838 @ 7.0% cap · market cap 6.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.18M
$1.91M – $2.54M
NOI $152,546 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
4,044
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 - CO-zoned multifamily property with cottage units, varied layouts, and extensive tenant parking.
Where is this apartment building located?
The property is located at 2300 D St Bakersfield, CA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 11‑unit apartment property with approximately 8,212 square feet of improvements; 22,202‑square‑foot CO‑zoned lot at 2300 D St in Downtown Bakersfield; Unit mix includes six 1‑bedroom/1‑bath units, two 2‑bedroom/1‑bath units, two 1‑bedroom units with bonus rooms, and one studio
