Four-Unit Multifamily
For Sale
$982,000
2315 Cullen Ct, Bakersfield, CA 93314
Four residential units feature a mix of two- and three-bedroom layouts, each with two bathrooms.
Property Size4,316 SF
Price / SF$227.53
Days on Market22
Property Features for 2315 Cullen Ct
General Information
Standard status
Active
Size
4,316 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA, 2 x 2BR/2BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Listing Agency:
Miramar International Calloway
(661) 322-7000
Listed By:
Yun H. Lee
(661) 860-2525
Source:
Exprealty
Added: Sep 1
Changed: Sep 19
Last Checked: Sep 21 at 10:11AM
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 Miramar International Calloway
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 4316 square feet and offers a defined unit mix: two apartments have three bedrooms and two bathrooms, while the other two provide two bedrooms and two bathrooms. The property has remained 100% occupied since construction, and management has been handled by a management company. Carpet replacement dates are documented for each apartment, with work completed in 2021, 2022, and 2023; vinyl replacement is identified for 2026.
Located in Liberty Park at 2315 Cullen Ct, the property is near CSUB, Mercy Hospital, major shopping centers, 58 West Parkway, and the 58 freeway. The surrounding setting is described as clean and well maintained.
Located in Liberty Park at 2315 Cullen Ct, the property is near CSUB, Mercy Hospital, major shopping centers, 58 West Parkway, and the 58 freeway. The surrounding setting is described as clean and well maintained.
Key Highlights
- Four‑unit property with 4316 square feet
- Unit mix includes two 3‑bedroom, 2‑bath units and two 2‑bedroom, 2‑bath units
- 100% occupied since built
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
$55,931
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
5.70%
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%
$1,118,620
$1.1M
Cap Rate 7%
$799,014
$799.0K
Cap Rate 9%
$621,456
$621.5K
Market Conditions
NOI Build-Up for 4,316 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
$85.5K $19.80/SF
− Vacancy
−$5.6K −$1.29/SF
EGI
$79.9K $18.51/SF
− OpEx
−$24.0K −$5.55/SF
NOI
$55.9K $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%
$1,118,620
Cap Rate 7%
$799,014
Cap Rate 9%
$621,456
Alternative Uses
Best Use
Multifamily LT 5
$799.0K
$699.1K – $932.2K
NOI $55,931 @ 7.0% cap · market cap 5.70%
Second Best
Apartment 5plus
$742.1K
$649.3K – $865.8K
NOI $51,946 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,174 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
301
Businesses Nearby
Explore this area
Business Placement
Demographics for 93314, CA
33,619
Population
11,393
Households
3
Avg Household Size
36
Median Age
36%
College-Educated
91%
High-School Grad
88.9 sq mi
ZIP Area
378
Density / Sq Mi
$127,911
Median Household Income
$64,155
Median Earnings
$1,909
Median Rent
$506,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units feature a mix of two- and three-bedroom layouts, each with two bathrooms.
Where is this quadplex located?
The property is located at 2315 Cullen Ct Bakersfield, CA.
What is the asking price?
The asking price for this property is $982,000.
What are key features of this property?
This property features: Four‑unit property with 4316 square feet; Unit mix includes two 3‑bedroom, 2‑bath units and two 2‑bedroom, 2‑bath units; 100% occupied since built
