Two-Story
New
For Sale
$695,000
2801 Morin Ct, Bakersfield, CA 93304
Four-unit residential property with three occupied units and one unit configured for seasonal rental use.
Property Size3,410 SF
Lot Size0.19 Acres
Days on Market3
Property Features for 2801 Morin Ct
General Information
Standard status
Active
Size
3,410 SF
Lot size
0.19 Acres
Property subtype
Investment
Occupancy
75%
Additional Details
Furnished
No
Multifamily Units
4
Building Details
Building Size
3,410 SF
Year Built
1985
Buildings
1
Stories
2
Units
4
Listing Agency:
eXp Realty of California, Inc.
(818) 693-2173
Listed By:
Rockie Mitchell · License #01710122
(818) 693-2173
Source:
Elliman
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 29 at 10:13PM
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 eXp Realty of California, Inc.
Investment Insights
Based on property information with market context.
Built in 1985, this two-level quadplex contains four residential units on an 8,079 sq ft lot positioned along a cul-de-sac. Three units are occupied by established tenants, while the remaining unit has been furnished and operated as a seasonal rental. That unit may also be used for a traditional tenancy or owner occupancy. Furniture is excluded from the sale, although its purchase may be negotiated separately.
The property is in Southwest Bakersfield's Wible Orchard neighborhood, south of downtown Bakersfield. Three shopping centers are within 0.8 miles, with dining options along New Stine Road and California Avenue. Nearby parks, Cal State Bakersfield, and Bakersfield College add to the surrounding neighborhood context. WalkScore is 58, BikeScore is 43, and TransitScore is 42.
The property is in Southwest Bakersfield's Wible Orchard neighborhood, south of downtown Bakersfield. Three shopping centers are within 0.8 miles, with dining options along New Stine Road and California Avenue. Nearby parks, Cal State Bakersfield, and Bakersfield College add to the surrounding neighborhood context. WalkScore is 58, BikeScore is 43, and TransitScore is 42.
Key Highlights
- 4‑unit quadplex built in 1985
- Three of 4 units occupied by established tenants
- One unit has been used as a seasonal rental
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
$44,191
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
6.36%
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%
$883,820
$883.8K
Cap Rate 7%
$631,300
$631.3K
Cap Rate 9%
$491,011
$491.0K
Market Conditions
NOI Build-Up for 3,410 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
$67.5K $19.80/SF
− Vacancy
−$4.4K −$1.29/SF
EGI
$63.1K $18.51/SF
− OpEx
−$18.9K −$5.55/SF
NOI
$44.2K $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%
$883,820
Cap Rate 7%
$631,300
Cap Rate 9%
$491,011
Alternative Uses
Best Use
Multifamily LT 5
$631.3K
$552.4K – $736.5K
NOI $44,191 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$586.3K
$513.0K – $684.0K
NOI $41,042 @ 7.0% cap · market cap 5.91%
Theoretical Best
Office A
$904.9K
$791.8K – $1.06M
NOI $63,344 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Location Intelligence
Trade Area within ½ mile
442
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?
Quadplex - Four-unit residential property with three occupied units and one unit configured for seasonal rental use.
Where is this quadplex located?
The property is located at 2801 Morin Ct Bakersfield, CA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 4‑unit quadplex built in 1985; Three of 4 units occupied by established tenants; One unit has been used as a seasonal rental
