Five-Unit Apartment
New
For Sale
$899,000
2824 N Half Moon Dr, Bakersfield, CA 93309
Remodeled multifamily property with varied floor plans, laundry hookups, and a detached garage.
Property Size4,163 SF
Days on Market3
Property Features for 2824 N Half Moon Dr
General Information
Standard status
Active
Size
4,163 SF
Total Parking Spaces
2
Property subtype
Investment
Units
Unit Mix
1 x 3BR/2BA, 4 x 2BR/1BA
Multifamily Units
5
Amenities
laundry hookups
laundry areas
Building Details
Building Size
4,163 SF
Year Built
1979
Stories
2
Units
5
Listing Agency:
(661) 836-2345
Listed By:
Laurie McCarty
Source:
Elliman
Added: Aug 9
Changed: Aug 11
Last Checked: Aug 10 at 2:28AM
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 Laurie McCarty
Investment Insights
Based on property information with market context.
This 1979 apartment property contains five residences, including one three-bedroom, two-bath unit and four two-bedroom, one-bath units. Four apartments have been remodeled with improvements that include flooring, interior paint, recessed lighting, baseboards, mirrors, bathroom finishes, fixtures, toilets, selected doors, kitchen components, appliances, cabinets, and vanities. Additional work includes replacement of some interior water lines and water heaters, exterior painting, exterior renovations, and updated landscaping.
The property includes a detached two-car garage, laundry hookups, and four separate laundry areas. Located at 2824 N Half Moon Dr in Bakersfield, CA 93309, the asset offers multiple residential layouts and existing rental income. Walk Score and Bike Score are both 55, while Transit Score is 32.
The property includes a detached two-car garage, laundry hookups, and four separate laundry areas. Located at 2824 N Half Moon Dr in Bakersfield, CA 93309, the asset offers multiple residential layouts and existing rental income. Walk Score and Bike Score are both 55, while Transit Score is 32.
Key Highlights
- Five‑unit apartment property built in 1979
- Unit mix includes one three‑bedroom, two‑bath residence and four two‑bedroom, one‑bath residences
- Four units have been remodeled
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
$50,105
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
5.57%
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%
$1,002,100
$1.0M
Cap Rate 7%
$715,786
$715.8K
Cap Rate 9%
$556,722
$556.7K
Market Conditions
NOI Build-Up for 4,163 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
$96.9K $23.28/SF
− Vacancy
−$5.8K −$1.40/SF
EGI
$91.1K $21.88/SF
− OpEx
−$41.0K −$9.85/SF
NOI
$50.1K $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%
$1,002,100
Cap Rate 7%
$715,786
Cap Rate 9%
$556,722
Alternative Uses
Best Use
Apartment 5plus
$715.8K
$626.3K – $835.1K
NOI $50,105 @ 7.0% cap · market cap 5.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$966.7K – $1.29M
NOI $77,332 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
247
Businesses Nearby
Explore this area
Business Placement
Demographics for 93309, CA
61,079
Population
23,546
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
83%
High-School Grad
10.5 sq mi
ZIP Area
5,817
Density / Sq Mi
$62,143
Median Household Income
$36,281
Median Earnings
$1,268
Median Rent
$286,600
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 - Remodeled multifamily property with varied floor plans, laundry hookups, and a detached garage.
Where is this apartment building located?
The property is located at 2824 N Half Moon Dr Bakersfield, CA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Five‑unit apartment property built in 1979; Unit mix includes one three‑bedroom, two‑bath residence and four two‑bedroom, one‑bath residences; Four units have been remodeled
