4-Unit Multifamily
New
For Sale
$475,000
308 Chester, Bakersfield, CA 93301
The unit mix combines two studios with two-bedroom residences, plus garage parking and laundry hookups.
Property Size2,444 SF
Days on Market2
Property Features for 308 Chester
General Information
Standard status
Active
Size
2,444 SF
Property subtype
Investment
Building Details
Building Size
2,444 SF
Year Built
1939
Stories
1
Units
4
Listing Agency:
eXp Realty of Greater Los Angeles, Inc.
Listed By:
Veronica Alcazar · License #01254201
(661) 250-0710
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 4:00PM
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 Greater Los Angeles, Inc.
Investment Insights
Based on property information with market context.
This 1939 multifamily property contains four residences across a front triplex and a detached rear home. The triplex has two studio apartments and a two-bedroom, one-bath unit. The rear residence also offers two bedrooms and one bath, along with a private balcony. Two 2-car garages and laundry hookups near the garages serve the property.
Interior work includes a 2026 update to Unit 312, with LVT flooring and remodeled kitchen cabinetry, and new LVT flooring in one studio during 2026. Unit 308 was remodeled in 2022 with granite countertops and LVT flooring. Window A/C units throughout the property were replaced within approximately the past two years.
The property is at 308 Chester in Bakersfield. Its walk score is 57, bike score is 47, and transit score is 34.
Interior work includes a 2026 update to Unit 312, with LVT flooring and remodeled kitchen cabinetry, and new LVT flooring in one studio during 2026. Unit 308 was remodeled in 2022 with granite countertops and LVT flooring. Window A/C units throughout the property were replaced within approximately the past two years.
The property is at 308 Chester in Bakersfield. Its walk score is 57, bike score is 47, and transit score is 34.
Key Highlights
- Four residences on one parcel: a front triplex and detached rear home
- Unit mix includes two studios and two 2‑bedroom / 1‑bath residences
- Two 2‑car garages and laundry hookups near the garages
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
$29,415
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
6.19%
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%
$588,300
$588.3K
Cap Rate 7%
$420,214
$420.2K
Cap Rate 9%
$326,833
$326.8K
Market Conditions
NOI Build-Up for 2,444 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
$56.9K $23.28/SF
− Vacancy
−$3.4K −$1.40/SF
EGI
$53.5K $21.88/SF
− OpEx
−$24.1K −$9.85/SF
NOI
$29.4K $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%
$588,300
Cap Rate 7%
$420,214
Cap Rate 9%
$326,833
Alternative Uses
Best Use
Apartment 5plus
$420.2K
$367.7K – $490.3K
NOI $29,415 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$648.6K
$567.5K – $756.7K
NOI $45,400 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
769
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
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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?
Multifamily property - The unit mix combines two studios with two-bedroom residences, plus garage parking and laundry hookups.
Where is this multifamily property located?
The property is located at 308 Chester Bakersfield, CA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Four residences on one parcel: a front triplex and detached rear home; Unit mix includes two studios and two 2‑bedroom / 1‑bath residences; Two 2‑car garages and laundry hookups near the garages
