Single-Tenant Medical Office
For Sale
$525,000
34th Street, Bakersfield, CA 93301
Fully leased single-tenant medical office on a gated corner parcel with 15 parking spaces and 2023 renovation improvements.
Property Size2,303 SF
Lot Size0.23 Acres
Price / SF$227.96
Days on Market69
Property Features for 34th Street
General Information
Standard status
Active
Size
2,303 SF
Total Parking Spaces
15
Lot size
0.23 Acres
Property subtype
General Commercial
Occupancy
100%
Additional Details
Highway Access
Yes
Amenities
3
Building Details
Year Built
1988
Year Renovated
2023
Tenancy
Single
Listing Agency:
ASU Commercial
8625454
Listed By:
Dylan Lym · License #02103385
8625454
Source:
Xome
Added: Jun 16
Changed: Aug 22
Last Checked: Aug 23 at 3:38AM
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.
901 34th Street is a fully leased, single-tenant medical office building located on a corner parcel. The property was extensively renovated in 2023 and includes a recent set of building and interior upgrades, such as a new roof, HVAC, water heater, flooring, lighting, ADA improvements, a security system, and remodeled interior finishes. The office provides 15 gated parking spaces.
The building is positioned at the corner of 34th Street and Panama Street in Downtown Bakersfield’s established healthcare corridor. It is located less than a quarter mile from Dignity Health Memorial Hospital and offers convenient access to Highways 99 and 178.
The lease is in place through May 31, 2031, with 2.5% annual rent increases, and includes one five-year renewal option under a modified gross structure that limits landlord responsibilities.
The building is positioned at the corner of 34th Street and Panama Street in Downtown Bakersfield’s established healthcare corridor. It is located less than a quarter mile from Dignity Health Memorial Hospital and offers convenient access to Highways 99 and 178.
The lease is in place through May 31, 2031, with 2.5% annual rent increases, and includes one five-year renewal option under a modified gross structure that limits landlord responsibilities.
Key Highlights
- Fully leased, single‑tenant medical office investment with stable cash flow through May 31, 2031
- 2,370 SF building on a 9,963 SF corner parcel at 34th St & Panama St in Downtown Bakersfield
- Extensively renovated in 2023 with new roof, HVAC, water heater, flooring, lighting, ADA upgrades, security system, and remodeled interior finishes
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
$30,676
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
5.84%
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%
$613,520
$613.5K
Cap Rate 7%
$438,229
$438.2K
Cap Rate 9%
$340,844
$340.8K
Market Conditions
NOI Build-Up for 2,303 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
$55.3K $24.00/SF
− Vacancy
−$4.1K −$1.80/SF
EGI
$51.1K $22.20/SF
− OpEx
−$20.5K −$8.88/SF
NOI
$30.7K $13.32/SF
Area
Bakersfield, CA
Vacancy
7.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$613,520
Cap Rate 7%
$438,229
Cap Rate 9%
$340,844
Alternative Uses
Best Use
Healthcare Medical
$438.2K
$383.5K – $511.3K
NOI $30,676 @ 7.0% cap · market cap 5.84%
Second Best
Office B
$435.3K
$380.9K – $507.8K
NOI $30,469 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$611.2K
$534.8K – $713.0K
NOI $42,781 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,387
Businesses Nearby
Under-served
Demand for This Use
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully leased single-tenant medical office on a gated corner parcel with 15 parking spaces and 2023 renovation improvements.
Where is this medical office space located?
The property is located at 34th Street Bakersfield, CA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Fully leased, single‑tenant medical office investment with stable cash flow through May 31, 2031; 2,370 SF building on a 9,963 SF corner parcel at 34th St & Panama St in Downtown Bakersfield; Extensively renovated in 2023 with new roof, HVAC, water heater, flooring, lighting, ADA upgrades, security system, and remodeled interior finishes
