Well-Maintained Four-Unit
For Sale
$595,000
Pending
3601 Micheli Court, Bakersfield, CA 93309
Four matching residences provide a consistent two-bedroom, one-bath configuration for multifamily ownership.
Property Size3,136 SF
Days on Market123
Property Features for 3601 Micheli Court
General Information
Standard status
Pending
Size
3,136 SF
Property subtype
Multi Family
Financials
Asking Price
$595,000
Gross Income
$59,220
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Building Details
Year Built
1974
Listing Agency:
Realty Executives All Cities
(562) 843-1103
Listed By:
Martin Gonzalez · License #01204139
(562) 843-1103
Source:
Exitrealty
Added: May 2
Changed: Aug 30
Last Checked: Aug 30 at 8:45PM
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 Realty Executives All Cities
Investment Insights
Based on property information with market context.
This Bakersfield quadplex contains four residential units, each arranged with two bedrooms and one bathroom. The property totals approximately 3,136 square feet and was built in 1974, providing a straightforward multifamily configuration with consistent layouts across the building.
Located at 3601 Micheli Court, the property is part of a simultaneous offering with 3600 Micheli, which is being sold by the same owner. The uniform unit mix supports a consistent operating format for an owner evaluating a four-unit rental property. Existing rental use and the established residential layout provide the core physical characteristics of this multifamily asset.
Located at 3601 Micheli Court, the property is part of a simultaneous offering with 3600 Micheli, which is being sold by the same owner. The uniform unit mix supports a consistent operating format for an owner evaluating a four-unit rental property. Existing rental use and the established residential layout provide the core physical characteristics of this multifamily asset.
Key Highlights
- Four‑unit quadplex with four 2‑bedroom, 1‑bath units
- Approximately 3,136 square feet total
- Built in 1974
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
$40,640
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
6.83%
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%
$812,800
$812.8K
Cap Rate 7%
$580,571
$580.6K
Cap Rate 9%
$451,556
$451.6K
Market Conditions
NOI Build-Up for 3,136 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
$62.1K $19.80/SF
− Vacancy
−$4.0K −$1.29/SF
EGI
$58.1K $18.51/SF
− OpEx
−$17.4K −$5.55/SF
NOI
$40.6K $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%
$812,800
Cap Rate 7%
$580,571
Cap Rate 9%
$451,556
Alternative Uses
Best Use
Multifamily LT 5
$580.6K
$508.0K – $677.3K
NOI $40,640 @ 7.0% cap · market cap 6.83%
Second Best
Apartment 5plus
$539.2K
$471.8K – $629.1K
NOI $37,744 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$832.2K
$728.2K – $970.9K
NOI $58,254 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
820
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?
Quadplex - Four matching residences provide a consistent two-bedroom, one-bath configuration for multifamily ownership.
Where is this quadplex located?
The property is located at 3601 Micheli Court Bakersfield, CA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Four‑unit quadplex with four 2‑bedroom, 1‑bath units; Approximately 3,136 square feet total; Built in 1974
