Garden-Style Apartment
New
For Sale
$3,850,000
3900 & 3904 Panama Ln, Bakersfield, CA 93313
Every residence has a two-bedroom, one-bathroom layout, and the community is fully occupied.
Property Size17,460 SF
Lot Size1.14 Acres
Price / SF$220.50
Days on Market2
Property Features for 3900 & 3904 Panama Ln
General Information
Standard status
Active
Size
17,460 SF
Lot size
1.14 Acres
Property subtype
Multifamily
Occupancy
100%
Units
Unit Mix
20 x 2BR/1BA
Multifamily Units
20
Building Details
Buildings
8
Construction
garden-style
Listing Agency:
Bakersfield
Listed By:
Jason Alexander · License #01360995
(661) 631-3818
Source:
Colliers
Added: Sep 26
Last Checked: Sep 26 at 2:50PM
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 Bakersfield
Investment Insights
Based on property information with market context.
This garden-style apartment community spans two parcels totaling approximately 1.14 acres, with about 17,460 square feet distributed among 8 buildings. Each apartment has 2 bedrooms and 1 bathroom, and the property is 100% occupied. Most units have updated interiors, including vinyl flooring or carpet, renovated kitchens and bathrooms, granite countertops, and newer fixtures.
Exterior work includes refurbished siding and fresh paint completed in 2021, plus rain gutters installed in 2024. The parking area was restriped in 2023, and HVAC equipment has been replaced at various times. The composition roof dates to 2010.
Exterior work includes refurbished siding and fresh paint completed in 2021, plus rain gutters installed in 2024. The parking area was restriped in 2023, and HVAC equipment has been replaced at various times. The composition roof dates to 2010.
Key Highlights
- Approximately 17,460 square feet across 8 buildings
- Two parcels totaling approximately 1.14 acres
- 100% occupancy
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
$177,674
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
4.61%
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%
$3,553,480
$3.6M
Cap Rate 7%
$2,538,200
$2.5M
Cap Rate 9%
$1,974,156
$2.0M
Market Conditions
NOI Build-Up for 17,460 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
$333.1K $19.08/SF
− Vacancy
−$10.1K −$0.58/SF
EGI
$323.0K $18.50/SF
− OpEx
−$145.4K −$8.33/SF
NOI
$177.7K $10.18/SF
Area
ZIP 93313
Vacancy
3.03%
Lease Rate
$19.08 /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%
$3,553,480
Cap Rate 7%
$2,538,200
Cap Rate 9%
$1,974,156
Alternative Uses
Best Use
Apartment 5plus
$2.54M
$2.22M – $2.96M
NOI $177,674 @ 7.0% cap · market cap 4.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.47M
$3.91M – $5.21M
NOI $312,805 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
20
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
482
Businesses Nearby
Explore this area
Business Placement
Demographics for 93313, CA
58,322
Population
17,232
Households
3.4
Avg Household Size
32
Median Age
22%
College-Educated
81%
High-School Grad
100.6 sq mi
ZIP Area
580
Density / Sq Mi
$93,396
Median Household Income
$42,099
Median Earnings
$1,857
Median Rent
$349,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Apartment building - Every residence has a two-bedroom, one-bathroom layout, and the community is fully occupied.
Where is this apartment building located?
The property is located at 3900 & 3904 Panama Ln Bakersfield, CA.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: Approximately 17,460 square feet across 8 buildings; Two parcels totaling approximately 1.14 acres; 100% occupancy
