Renovated Multifamily
For Sale
Contact for pricing
4009 Lake Isabella Blvd, Bodfish, CA 93205
All residences offer two bedrooms, one bathroom, updated finishes, appliances, and mini-split HVAC with heat pumps.
Property Size3,452 SF
Price / SF$226.83
Days on Market13
Property Features for 4009 Lake Isabella Blvd
General Information
Standard status
Active
Size
3,452 SF
Total Parking Spaces
16
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$62,745
Additional Details
Road Access
Yes
Amenities
on-site laundry facility
off-street parking
Building Details
Year Built
1948
Year Renovated
2025
Buildings
1
Stories
1
Units
6
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Bakersfield
(661) 546-8521
Listed By:
Jorge Garcia · License #02204087
Source:
Crexi
Added: Jul 28
Changed: Aug 5
Last Checked: Aug 7 at 4:58AM
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 Marcus & Millichap - Bakersfield
Investment Insights
Based on property information with market context.
This multifamily property at 4009 Lake Isabella Blvd comprises 3,452 square feet and was built in 1948. The community has been comprehensively renovated, with residences configured as two-bedroom, one-bathroom apartments. Improvements include new flooring, contemporary cabinetry, remodeled bathrooms, and energy-efficient mini-split HVAC systems with integrated heat pumps. Apartments also include stoves/ovens and refrigerators.
Property amenities include an on-site laundry facility, off-street parking, and maintained common areas. The asset is positioned along Lake Isabella Boulevard in Bodfish, within the Lake Isabella and Kern River Valley communities. The surrounding area provides access to shopping, dining, schools, healthcare, and outdoor recreation associated with Lake Isabella, the Kern River, and the nearby Sequoia National Forest and Southern Sierra Nevada Mountains.
Property amenities include an on-site laundry facility, off-street parking, and maintained common areas. The asset is positioned along Lake Isabella Boulevard in Bodfish, within the Lake Isabella and Kern River Valley communities. The surrounding area provides access to shopping, dining, schools, healthcare, and outdoor recreation associated with Lake Isabella, the Kern River, and the nearby Sequoia National Forest and Southern Sierra Nevada Mountains.
Key Highlights
- 3,452‑square‑foot multifamily property built in 1948
- Comprehensively renovated apartment community
- All apartments feature a two‑bedroom, one‑bathroom layout
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
$39,767
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
5.08%
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%
$795,340
$795.3K
Cap Rate 7%
$568,100
$568.1K
Cap Rate 9%
$441,856
$441.9K
Market Conditions
NOI Build-Up for 3,452 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
$74.6K $21.60/SF
− Vacancy
−$2.3K −$0.65/SF
EGI
$72.3K $20.95/SF
− OpEx
−$32.5K −$9.43/SF
NOI
$39.8K $11.52/SF
Area
Kern County, CA
Vacancy
3.03%
Lease Rate
$21.60 /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%
$795,340
Cap Rate 7%
$568,100
Cap Rate 9%
$441,856
Alternative Uses
Best Use
Apartment 5plus
$568.1K
$497.1K – $662.8K
NOI $39,767 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$737.4K
$645.3K – $860.4K
NOI $51,621 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
73
Businesses Nearby
Explore this area
Business Placement
Demographics for 93205, CA
2,081
Population
1,118
Households
1.9
Avg Household Size
55
Median Age
14%
College-Educated
87%
High-School Grad
23.2 sq mi
ZIP Area
90
Density / Sq Mi
$33,295
Median Household Income
$17,245
Median Earnings
$1,057
Median Rent
$104,700
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?
Multifamily property - All residences offer two bedrooms, one bathroom, updated finishes, appliances, and mini-split HVAC with heat pumps.
Where is this multifamily property located?
The property is located at 4009 Lake Isabella Blvd Bodfish, CA.
What is the asking price?
The asking price for this property is $783,000.
What are key features of this property?
This property features: 3,452‑square‑foot multifamily property built in 1948; Comprehensively renovated apartment community; All apartments feature a two‑bedroom, one‑bathroom layout
