Flex Space with Gallery
For Sale
Contact for pricing
614 Kentucky St, Bakersfield, CA 93305
M-1 light industrial property combines adaptable exhibit, production, storage, and event-support areas.
Property Size7,500 SF
Lot Size0.26 Acres
Price / SF$119.87
Days on Market112
Property Features for 614 Kentucky St
General Information
Standard status
Active
Size
7,500 SF
Class
C
Lot size
0.26 Acres
Property subtype
Industrial
Zoning
M-1 (Light Industrial)
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Asking Price
$899,000
Clear Height
18 ft
Amenities
Catering kitchen
Office
Full restroom with shower
Integrated art storage & racking
Building Details
Stories
1
Building Size
7,500 SF
Listing Agency:
Olivieri Commercial Group
(661) 617-1850
Listed By:
Anthony Olivieri · License #CA 01325989
Source:
Crexi
Added: May 12
Changed: Aug 30
Last Checked: Aug 30 at 9:34PM
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 Olivieri Commercial Group
Investment Insights
Based on property information with market context.
Located at 614 Kentucky St in Bakersfield, this flex space provides approximately 7,500 square feet organized around adaptable gallery and exhibit areas. The property also includes a dedicated studio/workspace, integrated storage and racking, a catering kitchen, office, and a full restroom with shower. Exposed 18-foot ceilings and skylights add volume and natural illumination for installations and production activities.
A covered, enclosed rear yard of approximately 2,000 square feet extends the property’s utility for secure storage or fabrication. The parcel measures approximately 0.26 acres and is zoned M-1 (Light Industrial), supporting creative, gallery, studio, and flex industrial uses.
A covered, enclosed rear yard of approximately 2,000 square feet extends the property’s utility for secure storage or fabrication. The parcel measures approximately 0.26 acres and is zoned M-1 (Light Industrial), supporting creative, gallery, studio, and flex industrial uses.
Key Highlights
- Approximately 7,500 Sq Ft of flex space
- Multiple gallery and exhibit areas for adaptable installations
- 18’ exposed ceilings with skylights
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
$76,577
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
8.52%
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%
$1,531,540
$1.5M
Cap Rate 7%
$1,093,957
$1.1M
Cap Rate 9%
$850,856
$850.9K
Market Conditions
NOI Build-Up for 7,500 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
$117.0K $15.60/SF
− Vacancy
−$7.6K −$1.01/SF
EGI
$109.4K $14.59/SF
− OpEx
−$32.8K −$4.38/SF
NOI
$76.6K $10.21/SF
Area
Bakersfield, CA
Vacancy
6.50%
Lease Rate
$15.60 /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%
$1,531,540
Cap Rate 7%
$1,093,957
Cap Rate 9%
$850,856
Alternative Uses
Best Use
Office B
$1.42M
$1.24M – $1.65M
NOI $99,225 @ 7.0% cap · market cap 11.04%
Second Best
Industrial
$1.09M
$957.2K – $1.28M
NOI $76,577 @ 7.0% cap · market cap 8.52%
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,320 @ 7.0% cap · market cap 15.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
887
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 93305, CA
38,392
Population
11,824
Households
3.2
Avg Household Size
29
Median Age
9%
College-Educated
64%
High-School Grad
5.8 sq mi
ZIP Area
6,619
Density / Sq Mi
$41,290
Median Household Income
$27,936
Median Earnings
$1,065
Median Rent
$245,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - M-1 light industrial property combines adaptable exhibit, production, storage, and event-support areas.
Where is this flex space located?
The property is located at 614 Kentucky St Bakersfield, CA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Approximately 7,500 Sq Ft of flex space; Multiple gallery and exhibit areas for adaptable installations; 18’ exposed ceilings with skylights
