Three-Unit Multifamily
For Sale
$449,000
713 Iris Street, Bakersfield, CA 93308
Residential Income, Bakersfield, CA
Property Size2,407 SF
Lot Size0.15 Acres
Price / SF$186.54
Days on Market39
Property Features for 713 Iris Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Covered
Elementary school
Standard
Middle school
Standard
High school
North
Elementary school district
Bakersfield City
Subdivision
21
Standard status
Active
APN
11811318
Size
2,407 SF
Lot size
0.15 Acres
Building Details
Year built
1963
Floors in Building
1
Number of units
3
Listing Agency:
LPT Realty. Inc.
(877) 366-2213
Listed By:
Salvador Flores
(818) 437-2037
Added: Jul 24
Changed: Aug 26
Last Checked: Aug 31 at 9:06PM
MLS# 202608018
Copyright © 2026 Golden Empire MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property contains three separate two-bedroom, one-bathroom residences within approximately 2,407 square feet. Each unit is currently tenant occupied, providing an existing rental-use profile for the next owner. Covered parking is included, and the property was built in 1963.
The asset is located at 713 Iris Street in Bakersfield, California 93308, within Kern County. Its 0.1475-acre parcel supports the three-unit residential configuration and associated improvements.
The asset is located at 713 Iris Street in Bakersfield, California 93308, within Kern County. Its 0.1475-acre parcel supports the three-unit residential configuration and associated improvements.
Key Highlights
- Three 2‑bedroom, 1‑bathroom units
- All three units are currently tenant occupied
- Approximately 2,407 square feet of property size
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
$31,193
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
6.95%
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%
$623,860
$623.9K
Cap Rate 7%
$445,614
$445.6K
Cap Rate 9%
$346,589
$346.6K
Market Conditions
NOI Build-Up for 2,407 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
$47.7K $19.80/SF
− Vacancy
−$3.1K −$1.29/SF
EGI
$44.6K $18.51/SF
− OpEx
−$13.4K −$5.55/SF
NOI
$31.2K $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%
$623,860
Cap Rate 7%
$445,614
Cap Rate 9%
$346,589
Alternative Uses
Best Use
Multifamily LT 5
$445.6K
$389.9K – $519.9K
NOI $31,193 @ 7.0% cap · market cap 6.95%
Second Best
Apartment 5plus
$413.9K
$362.1K – $482.8K
NOI $28,970 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$638.7K
$558.9K – $745.2K
NOI $44,712 @ 7.0% cap · market cap 9.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
Explore this area
Business Placement
Demographics for 93308, CA
56,037
Population
21,443
Households
2.6
Avg Household Size
35
Median Age
18%
College-Educated
84%
High-School Grad
344.6 sq mi
ZIP Area
163
Density / Sq Mi
$59,511
Median Household Income
$39,676
Median Earnings
$1,260
Median Rent
$298,000
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?
Triplex - Fully occupied residential asset with covered parking and a consistent three-unit configuration.
Where is this triplex located?
The property is located at 713 Iris Street Bakersfield, CA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Three 2‑bedroom, 1‑bathroom units; All three units are currently tenant occupied; Approximately 2,407 square feet of property size
