Downtown Bakersfield Multi-Unit
For Sale
$675,000
800 31st and 3111 Q st, Bakersfield, CA 93301
Fully rented 5-unit property in Downtown Bakersfield with immediate cashflow.
Property Size8,712 SF
Lot Size0.20 Acres
Price / SF$159.05
Days on Market154
Property Features for 800 31st and 3111 Q st
General Information
Standard status
Active
Size
8,712 SF
Lot size
0.20 Acres
Property subtype
Commercial
Building Details
Building Size
8,712 SF
Year Built
1935
Units
5
Listing Agency:
(714) 598-9053
Listed By:
Randy Bennett · License #01380249
(714) 598-9053
Source:
Elliman
Added: Mar 10
Changed: Aug 10
Last Checked: Aug 10 at 8:24AM
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 Randy Bennett
Investment Insights
Based on property information with market context.
This fully-occupied 5-unit property is located in Downtown Bakersfield, near restaurants, shops, and with freeway access. The property consists of two buildings on one 8,626 sq ft lot. The front house, located at 800 31st Street, is a single-family home constructed in 1935, featuring 2 bedrooms and 1 bath. The four-plex, located at 3111 Q Street, was built in 1985 and contains four 2-bedroom, 1-bath units. The total living space is 4,244 sq ft. All units are currently rented, generating a combined monthly income of $5,720. The property is located near major employers, schools, and transportation. This multi-unit property is suitable for long-term income generation.
Key Highlights
- Fully rented 5‑unit property generating $5,720 monthly income
- Prime Downtown Bakersfield location near restaurants, shops, and freeway access
- Two buildings on one lot: a 2‑bed/1‑bath single‑family home and a four‑plex with four 2‑bed/1‑bath units
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
$51,080
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
7.57%
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%
$1,021,600
$1.0M
Cap Rate 7%
$729,714
$729.7K
Cap Rate 9%
$567,556
$567.6K
Market Conditions
NOI Build-Up for 4,244 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
$98.8K $23.28/SF
− Vacancy
−$5.9K −$1.40/SF
EGI
$92.9K $21.88/SF
− OpEx
−$41.8K −$9.85/SF
NOI
$51.1K $12.04/SF
Area
Bakersfield, CA
Vacancy
6.00%
Lease Rate
$23.28 /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%
$1,021,600
Cap Rate 7%
$729,714
Cap Rate 9%
$567,556
Alternative Uses
Best Use
Apartment 5plus
$729.7K
$638.5K – $851.3K
NOI $51,080 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$985.5K – $1.31M
NOI $78,837 @ 7.0% cap · market cap 11.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,320
Businesses Nearby
Explore this area
Business Placement
Demographics for 93301, CA
14,518
Population
6,202
Households
2.3
Avg Household Size
33
Median Age
20%
College-Educated
83%
High-School Grad
4.3 sq mi
ZIP Area
3,376
Density / Sq Mi
$40,725
Median Household Income
$36,623
Median Earnings
$1,129
Median Rent
$264,300
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?
Apartment building - Fully rented 5-unit property in Downtown Bakersfield with immediate cashflow.
Where is this apartment building located?
The property is located at 800 31st and 3111 Q st Bakersfield, CA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Fully rented 5‑unit property generating $5,720 monthly income; Prime Downtown Bakersfield location near restaurants, shops, and freeway access; Two buildings on one lot: a 2‑bed/1‑bath single‑family home and a four‑plex with four 2‑bed/1‑bath units
