Triplex with Separate
For Sale
$399,000
924 Knotts St, Bakersfield, CA 93305
Three residential units include two homes and a converted garage studio with private outdoor areas.
Property Size1,890 SF
Price / SF$211.11
Days on Market12
Property Features for 924 Knotts St
General Information
Standard status
Active
Size
1,890 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
3
Listing Agency:
Wayside, Realtors- Miramar Realty
(661) 699-2753
Listed By:
Chadd Russell Neill
(661) 932-2122
Source:
Exprealty
Added: Aug 26
Changed: Sep 4
Last Checked: Sep 5 at 10:22AM
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 Wayside, Realtors- Miramar Realty
Investment Insights
Based on property information with market context.
This 1,890-square-foot triplex property combines two detached homes with a studio created from a converted garage. The front residence includes 3 bedrooms, 2 bathrooms, hardwood and carpet flooring, a kitchen with breakfast area, and a carport. Improvements include a tankless water heater, interior paint, a newer swamp cooler, mini split equipment, and updated sewer plumbing. The second home provides 2 bedrooms and 1 bathroom, while the studio adds a third residential unit. Appliances convey, including a new refrigerator.
The property at 924 Knotts St in Bakersfield is fully enclosed by block walls and iron gates. Each residence has its own fenced yard, providing separate exterior areas for the individual units. The configuration supports continued rental use or an owner-occupant arrangement with additional residential units on site.
The property at 924 Knotts St in Bakersfield is fully enclosed by block walls and iron gates. Each residence has its own fenced yard, providing separate exterior areas for the individual units. The configuration supports continued rental use or an owner-occupant arrangement with additional residential units on site.
Key Highlights
- Three‑unit configuration with two homes and a converted‑garage studio
- Front home includes 3 bedrooms, 2 bathrooms, a carport, and a breakfast area
- Second residence offers 2 bedrooms and 1 bathroom
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
$24,493
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
6.14%
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%
$489,860
$489.9K
Cap Rate 7%
$349,900
$349.9K
Cap Rate 9%
$272,144
$272.1K
Market Conditions
NOI Build-Up for 1,890 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
$37.4K $19.80/SF
− Vacancy
−$2.4K −$1.29/SF
EGI
$35.0K $18.51/SF
− OpEx
−$10.5K −$5.55/SF
NOI
$24.5K $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%
$489,860
Cap Rate 7%
$349,900
Cap Rate 9%
$272,144
Alternative Uses
Best Use
Multifamily LT 5
$349.9K
$306.2K – $408.2K
NOI $24,493 @ 7.0% cap · market cap 6.14%
Second Best
Apartment 5plus
$325.0K
$284.4K – $379.1K
NOI $22,748 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$501.6K
$438.9K – $585.2K
NOI $35,109 @ 7.0% cap · market cap 8.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
645
Businesses Nearby
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units include two homes and a converted garage studio with private outdoor areas.
Where is this triplex located?
The property is located at 924 Knotts St Bakersfield, CA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Three‑unit configuration with two homes and a converted‑garage studio; Front home includes 3 bedrooms, 2 bathrooms, a carport, and a breakfast area; Second residence offers 2 bedrooms and 1 bathroom
