Newly Rebuilt 4-Plex with Gated
For Sale
$989,999
931 Monterey Street, Bakersfield, CA 93305
MULTI_FAMILY - Bakersfield, CA
Property Size5,280 SF
Lot Size0.17 Acres
Price / SF$187.50
Days on Market131
Property Features for 931 Monterey Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
8
Parking features
Covered
Elementary school
Longfellow
Middle school
Washington
High school
East
Elementary school district
Bakersfield City
Subdivision
31
Standard status
Active
APN
01536006
Size
5,280 SF
Lot size
0.17 Acres
Building Details
Year built
2024
Floors in Building
2
Number of units
4
Listing Agency:
Watson Realty
(661) 327-5161
Listed By:
Royce Jennings · License #01959264
(661) 444-6232
Added: Apr 6
Changed: Jun 16
Last Checked: Aug 14 at 7:06AM
MLS# 202603643
Copyright © 2026 Bakersfield Association of Realtors. 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.
Located at 931 Monterey Street in Bakersfield, this newly rebuilt 2024 four-plex offers a clean, uniform income property configuration. All four units share the same floor plan with a large living room and spacious kitchens. The kitchens are described as including a refrigerator, microwave, dishwasher, and disposal. Each unit’s layout places four bedrooms and two bathrooms upstairs.
The property includes a dedicated parking area and a gated front yard. The site size is listed at 0.17 acres, and the overall property size is 5,280 square feet. The location is described as convenient to freeway access and the amenities associated with Old Kern.
For buyers, this is a straightforward 4-plex structure built around repeated unit consistency, which can simplify leasing and ongoing management. With identical bedroom and bathroom count per unit, along with similarly equipped kitchens, the property supports tenants seeking a comfortable, functional home layout. As a for-sale residential income property, it may fit investors or owner-operators looking for a recently rebuilt multifamily asset with clear unit finishes and arrangement as described in the listing.
The property includes a dedicated parking area and a gated front yard. The site size is listed at 0.17 acres, and the overall property size is 5,280 square feet. The location is described as convenient to freeway access and the amenities associated with Old Kern.
For buyers, this is a straightforward 4-plex structure built around repeated unit consistency, which can simplify leasing and ongoing management. With identical bedroom and bathroom count per unit, along with similarly equipped kitchens, the property supports tenants seeking a comfortable, functional home layout. As a for-sale residential income property, it may fit investors or owner-operators looking for a recently rebuilt multifamily asset with clear unit finishes and arrangement as described in the listing.
Key Highlights
- Newly Re‑built in 2024
- 4‑Plex Investment Property
- Spacious Units: 1300 sq ft+ floor plan
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
$68,424
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
6.91%
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%
$1,368,480
$1.4M
Cap Rate 7%
$977,486
$977.5K
Cap Rate 9%
$760,267
$760.3K
Market Conditions
NOI Build-Up for 5,280 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
$104.5K $19.80/SF
− Vacancy
−$6.8K −$1.29/SF
EGI
$97.7K $18.51/SF
− OpEx
−$29.3K −$5.55/SF
NOI
$68.4K $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%
$1,368,480
Cap Rate 7%
$977,486
Cap Rate 9%
$760,267
Alternative Uses
Best Use
Multifamily LT 5
$977.5K
$855.3K – $1.14M
NOI $68,424 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$907.8K
$794.4K – $1.06M
NOI $63,549 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$1.40M
$1.23M – $1.63M
NOI $98,081 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
687
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?
Quadplex - 2024 rebuilt 4-plex with consistent large layouts, in-unit kitchens, and a gated front yard near freeway access.
Where is this quadplex located?
The property is located at 931 Monterey Street Bakersfield, CA.
What is the asking price?
The asking price for this property is $989,999.
What are key features of this property?
This property features: Newly Re‑built in 2024; 4‑Plex Investment Property; Spacious Units: 1300 sq ft+ floor plan
