Retail Condominium with Dual
For Sale
$2,165,000
D6-3015 Calloway Dr, Bakersfield, CA 93312
Improved shopping-center suite with private rooms, office areas, signage, and flexible interior configuration.
Property Size7,879 SF
Price / SF$274.78
Days on Market381
Property Features for D6-3015 Calloway Dr
General Information
Standard status
Active
Size
7,879 SF
Site & Location
Pylon Signage
Yes
Highway Access
Yes
Amenities
two separate entrances
waiting rooms
training area
building signage
Listing Agency:
ASU Commercial
(661) 885-6949
Listed By:
Dylan J Lym · License #02103385
Source:
Exprealty
Added: Aug 15, 2025
Changed: Aug 29
Last Checked: Aug 29 at 8:27PM
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 ASU Commercial
Investment Insights
Based on property information with market context.
This improved retail condominium occupies an anchor suite within The Grove At Calloway Shopping Center. The interior is currently configured as a chiropractic office with multiple private procedure rooms, offices, a training area, and two separate entry points, each serving a waiting room. The layout also provides a potential path for demising the suite into separate occupancies.
The property is positioned in Northwest Bakersfield’s heavily trafficked retail corridor, immediately west of the Northwest Promenade. Building signage and pylon signage are available along Calloway Drive. Access to Rosedale Highway and the Westside Parkway provides routes to locations throughout Kern County.
The property is positioned in Northwest Bakersfield’s heavily trafficked retail corridor, immediately west of the Northwest Promenade. Building signage and pylon signage are available along Calloway Drive. Access to Rosedale Highway and the Westside Parkway provides routes to locations throughout Kern County.
Key Highlights
- 7,879‑square‑foot improved retail condominium
- Anchor suite within The Grove At Calloway Shopping Center
- Built‑out chiropractic office with private procedure rooms, offices, and training area
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
$109,770
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
5.07%
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%
$2,195,400
$2.2M
Cap Rate 7%
$1,568,143
$1.6M
Cap Rate 9%
$1,219,667
$1.2M
Market Conditions
NOI Build-Up for 7,879 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
$170.2K $21.60/SF
− Vacancy
−$23.8K −$3.02/SF
EGI
$146.4K $18.58/SF
− OpEx
−$36.6K −$4.64/SF
NOI
$109.8K $13.93/SF
Area
ZIP 93312
Vacancy
14.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$2,195,400
Cap Rate 7%
$1,568,143
Cap Rate 9%
$1,219,667
Alternative Uses
Best Use
Office B
$1.57M
$1.37M – $1.83M
NOI $109,770 @ 7.0% cap · market cap 5.07%
Second Best
Healthcare Medical
$1.52M
$1.33M – $1.78M
NOI $106,650 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$2.04M
$1.79M – $2.39M
NOI $143,108 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
686
Businesses Nearby
Explore this area
Business Placement
Demographics for 93312, CA
58,714
Population
19,089
Households
3.1
Avg Household Size
36
Median Age
34%
College-Educated
94%
High-School Grad
14.2 sq mi
ZIP Area
4,135
Density / Sq Mi
$112,654
Median Household Income
$56,041
Median Earnings
$1,958
Median Rent
$420,500
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?
Retail space - Improved shopping-center suite with private rooms, office areas, signage, and flexible interior configuration.
Where is this retail space located?
The property is located at D6-3015 Calloway Dr Bakersfield, CA.
What is the asking price?
The asking price for this property is $2,165,000.
What are key features of this property?
This property features: 7,879‑square‑foot improved retail condominium; Anchor suite within The Grove At Calloway Shopping Center; Built‑out chiropractic office with private procedure rooms, offices, and training area
