1601 Lotus LnBakersfield, CA 93307

Property Details for 1601 Lotus Ln

Year built

2009

Construction

WOOD

Lot size

4.78 AC

Property size (Sq ft)

28,864 SF

Zone code

R-2

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

170-060-11-00-0

APU

17006011000

Description

Exceptional investment opportunity in Bakersfield, California, presents the King Square Apartments, a 73-unit multifamily property ideally situated at 1601 Lotus Ln, 93307. This Class C apartment building boasts a total of 78,804 square feet, with 75,304 square feet of net rentable space. Currently operating at 100% occupancy, the property generates a substantial Net Operating Income (NOI) of $363,809, with a pro-forma NOI projected at $498,124. The asking price is $6,700,000, representing a price per square foot of $88.97 and a price per unit of $91,781. Built in 2009, this fee-simple owned property comprises ten two-story buildings situated on a 4.78-acre lot (APN 17006011) and zoned R-2. The unit mix includes 36 two-bedroom, 33 three-bedroom, and 4 four-bedroom apartments. King Square Apartments is a LIHTC property with a 9% tax credit award and a 55-year Regulatory Agreement stipulating that 72 units must be rented to residents earning no more than Area Median Income (AMI) levels: 10% at 30% AMI, 10% at 40% AMI, and 50% at 50% AMI. The property was placed in service in July 2008. This presents a unique opportunity to acquire a well-maintained, 70+ unit apartment complex built in 2008, significantly below replacement cost.

• CAP approach

  CAP return

  Valuation

  6%

  $10,202,250

  6.5%

  $9,417,462

  7%

  $8,744,786

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,507,606

  Geo Method

  $8,507,606

• Alternative Use

  Use

  Valuation

  Residential

  $9,417,462

  Hospitality

  $8,626,345

  Educational

  $7,177,018

  Medical

  $7,423,846

  Retail

  $11,164,249

Location Insight

City

Bakersfield

County

Kern

State

California

Latitude

35.3372

Longitude

-118.989

CBSA code

12540

CBSA name

BAKERSFIELD, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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