Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    1024 Wallace St Bakersfield, CA 93307-1057

    • Auto shops
    • 462 SF
    • 0.20 lot acres
    OFF-MARKET
    Last Sale
    May 23, 2024
    Value Estimations
    $265,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-1250283
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Auto shops

    Property Details for 1024 Wallace St

    Year built
    1963
    Construction
    WOOD
    Lot size
    0.20 lot acres
    Property size
    462 SF
    Property type
    Auto shops
    APN
    139-061-07-00-7
    APU
    13906107007

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $265,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Bakersfield
    County
    Kern
    State
    California
    Longitude
    -119.002
    Latitude
    35.3669
    CBSA code
    12540
    CBSA name
    BAKERSFIELD, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,279
    $25,481
    $63,168
    $88,649
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $420,000
      3,135 SF

      328 Un Ave

      AUTO REPAIR, GARAGE • 3,135 SF
      328 Un Ave, Bakersfield, CA 93307-1555
      View Details
    • Value Estimation
      $305,000
      1,344 SF

      205 5th St

      AUTO REPAIR, GARAGE • 1,344 SF
      205 5th St, Bakersfield, CA 93307-1456
      View Details
    • Value Estimation
      $300,000
      5,429 SF

      1026 Wallace St

      AUTO REPAIR, GARAGE • 5,429 SF
      1026 Wallace St, Bakersfield, CA 93307-1057
      View Details
    • Value Estimation
      $350,000
      6,760 SF

      317 Ming Ave

      AUTO REPAIR, GARAGE • 6,760 SF
      317 Ming Ave, Bakersfield, CA 93307-4020
      View Details
    • Value Estimation
      $295,000
      1,032 SF

      1603 California Ave

      AUTO REPAIR, GARAGE • 1,032 SF
      1603 California Ave, Bakersfield, CA 93307-1316
      View Details
    • Value Estimation
      $665,000
      25,032 SF

      4601 Brundage Ln

      AUTO REPAIR, GARAGE • 25,032 SF
      4601 Brundage Ln, Bakersfield, CA 93307-2311
      View Details

    Similar Nearby for Sale

    • $649,000
      7,316 SF

      Bakersfield Office/Retail Building For Sale

      Freestanding 7,316 SF office/retail building on 0.36 acre lot.
      500 E California Ave, Bakersfield, CA 93307
      View Details
    • $2,533,000
      1,381 SF

      Retail Property in Bakersfield

      Retail property available for sale in Bakersfield, California.
      5 S Union Ave, Bakersfield, CA 93307
      View Details
    • $1,275,000
      5,114 SF

      Mixed-Use Complex in Bakersfield, CA

      Value-add mixed-use property in high-traffic Bakersfield location.
      520 Union Avenue Loop, Bakersfield, CA 93307
      View Details
    • $3,537,000
      3,982 SF

      Bakersfield Multi-Tenant Restaurant Investment

      Multi-tenant restaurant property with long-term leases and strong rent growth.
      2658 Mount Vernon Ave, Bakersfield, CA 93307
      View Details
    • $499,999

      Established Wholesale Business For Sale

      Profitable snack, meat, food, and produce wholesale business for sale.
      1430 Weedpatch Hwy, Bakersfield, CA 93307
      View Details
    • $4,904,000
      22,880 SF

      Bakersfield Retail Property For Sale

      NNN leased retail property with a new 12-year lease.
      1491-1549 White Ln, Bakersfield, CA 93307
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      32,635 SF

      Gateway Plaza Retail Spaces

      Bakersfield retail spaces, 6 suites available.
      333 Union Ave, Bakersfield, CA 93307
      View Details
    • Contact for pricing
      110,032 SF

      Union Square Retail Center

      Southeast Bakersfield: New Retail Development
      200 Panama Ln, Bakersfield, CA 93307
      View Details
    • $12 SF/Yr
      20,645 SF

      White Lane Plaza Retail Spaces

      Bakersfield retail spaces, 4 units available.
      1501 White Ln, Bakersfield, CA 93307
      View Details
    • $19 SF/Yr
      2,400 SF

      Retail Space on Ming Avenue

      Retail space available for lease in Bakersfield, California.
      3760-3788 Ming Ave, Bakersfield, CA 93307
      View Details
    • Contact for pricing
      2,560 SF

      Bakersfield Retail Space - 2560 SF

      Brand new freestanding retail building. High visibility, ample parking.
      6529 Brundage Ln, Bakersfield, CA 93307
      View Details
    • $30 SF/Yr
      1,050 SF

      Retail Space in Bakersfield

      Retail space available for lease in Bakersfield, California.
      6509 Panama Ln, Bakersfield, CA 93307
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1024 Wallace St
    Bakersfield, CA 93307-1057
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.