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Property profile & analytics
OFF-MARKET
Estimated value
$3,835,000
Manufacturing properties
103 Michigan St Bakersfield, CA 93307-8331
Individually Owned
11-yr Hold
Free & Clear
Property ID
US09-1806962
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
2008
Construction
WOOD
Total area
29,900 SF
Lot
3.61 ac (157,251 SF)
Zoning code
M-2
APN
173-020-38-00-8
UPID
US09-1806962
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Journey Air Conditioning Company, Inc. HVAC Service General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$4.89M
Comparable Approach
Comparable
$4.21M
Blend (final)
Blend
$3.84M
Owner & transaction history
Randall C Journey · 11 yrs held
Randall C Journey
since 2014
4 recorded transactions
Zoning & alternative use
M-2 · Bakersfield, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$6.3M
+106.3%
Apartment house (5+ units)
$5.5M
+78.3%
Warehouse, storage
$5.2M
+68.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Bakersfield submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Bakersfield submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$5,295,000
6.5%
$4,885,000
7%
$4,535,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$3,060,000
Current use
OFFICE BUILDING
$6,315,000
Change: +106% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$5,455,000
Change: +78% · Conversion: Difficult
WAREHOUSE, STORAGE
$5,160,000
Change: +69% · Conversion: Easy
AUTO REPAIR, GARAGE
$4,140,000
Change: +35% · Conversion: Easy
Blend value · Realmo final
$3.84M
Range $3.45M – $4.22M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$128 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$35,360
Tax year 2023
Assessed value
$2,966,898
Assessed 2023
Previous assessed
$2,966,898
+0.0% YoY
Effective rate
1.19%
On assessed value
Assessed land
$946,880
Assessed improvement
$2,020,018
Applied tax rate
68.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
2008
Construction
WOOD
Heating
YES
Cooling
OTHER
Stories
1
Total area
29,900 SF
Lot
3.61 ac (157,251 SF)
Zoning code
M-2
APN
173-020-38-00-8
UPID
US09-1806962
Jurisdiction
KERN
Zoning & alternative use
M-2 · Bakersfield, CA
Zoning M-2 · permitted uses
M-2 · Bakersfield, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Bakersfield. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$3.1M
OFFICE BUILDING
Est. value
$6.3M
APARTMENT HOUSE (5+ UNITS)
Est. value
$5.5M
WAREHOUSE, STORAGE
Est. value
$5.2M
AUTO REPAIR, GARAGE
Est. value
$4.1M
INDUSTRIAL (GENERAL) Current
OFFICE BUILDING
APARTMENT HOUSE (5+ UNITS)
WAREHOUSE, STORAGE
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2008
Construction
WOOD
Heating
YES
Cooling
Yes
Stories
1
Lot
3.61 ac
Current owner
From public records · entity-resolved
Randall C Journey
Individual
Free & Clear · 11 yrs held
Mailing address
103 MICHIGAN ST, BAKERSFIELD, CA 93307-8331
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 9, 2024
—
Randall C Journey
—
Deed
related
$1,500,000 · Citizens Business Bank
Dec 13, 2018
—
Randall C Journey
—
Deed
related
—
Jul 30, 2014
—
Randall C Journey
Journey R & J Living Trust
Quit Claim Deed
related
—
—
—
Randall C Journey
—
Loan Modification
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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