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    Property profile & analytics

    1115 Union Ave Bakersfield, CA 93304

    • Grocery and convenience stores
    • 55,536 SF
    • 4.19 lot acres
    For Lease
    View listing
    $33 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-0061336
    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

    • Superior #147 / Grocery & Convenience Store / Food Market
    • Primo Water Refill / Big Box & Wholesale Store
    • Superior Grocers / Grocery & Convenience Store / Food Market
    • WEARLAND 2- Proclub Shaka Newera / Hat Shop / Clothing Store
    • Coinstar Kiosk | Bitcoin ATM / Atm / Currency Exchange Service

    Property Details for 1115 Union Ave

    Year built
    2002
    Construction
    WOOD
    Lot size
    4.19 lot acres
    Property size
    55,536 SF
    Zone code
    C2
    Property type
    Grocery and convenience stores
    APN
    009-512-03-00-4
    APU
    951203004

    Description

    This exceptional 25,000 square foot anchored pad site presents a unique investment opportunity in Bakersfield, California. Located at 1115 Union Avenue, this single-tenant property boasts a highly desirable location at the southwest corner of East California Avenue and Union Avenue (Highway 204), providing convenient access to Highways 58 and 178. The property is currently anchored by Superior Grocers, ensuring strong visibility and consistent traffic. The site is classified as Land with an Anchored Pad subtype in Kern County, offering significant potential for long-term growth and return. The property features shared parking in common areas, providing ample space for customers and employees. This is an ideal opportunity for investors seeking a stable, long-term ground lease investment in a thriving Bakersfield commercial area. The property's strategic location and established anchor tenant make it an attractive proposition for businesses seeking high visibility and convenient access to major transportation routes. The 93304 zip code ensures a strong local market presence. Serious inquiries are encouraged to explore the possibilities of this prime commercial land parcel. Further details regarding the potential ground lease are available upon request. This is a rare opportunity to acquire a well-positioned, high-traffic commercial property in a growing market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $10,505,000
      6.5%
      $9,700,000
      7%
      $9,005,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,781,000
      Market price range: $2.81M - $7.78M
      AI Estimate
      $9,726,000
      Market price range: $2.87M - $9.73M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $6,460,000
      Current use
      MEDICAL BUILDING
      $12,700,000
      Change: +97% Conversion: Difficult
      OFFICE BUILDING
      $11,725,000
      Change: +82% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $10,135,000
      Change: +57% Conversion: Difficult
      WAREHOUSE, STORAGE
      $9,580,000
      Change: +48% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $7,690,000
      Change: +19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Bakersfield
    County
    Kern
    State
    California
    Longitude
    -119.004
    Latitude
    35.3673
    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
    $103,764
    $2,784,192
    $5,986,029
    $8,770,221
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,045,000
      4,505 SF

      10 Un Thru 30th Ave

      CONVENIENCE STORE (W/FUEL PUMP) • 4,505 SF
      10 Un Thru 30th Ave, Bakersfield, CA 93307
      View Details
    • Value Estimation by Request
      840 SF

      311 11th St

      GROCERY, SUPERMARKET • 840 SF
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      View Details
    • Value Estimation by Request
      800 SF

      12401 Edison Hwy

      GROCERY, SUPERMARKET • 800 SF
      12401 Edison Hwy, Bakersfield, CA 93307
      View Details
    • Value Estimation by Request
      2,760 SF

      502 Dr Martin Luther King Jr Blvd

      GROCERY, SUPERMARKET • 2,760 SF
      502 Dr Martin Luther King Jr Blvd, Bakersfield, CA 93307-1881
      View Details
    • Value Estimation by Request
      1,774 SF

      1501 California Ave

      GROCERY, SUPERMARKET • 1,774 SF
      1501 California Ave, Bakersfield, CA 93307-1314
      View Details
    • Value Estimation
      $785,000
      5,750 SF

      1875 California Ave

      GROCERY, SUPERMARKET • 5,750 SF
      1875 California Ave, Bakersfield, CA 93307-1901
      View Details

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    1115 Union Ave
    Bakersfield, CA 93304
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    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
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