1601 Lotus Ln Bakersfield, CA 93307-4376
- Apartment buildings
- 28,864 SF
- 4.78 lot acres
Current Use by Public Records
- Martinez Detailing661 / Car Wash
Property Details for 1601 Lotus Ln
- Year built
- 2009
- Construction
- WOOD
- Lot size
- 4.78 lot acres
- Property size
- 28,864 SF
- Zone code
- R-2
- Property type
- 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.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $5,505,000
- 6.5%
- $5,080,000
- 7%
- $4,715,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $7,337,000
- AI Estimate
- $7,065,000
Market price range: $3.34M - $7.34MMarket price range: $1.84M - $7.07M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $5,265,000 Current use
- NEIGHBORHOOD: SHOPPING CENTER
- $9,960,000 Change: +89% Conversion: Difficult
- MEDICAL BUILDING
- $6,600,000 Change: +25% Conversion: Moderate
- OFFICE BUILDING
- $6,095,000 Change: +16% Conversion: Moderate
- WAREHOUSE, STORAGE
- $4,980,000 Change: -5% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Bakersfield
- County
- Kern
- State
- California
- Longitude
- -118.989
- Latitude
- 35.3372
- CBSA code
- 12540
- CBSA name
- BAKERSFIELD, CA METROPOLITAN STATISTICAL AREA
