1816 Lotus Ln Bakersfield, CA 93307-4214
- Apartment buildings
- 69,716 SF
- 4.71 lot acres
Current Use by Public Records
- Nina Place Apartments / Apartment Complex / Apartment Building
Property Details for 1816 Lotus Ln
- Year built
- 2011
- Construction
- WOOD
- Lot size
- 4.71 lot acres
- Property size
- 69,716 SF
- Property type
- Apartment buildings
- APN
- 170-100-24-00-9
- APU
- 17010024009
Description
This exceptional 65-unit apartment building in Bakersfield, CA, presents a compelling investment opportunity. The property, situated on a 4.71-acre lot at 1816 Lotus Ln, 93307, comprises nine two-story buildings totaling 66,450 square feet of net rentable space. Currently boasting 100% occupancy, the property generates a strong NOI of $318,062, with a pro-forma NOI projected at $358,865, yielding a pro-forma cap rate of 6.12%. The asking price is $5,860,000, translating to $90,154 per unit and $88.19 per square foot. Built in 2011, this Class C multifamily property features a diverse unit mix: 36 two-bedroom, 25 three-bedroom, and 4 four-bedroom units. The property benefits from a long-term Regulatory Agreement (57 years remaining) associated with a 9% LIHTC award, ensuring a stable income stream. The agreement mandates that 64 units be rented to residents earning at or below Area Median Income (AMI) levels. This property offers a rare chance to acquire a substantial, well-occupied apartment complex in a rapidly growing market with a significant waiting list, making it an attractive investment with considerable long-term potential. The fee-simple ownership structure provides complete control and flexibility. The property's APN is 17010024009.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $580,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Bakersfield
- County
- Kern
- State
- California
- Longitude
- -118.991
- Latitude
- 35.3354
- CBSA code
- 12540
- CBSA name
- BAKERSFIELD, CA METROPOLITAN STATISTICAL AREA
