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

    404 Covey Ave Bakersfield, CA 93308

    • Commercial real estate
    • 3,174 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-5298658
    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

    • Commercial real estate

    Property Details for 404 Covey Ave

    Year built
    2024
    Property size
    3,174 SF
    Property type
    Commercial real estate
    APN
    114-182-13-00-5

    Description

    This exceptional new construction multifamily property, located at 404 Covey Avenue in Bakersfield, California (93308), presents a compelling investment opportunity. Completed in 2024, this three-unit apartment building boasts a total of 3,174 square feet on a 13,503 square foot lot. Each unit offers approximately 1,058 square feet of living space, featuring faux wood ceramic tile flooring, durable construction materials, and tile roofing. The kitchens are equipped with built-in dishwashers, stoves/ovens, and microwaves. Each unit also includes dedicated parking for two large vehicles. Currently, two units are rented, achieving a 66% occupancy rate as of November 4, 2024, with a third unit pending lease. The current monthly rent is $4,850, with one unit at $1,700 and two pending at $1,575 each. A significant advantage is the inclusion of fully paid-for solar panels on each unit, resulting in minimal electricity costs for tenants. The property's Net Operating Income (NOI) is $43,560, yielding a pro-forma cap rate of 6.2%. The property is zoned for multi-family residential use and is listed at $699,000. The Kern County Assessor's Parcel Number (APN) is 114-182-13-00-5. The ownership is held by J & J Acquisition Partners, Inc. This property offers a strong return on investment with significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Bakersfield
    County
    Kern
    State
    California
    Longitude
    -119.035101
    Latitude
    35.4097719

    Comparable in this City

    • $713,999

      Six-Unit Multifamily Investment Opportunity

      Six fully occupied units in Bakersfield with steady income potential.
      710 Chester Ave, Bakersfield, CA 93308
      View Details
    • $713,999
      4,950 SF

      Six-Unit Multifamily Investment Opportunity

      Fully occupied six-unit property in Bakersfield with steady income.
      Chester Ave, Bakersfield, CA 93308
      View Details
    • New
      $1,125,000
      4,620 SF

      Bakersfield Multifamily Investment Opportunity

      Six-unit property with garages and patios near amenities in Bakersfield.
      616 W Day Ave, Bakersfield, CA 93308
      View Details
    • $319,950

      Two Homes on One Lot

      Two homes on one lot, great investment opportunity.
      123 Hart St, Bakersfield, CA 93308
      View Details
    • $899,000
      4,431 SF

      Bakersfield Fourplex Investment Opportunity

      Fourplex in North Bakersfield with strong income potential.
      548 Yellow Meadow Ct, Bakersfield, CA 93308
      View Details
    • $425,000
      2,477 SF

      Upgraded Triplex with Detached Residence

      Triplex with detached single-family home, upgraded and fully leased.
      130 Highland Dr, Bakersfield, CA 93308
      View Details

    Similar Nearby for Sale

    • $713,999

      Six-Unit Multifamily Investment Opportunity

      Six fully occupied units in Bakersfield with steady income potential.
      710 Chester Ave, Bakersfield, CA 93308
      View Details
    • $713,999
      4,950 SF

      Six-Unit Multifamily Investment Opportunity

      Fully occupied six-unit property in Bakersfield with steady income.
      Chester Ave, Bakersfield, CA 93308
      View Details
    • New
      $1,125,000
      4,620 SF

      Bakersfield Multifamily Investment Opportunity

      Six-unit property with garages and patios near amenities in Bakersfield.
      616 W Day Ave, Bakersfield, CA 93308
      View Details
    • $319,950

      Two Homes on One Lot

      Two homes on one lot, great investment opportunity.
      123 Hart St, Bakersfield, CA 93308
      View Details
    • $899,000
      4,431 SF

      Bakersfield Fourplex Investment Opportunity

      Fourplex in North Bakersfield with strong income potential.
      548 Yellow Meadow Ct, Bakersfield, CA 93308
      View Details
    • $425,000
      2,477 SF

      Upgraded Triplex with Detached Residence

      Triplex with detached single-family home, upgraded and fully leased.
      130 Highland Dr, Bakersfield, CA 93308
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      25,600 SF

      Bakersfield Airport Flex Space

      Modern Flex Space, 5,000 SF Available
      3655 Unicorn Rd, Bakersfield, CA 93308
      View Details
    • Contact for pricing
      1,440 SF

      Bakersfield Retail Space For Lease

      Prime Bakersfield location, 1440 sq ft.
      3900-4300 Coffee Rd, Bakersfield, CA 93308
      View Details
    • Contact for pricing
      26,600 SF

      Rosedale Square Retail Center

      Bakersfield retail center, high traffic
      4208 Rosedale Hwy, Bakersfield, CA 93308
      View Details
    • $4,800 /Mo
      2,350 SF

      Industrial Property with Large Yard

      Office, warehouse, and yard space for lease in Bakersfield.
      18400 Highway 65, Bakersfield, CA 93308
      View Details
    • $1.80 SF/Yr
      17,125 SF

      Stand-Alone Office Building For Lease

      Recently updated office building with easy highway access.
      3600 N Sillect Ave, Bakersfield, CA 93308
      View Details
    • $0.95 SF/Yr
      11,885 SF

      Warehouse with Office and Freeway Access

      Warehouse with office space and convenient freeway access.
      2500-2520 Pegasus Dr, Bakersfield, CA 93308
      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.
    404 Covey Ave
    Bakersfield, CA 93308
    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.