523 Center St Taft, CA 93268

Property Details for 523 Center St

Year built

1912

Construction

WOOD

Lot size

0.07 lot acres

Property size

1,500 SF

Property type

Bars

Property subtype

Pubs

APN

031-060-02-00-0

APU

3106002000

Description

This ±13,500 square foot commercial building in Taft, CA, presents a compelling value-add investment opportunity. Currently vacant, the property boasts a strong history as a former Chrysler dealership and includes ±12,000 square feet of automotive space and ±1,500 square feet of retail space. The automotive area, previously occupied for over a decade by a business generating over $1 million in annual sales, is in turnkey condition. The existing retail space is separately leased for $1,600 per month. The building features a newly installed roof and coolers (January 2024) and sits on a ±0.99-acre lot at a high-visibility corner location on Center Street and 6th Street, offering ample street parking and on-site stalls. The property is zoned DC - Downtown Commercial and offers significant potential for various uses. The asking price is $725,000, representing a price per square foot of $53.70 and a 13.07% cap rate, with a net operating income (NOI) of $94,748. The property's location is convenient, situated between CA-33 and CA-119, serving a population of approximately 20,480 residents within a 10-mile radius. Adjacent properties are also available for potential acquisition. This is a rare chance to acquire a well-maintained, high-profile commercial building with a proven track record in a desirable location. The property's size, location, and recent improvements make it an attractive investment for a variety of buyers.

Location Insight

City

Taft

County

Kern

State

California

Longitude

-119.46

Latitude

35.1411

CBSA code

12540

CBSA name

BAKERSFIELD, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments