830 Almond Ct Wasco, CA 93280-2371
- Apartment buildings
- 60,495 SF
- 3.09 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 830 Almond Ct
- Year built
- 2007
- Construction
- WOOD
- Lot size
- 3.09 lot acres
- Property size
- 60,495 SF
- Zone code
- C2
- Property type
- Apartment buildings
- APN
- 030-450-09-00-7
- APU
- 3045009007
Description
This exceptional investment opportunity presents the acquisition of Poso Place Senior Apartments, an 81-unit apartment building located in Wasco, California. Built in 2007, this three-story Class B property boasts 60,750 square feet, with 53,311 square feet of net rentable space. The property sits on a 3.09-acre lot and is zoned C2. Currently operating at 100% occupancy, the property generates a NOI of $174,825, representing a 3.93% cap rate. Pro forma projections indicate a NOI of $238,030 and a 5.36% cap rate. The asking price is $4,445,000, or approximately $54,877 per unit. The unit mix includes 64 one-bedroom and 17 two-bedroom apartments. Importantly, this is a LIHTC property with a 55-year regulatory agreement, including a 9% tax credit award, and restrictions on 80 units based on Area Median Income (AMI) guidelines. Located approximately 25 miles northwest of Bakersfield, Wasco's economy is primarily agricultural. This offering presents a rare opportunity to acquire a well-maintained, nearly fully occupied senior housing complex with significant long-term tax advantages. The property's strong performance and favorable location make it an attractive investment for discerning buyers. The APN is 03045009007. This is a fee simple ownership.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Wasco
- County
- Kern
- State
- California
- Longitude
- -119.335
- Latitude
- 35.5854
- CBSA code
- 12540
- CBSA name
- BAKERSFIELD, CA METROPOLITAN STATISTICAL AREA
