931 Monterey St Bakersfield, CA 93305

Property Details for 931 Monterey St

Property size

5,280 SF

Property type

Commercial real estate

APN

015-360-06

Description

This exceptional investment opportunity presents a fully renovated four-unit apartment building situated at 931 Monterey St, Bakersfield, CA 93305. The property, boasting a total of 5,280 square feet, comprises four identical four-bedroom, two-bathroom units, each approximately 1,320 square feet. A complete renovation in 2023 included new plumbing, electrical systems, lighting, HVAC units, and updated interior and exterior finishes. The property sits on a 7,405 square foot lot and is zoned R-2 Multi-Family. Currently 100% leased, this building benefits from consistently low vacancy rates in the area and accepts Section 8 tenants, each pre-qualified by the Housing Authority. The asking price is $1,125,000, representing a price per square foot of $225 and a price per unit of $281,250. The property generates a strong net operating income (NOI) of $94,828, resulting in an attractive 8.43% cap rate. This turnkey investment offers immediate cash flow and significant potential for long-term appreciation in a desirable Southeast Bakersfield location. The property's APN is 015-360-06. This is a rare opportunity to acquire a fully modernized, high-performing multi-family asset in a stable market.