Bakersfield, CA 93308,116 Beardsley AVE
Bakersfield, CA 93308,116 Beardsley AVE
Bakersfield, CA 93308,116 Beardsley AVE
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$1,650,000
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10,064 SqFt
Active

116 Beardsley AVE Bakersfield, CA 93308

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UPDATED:

10/10/2024 11:19 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Square Footage 10,064 sqft

Price per Sqft $163

MLS Listing ID GD24198522

HOA Y/N No

Year Built 1969

Lot Size 0.450 Acres

Property Description

This property offers an exceptional high cap rate of 8.6% and immediate opportunity to increase cash flow. Current rents are below market and poised for a 10% increase in 2025, with market rents reaching up to $1,375 per month, unlocking substantial revenue potential.
Each unit comes with separate utility meters, making it easier to manage costs, while the roof-mounted AC units with central heating and air conditioning provide added convenience and energy efficiency. Most units have been updated in recent years. All units come with a parking, plus 2 guest parking spots; easily reline the lot to create even more parking spaces to increase tenant satisfaction and appeal. This is a rare opportunity for investors looking for a property with strong income growth, low operating costs, and increasing market demand. The laundry room is not being used; this can add more income if operated.
The street is part of the city's beautifying project adding additional value for the years to come. Additionally, two new apartment buildings are planned in the area, boosting future demand and property value. Close to shopping and freeways, the building has a very high occupancy rate and quick turnover.

Location

State CA

County Kern

Area Bksf - Bakersfield

Zoning R-2

Rooms

Ensuite Laundry Inside

Interior

Laundry Location Inside

Fireplace No

Laundry Inside

Exterior

Pool None

Community Features Curbs, Street Lights, Sidewalks

Total Parking Spaces 17

Private Pool No

Building

Lot Description 0-1 Unit/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 11425041002

Acceptable Financing Cash, Cash to New Loan, Conventional

Listing Terms Cash, Cash to New Loan, Conventional

Special Listing Condition Standard


California Regional MLS (CRMLS)
Listed by Karine Haneyan • John Hart Real Estate • Karinehaneyanjh@gmail.com

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Nicole Parent

Broker Associate | License ID: 01827226

+1(559) 930-7171

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116 Beardsley AVE