Covey Estates | 404 Covey Ave
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Covey Estates 404 Covey Ave
3 Unit Apartment Building $699,000 ($233,000/Unit) 6.34% Cap Rate Bakersfield, CA 93308
Investment Highlights
- Durable Construction materials, faux wood tile flooring, tile roofing
- Large lot with plenty of space in between units
- Stand alone detached houses with ample dedicated off street parking next to each unit
- Paid for solar panels giving tenant occupants ultra low electricity bills
Executive Summary
Investor Cash Cow! Brand New Construction July of 2024. ALL UNITS FULLY RENTED/100% OCCUPANCY!!! 3 Detached Stand Alone Houses on one large parcel ! Paid for Solar panels give tenants low, electricity cost adding tremendous value for tenants!! Large dedicated concrete parking area right next to each unit big enough for 2 larger vehicles . $4875.00 Gross monthly rent. Unit Mix: all 3 units identical floor plans 3 bedrooms and 1.5 bathrooms, 1058 sf each, total sqare footage all units combined 3174 SF. All electric power no gas on the property. One water meter but each unit has its own electric meter and its own dedicated solar panels. Pro Forma cap rate based on 25% expense ratio is hard to beat at 6.27 % !!
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $699,000 | Property Subtype | Apartment |
| Price Per Unit | $233,000 | Apartment Style | Single Family Home |
| Sale Type | Investment | Building Size | 3,174 SF |
| Cap Rate | 6.34% | Average Occupancy | 66% |
| Sale Conditions | Redevelopment Project | No. Stories | 1 |
| Gross Rent Multiplier | 11.81 | Year Built | 2024 |
| No. Units | 3 | Parking Ratio | 1.89/1,000 SF |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Price | $699,000 |
| Price Per Unit | $233,000 |
| Sale Type | Investment |
| Cap Rate | 6.34% |
| Sale Conditions | Redevelopment Project |
| Gross Rent Multiplier | 11.81 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single Family Home |
| Building Size | 3,174 SF |
| Average Occupancy | 66% |
| No. Stories | 1 |
| Year Built | 2024 |
| Parking Ratio | 1.89/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Dishwasher
- Microwave
- Granite Countertops
- Oven
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1.5 | 3 | $1,625 | 1,058 |
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PROPERTY TAXES
| Parcel Number | 114-182-13-00-5 | Improvements Assessment | $0 (2024) |
| Land Assessment | $68,000 (2024) | Total Assessment | $68,000 (2024) |
PROPERTY TAXES
Parcel Number
114-182-13-00-5
Land Assessment
$68,000 (2024)
Improvements Assessment
$0 (2024)
Total Assessment
$68,000 (2024)
zoning
| Zoning Code | R2 (Multi family residential) |
| R2 (Multi family residential) |
-
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Covey Estates | 404 Covey Ave
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