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701 Woodrow Ave

3,500 SF Specialty Building Offered at $694,999 at a 5.40% Cap Rate in Bakersfield, CA 93308

Investment Highlights

  • 4 Units Completely Remodeled
  • High Rental Demand
  • Value-add Potential

Executive Summary

Central Valley Property Advisors is thrilled to exclusively offer this five-unit multifamily property—a robust investment opportunity with
strong upside potential. The property includes a desirable unit mix: one three-bedroom, one-bathroom unit; one two-bedroom,
two bathroom unit; two one-bedroom, one-bathroom units; and a studio, catering to a variety of rental needs and maximizing tenant appeal. Four of the five units have been extensively remodeled, including two down-to-the-studs renovations and two full remodels. These
units now feature upgrades like stucco work, vinyl flooring, windows, AC units, countertops, and modern appliances, offering tenants a high-end rental experience. The front house, freshly painted, presents a value-add opportunity with minor TLC. With current rents falling $400-$500 below market rates, there is clear potential for rental growth. Key capital improvements further enhance the property’s appeal, including a new main sewer line from the front house to the alley and recent updates to plumbing and electrical systems, ensuring reduced maintenance costs and solid long-term performance. This property is an ideal acquisition for investors seeking immediate cash flow along with significant rental upside in a dynamic and growing rental market.

Financial Summary (Actual - 2023)

Annual Annual Per SF
Gross Rental Income $68,652 $23.01
Other Income - -
Vacancy Loss $2,059 $0.69
Effective Gross Income $66,593 $22.32
Taxes - -
Operating Expenses - -
Total Expenses $29,388 $9.85
Net Operating Income $37,205 $12.47

Financial Summary (Actual - 2023)

Gross Rental Income
Annual $68,652
Annual Per SF $23.01
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual $2,059
Annual Per SF $0.69
Effective Gross Income
Annual $66,593
Annual Per SF $22.32
Taxes
Annual -
Annual Per SF -
Operating Expenses
Annual -
Annual Per SF -
Total Expenses
Annual $29,388
Annual Per SF $9.85
Net Operating Income
Annual $37,205
Annual Per SF $12.47

Property Facts

Price $694,999
Price Per SF $199
Sale Type Investment
Cap Rate 5.40%
Property Type Specialty
Property Subtype
Residential Income
  • Multifamily Apartments
Lot Size 0.13 AC
Building Size 3,500 SF
No. Stories 2
Year Built/Renovated 1938/2024
Opportunity Zone Yes

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
113-042-12-00-4
Land Assessment
$62,424 (2024)
Improvements Assessment
$278,827 (2024)
Total Assessment
$341,251 (2024)

zoning

Zoning Code RS (R3)
RS (R3)
  • Listing ID: 33540818

  • Date on Market: 10/16/2024

  • Last Updated:

  • Address: 701 Woodrow Ave, Bakersfield, CA 93308

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