116 Beardsley Ave

Bakersfield, CA 93308

$1,650,000

Listed Price

28

bed Beds

14

shower Baths

10,064 sqft

straighten $163 / sqft

1969

calendar_month Built

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.

Listing Information

List Price $1,650,000
Status Active
MLS GD24198522
Type MultiFamily
Year Built 1969
Lot Size 19,602 sqft
Structure Size 10,064 sqft
Courtesy Of JohnHart Real Estate
Listing Agent Karine Haneyan DRE #02100210

Maps

Listing information courtesy of: Karine Haneyan, JohnHart Real Estate. *Based on information from the Association of REALTORS/Multiple Listing as of 10/14/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.