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Palm Apartments 1607 Palm Dr 10 Unit Apartment Building $1,564,368 CAD ($156,437 CAD/Unit) 6.20% Cap Rate Bakersfield, CA 93305
Investment Highlights
- Modern dual-pane windows
- Beautiful, well-kept grounds
- Fully occupied 10-unit building
- Updated exterior paint
- Stable, long-term residency
- Desirable unit mix of 1-bedroom and 2-bedroom units
Executive Summary
One of the most updated, top-tier managed 10-unit buildings coming on the market in some time. The East Bakersfield offering consists of two 2-bedroom units, and eight 1-bedroom units, fully occupied, modern dual-pane windows, updated exterior paint, beautiful grounds. Owner takes pride in providing a quality living experience for their tenants that has led to happy long-term residents. The 2-bedroom units rent in the $1291-1522 range, and the 1-bedroom units rent in the $744-1194 range.
Financial Summary (Pro Forma - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$179,758
|
$30.38
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$7,191
|
$1.22
|
| Effective Gross Income |
$172,567
|
$29.16
|
| Taxes |
$30,205
|
$5.10
|
| Operating Expenses |
$45,618
|
$7.71
|
| Total Expenses |
$75,823
|
$12.81
|
| Net Operating Income |
$96,745
|
$16.35
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $179,758 |
| Annual Per SF | $30.38 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $7,191 |
| Annual Per SF | $1.22 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $172,567 |
| Annual Per SF | $29.16 |
| Taxes (CAD) | |
|---|---|
| Annual | $30,205 |
| Annual Per SF | $5.10 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $45,618 |
| Annual Per SF | $7.71 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $75,823 |
| Annual Per SF | $12.81 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $96,745 |
| Annual Per SF | $16.35 |
Property Facts
| Price | $1,564,368 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $156,437 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.35 AC |
| Cap Rate | 6.20% | Building Size | 5,917 SF |
| Gross Rent Multiplier | 8.7 | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R3 | ||
| Price | $1,564,368 CAD |
| Price Per Unit | $156,437 CAD |
| Sale Type | Investment |
| Cap Rate | 6.20% |
| Gross Rent Multiplier | 8.7 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.35 AC |
| Building Size | 5,917 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1950 |
| Opportunity Zone |
Yes |
| Zoning | R3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $1,393 CAD | 670 |
| 2+2 | 2 | $1,913 CAD | 950 |
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Property Taxes
| Parcel Number | 138-021-09-00-4 | Total Assessment | $231,367 CAD |
| Land Assessment | $61,415 CAD | Annual Taxes | $30,205 CAD ($5.10 CAD/SF) |
| Improvements Assessment | $169,952 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
138-021-09-00-4
Land Assessment
$61,415 CAD
Improvements Assessment
$169,952 CAD
Total Assessment
$231,367 CAD
Annual Taxes
$30,205 CAD ($5.10 CAD/SF)
Tax Year
2025
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Palm Apartments | 1607 Palm Dr
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