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Palm Apartments 1607 Palm Dr 10 Unit Apartment Building $1,470,277 CAD ($147,028 CAD/Unit) 6.63% 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 |
$180,733
|
$30.54
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$7,230
|
$1.22
|
| Effective Gross Income |
$173,504
|
$29.32
|
| Taxes |
$30,368
|
$5.13
|
| Operating Expenses |
$45,866
|
$7.75
|
| Total Expenses |
$76,234
|
$12.88
|
| Net Operating Income |
$97,269
|
$16.44
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $180,733 |
| Annual Per SF | $30.54 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $7,230 |
| Annual Per SF | $1.22 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $173,504 |
| Annual Per SF | $29.32 |
| Taxes (CAD) | |
|---|---|
| Annual | $30,368 |
| Annual Per SF | $5.13 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $45,866 |
| Annual Per SF | $7.75 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $76,234 |
| Annual Per SF | $12.88 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $97,269 |
| Annual Per SF | $16.44 |
Property Facts
| Price | $1,470,277 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $147,028 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.36 AC |
| Cap Rate | 6.63% | Building Size | 5,917 SF |
| Gross Rent Multiplier | 8.1 | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R3 | ||
| Price | $1,470,277 CAD |
| Price Per Unit | $147,028 CAD |
| Sale Type | Investment |
| Cap Rate | 6.63% |
| Gross Rent Multiplier | 8.1 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.36 AC |
| Building Size | 5,917 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1950 |
| Opportunity Zone |
Yes |
| Zoning | R3 |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Double Pane Windows
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $1,401 CAD | 670 |
| 2+2 | 2 | $1,923 CAD | 950 |
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Moderately walkable
70/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 138-021-09-00-4 | Total Assessment | $234,517 CAD |
| Land Assessment | $62,251 CAD | Annual Taxes | $30,368 CAD ($5.13 CAD/SF) |
| Improvements Assessment | $172,266 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
138-021-09-00-4
Land Assessment
$62,251 CAD
Improvements Assessment
$172,266 CAD
Total Assessment
$234,517 CAD
Annual Taxes
$30,368 CAD ($5.13 CAD/SF)
Tax Year
2025
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Palm Apartments | 1607 Palm Dr
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