Bakersfield Properties 2 Multifamily Properties Offered at $3,561,246 CAD in Bakersfield, CA

This property offers a prime investment opportunity for the right investor. Located at 100 Hudson Drive, Bakersfield, CA 93307, it spans +/- 1.18 acres and includes 21 HCD-approved spaces and 2 apartments. An occupancy rate of 78% presents a steady income stream and room for growth. The park owns 1 mobile home and 2 RVs. Tenants pay for electricity, while the park covers water and trash. Current rents average +/- $456, offering a consistent revenue base, while market rents are going for $595.
The portfolio also includes an additional park with higher rental vacancy rates, presenting an exceptional investment opportunity for discerning investors. Located at 922 South Union Avenue and 908, 910 Lomita Dr in Bakersfield, CA, this property spans +/- 2.78 acres and includes 10 mobile home spaces, 52 RV spaces, and 2 houses: one with 3 bedrooms and 1.5 baths, and the other with 1 bath. With an occupancy rate of just 28%, this market condition allows for acquiring properties at competitive prices, creating the potential for substantial returns as demand for rentals rebounds. Park-owned units include 7 mobile homes and 25 RVs. The park covers most utility services, further enhancing its appeal to tenants. With current rents averaging +/- $621, this investment offers a unique chance to secure prime real estate at favorable terms and capitalize on future market improvements.
Please do not contact anyone at the property or visit the property without approval from the listing brokers. Don't miss the chance to invest in this promising market and secure a valuable asset with significant potential for future appreciation.
The current cap rate for:
100 Hudson = 6%
922 S. Union = -2%, The park needs hands-on management to stabilize it. Potential Cap Rate of 19%.
Overall = 2%