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Previous Description:
We are pleased to present for sale 2035 Niles Street in Bakersfield, CA. An eight-unit mixed-use property that consists of four separate buildings featuring a total of four residential units and four commercial units on a 23,958 SF lot. This property consists of a freestanding house (2-bedroom & 1-bath) with a private yard and parking for multiple cars; a freestanding duplex with garages for five cars on the bottom (1-bedroom & 1-bath each unit); an apartment (2-bedroom & 1-bath sitting above a warehouse/shop); two retail spaces at the front of the property (a travel agency and a barbershop); an office; and an approximately 2,000 SF warehouse/shop with access to the alley. This asset is located on a busy commercial street just a couple lots from the intersection of Niles St and Mt. Vernon Ave (+15,000 VPD); across the street from a Family Dollar store, which sits on a similar 23,836 SF lot and was sold in 2014 for $2,052,174; adjacent to the renovated Universal Urgent Care-Nile facility; 2.8 miles away from Downtown Bakersfield; and an 8-minute walk to East Bakersfield Highschool. This is a value-add opportunity with considerable upside. The warehouse/shop and the office will be delivered unfilled, allowing for an owner-user to establish operations there. This available space will also allow an investor to rent at market rates achieving a 6.37% cap rate on this acquisition. After renovations, this property has the potential to be stabilized north of a 7.79% cap rate of its purchase price. (More Information in the MLS link "Listing has Supplements" Please click that link to access OM)
Updated Description:
We are pleased to present for sale 2035 Niles Street in Bakersfield, CA. An eight-unit mixed-use property that consists of four separate buildings featuring a total of four residential units and four commercial units on a 23,958 SF lot. This property consists of a freestanding house (2-bedroom & 1-bath) with a private yard and parking for multiple cars; a freestanding duplex with garages for five cars on the bottom (1-bedroom & 1-bath each unit); an apartment (2-bedroom & 1-bath sitting above a warehouse/shop); two retail spaces at the front of the property (a travel agency and a barbershop); an office; and an approximately 2,000 SF warehouse/shop with access to the alley.
This asset is located on a busy commercial street just a couple lots from the intersection of Niles St and Mt. Vernon Ave (+15,000 VPD); across the street from a Family Dollar store, which sits on a similar 23,836 SF lot and was sold in 2014 for $2,052,174; adjacent to the renovated Universal Urgent Care-Nile facility; 2.8 miles away from Downtown Bakersfield; and an 8-minute walk to East Bakersfield Highschool.
This is a value-add opportunity with considerable upside. The warehouse/shop and the office will be delivered unfilled, allowing for an owner-user to establish operations there. This available space will also allow an investor to rent at market rates achieving a 6.37% cap rate on this acquisition. After renovations, this property has the potential to be stabilized north of a 7.79% cap rate of its purchase price.
(More Information in the MLS link "Listing has Supplements" | Please click that link to access OM)
