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Listed by Ed Diaz • Vanguard Property Group
$7,250,000
Est. payment /mo
56,000 SqFt
UPDATED:
02/23/2025 09:50 AM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 56,000 sqft
Price per Sqft $129
MLS Listing ID CRPW25036712
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1984
Lot Size 2.199 Acres
Property Sub-Type Other
Property Description
We are pleased to present the Teal Townhomes, a 58 unit garden style multifamily apartment building built in 1984 located in Southwest Bakersfield (4211-4221 Teal Street - complete address/405-121-02-00-9, 405-121-01-00-6 APNs ). This expansive apartment community features 58 spacious (2+1.5) townhome units, comprised of 13 separate buildings on a spacious 2.1-acre corner lot. Each unit boasts private patios and separate gas & electric meters. The subject property is well maintained with new asphalt in 2024 and all roofs replaced in 2015. Offered well below replacement value at $129 cost per square and foot (CPSF), an in-place 5.6% CAP/8.7GRM and a 7.4% proforma CAP/7.5 GRM - with these purchase factors and additional rental upside of 15%-18%, the Teal Townhomes offers the savvy multifamily investors an exciting repositioning opportunity with solid returns on their investment.
Location
State CA
County Kern
Interior
Heating Other
Cooling Central Air
Fireplace No
Laundry Community Facility
Building
Water Public
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