139 Dr Martin Luther King Jr Boulevard, Bakersfield, CA 93307, Bakersfield, 93307 - 0 bed, 0 bath
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Bakersfield, CA 93307
This Turnkey Multi-Family Asset represents a Prime Investment Opportunity with a List Price of $648,000—positioned well below the $678,030 Fair Market Value by 4%. This valuation gap offers $30,030 in Instant Equity for the incoming owner. The property features four updated 2-bedroom units with a Condition Rating of 3, currently generating stable income through the Bakersfield Housing Authority. With a 10,066 sqft lot and ADU Potential for two additional units, this property is a high-utility acquisition for Buy-and-Hold Investors or Portfolio Managers seeking immediate cash flow and long-term appreciation.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 139 Dr Martin Luther King Jr Boulevard Subject | $648,000* List Price | 0 | 0 | 3,520 | $193 | - |
A 300 Mount Vernon Avenue Active | $500,000 List Price | 3 | 2 | 2,160 | $231 | 1.0 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
The property is a 1983 build that has been recently updated to a turnkey, move-in ready state. Interior photos reveal functional updates including large-format tile flooring throughout, recessed lighting, and refreshed kitchens with white cabinetry and modern appliances. Bathrooms have been updated with contemporary vanities. While the exterior shows some signs of age and the units utilize window AC units rather than central HVAC, the interior condition is well-maintained with minimal wear and tear, meeting the criteria for a 'good' rating.
The property is fully updated and currently leased to the Bakersfield Housing Authority, ensuring immediate, consistent cash flow and minimal initial maintenance costs for the investor.
With a spacious 10,066 sqft lot, the property offers the rare potential to add two Accessory Dwelling Units (ADUs), providing a clear path to increase density and total rental revenue.
Situated in the heart of Bakersfield within walking distance to Bakersfield College and public transit, the property is ideally positioned for high tenant demand and low vacancy rates.
Located in the 93307 zip code, the property may face challenges related to neighborhood perception and potentially slower long-term capital appreciation compared to suburban markets.
While the Housing Authority lease provides reliable income, it also requires strict adherence to government inspection standards and administrative protocols which can increase management complexity.
Fantastic Investment Opportunity in Downtown Bakersfield. Welcome to 139 Martin Luther King Blvd, a prime 4-unit multi-family property located in the heart of Bakersfield. This fully updated investment gem features four spacious units, each offering 2 bedrooms and 1.5 bathrooms—ideal for tenants seeking comfortable and modern living spaces. Nestled in the vibrant downtown area, this property is within walking distance to Bakersfield College, public transportation, and a variety of local amenities, making it a highly desirable location for renters. Key Features: Turnkey Property: All four units are fully updated, ensuring low maintenance and modern appeal. Reliable Tenants: Currently leased to the Bakersfield Housing Authority under their hassle-free program, providing consistent and dependable income. Ample Parking: The property boasts an abundance of parking spaces, a rare find in downtown Bakersfield. ADU Potential: With room to add two Accessory Dwelling Units (ADUs), this property offers incredible potential to increase rental income. This is a rare opportunity to own a solid, income-generating property in one of Bakersfield's most sought-after neighborhoods. Whether you're a seasoned investor or just starting your portfolio, 139 Martin Luther King Blvd is a smart addition to any real estate portfolio.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 3.0 | 4% |
| Baths | 0.0 | 2.0 | 4% |
| Square foot | 3,520 | 1,116.5 | 96% |
| Lot Size | 10,066 | 6,708 | 89% |
| Price | $648.0K | $299.5K | 96% |
| Price per sq ft | $184 | $263 | 7% |
| Built year | 1983 | 1961 | 75% |
| HOA | $0 | $0 | 50% |
| Days on market | 22 | 183 | 4% |
Mar 31, 2026
$648,000
Initial Listing
Mar 6, 2025
$523,000
Public Record
Apr 26, 2019
$320,000
Public Record
Sep 4, 2014
$250,000
Public Record
Dec 7, 2012
$115,000
Public Record
Dec 13, 1996
$10,000
Public Record