1575 Olive Drive, Bakersfield, CA 93308, Bakersfield, 93308 - 4 bed, 2 bath
ACTIVE$650,000$3,273/sqft
1575 Olive Drive, Bakersfield, CA 93308
4Beds
2Baths
3,273Sqft
31,983Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 31983, living area = 3273.
Top Cons:
MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =31983, other record lot size in square feet = 31798.
Compared to the nearby listings
Price:$650.0K vs avg $309.0K (+$341,000)96%
Size:3,273 sqft vs avg 1,413 sqft94%
Price/sqft:$199 vs avg $21038%
More Insights
Built in 1954 (72 years old).
Condition: Built in 1954, the property's structures are significantly aged with no evidence of major modern renovations in the past 50 years. All visible interiors, including multiple kitchens and bathrooms, feature extremely dated fixtures, cabinets, and flooring, indicating a state of severe obsolescence and disrepair. The property's value is clearly derived from its M-2 zoned land and potential for redevelopment, rather than the existing structures, which would require demolition or extensive, uneconomical rehabilitation.
Year Built
1954
Close
-
List price
$650K
Original List price
-
Price/Sqft
$199
HOA
$0
Days on market
-
Sold On
-
MLS number
25536405
Home ConditionTear down
Features
Patio
View-
About this home
Prime M-2 property on a corner lot. Great frontage property for commercial use with many possibilities. There are two residential properties with office building included. Formerly used as a recovery home for licensed for 18 clients.
A
Arely Kuehl
Listing Agent
Price History
Date
Event
Price
01/28/00
Sold
$30,500
06/22/05
Sold
$310,000
Condition Rating
Tear down
Built in 1954, the property's structures are significantly aged with no evidence of major modern renovations in the past 50 years. All visible interiors, including multiple kitchens and bathrooms, feature extremely dated fixtures, cabinets, and flooring, indicating a state of severe obsolescence and disrepair. The property's value is clearly derived from its M-2 zoned land and potential for redevelopment, rather than the existing structures, which would require demolition or extensive, uneconomical rehabilitation.
Pros & Cons
Pros
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 31983, living area = 3273.
Prime M-2 Zoning: The property boasts prime M-2 zoning, allowing for a wide array of heavy commercial and industrial uses, offering significant development and investment potential.
Corner Lot & Excellent Frontage: Situated on a corner lot with great frontage, the property offers superior visibility and accessibility, which is highly advantageous for commercial operations.
Large Lot Size: With a substantial lot size of 31,983 sqft (approximately 0.73 acres), there is ample space for various commercial developments, parking, or expansion.
Versatile Existing Structures: The property includes two residential properties and an office building, providing immediate utility, potential for rental income, or a base for phased redevelopment.
Adaptable Past Use: Formerly used as a licensed recovery home for 18 clients, demonstrating its capacity for specialized commercial/residential operations and potential for similar uses.
Cons
MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =31983, other record lot size in square feet = 31798.
Age of Structures: Built in 1954, the existing structures are older and likely require significant renovation, modernization, or potential demolition to align with contemporary commercial/industrial standards or M-2 zoning potential.
Conflicting Property Type Designation: Despite being a 'Prime M-2 property' for commercial use, the property is listed as 'Residential' (Single Family Residence), which could lead to permitting complexities or misaligned expectations for buyers seeking pure commercial/industrial land.
Potential for High Conversion Costs: To fully capitalize on the M-2 zoning, substantial investment may be required to convert or redevelop the existing residential/office structures into suitable commercial or industrial facilities, adding to the overall project cost.