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1612 1st Street, Bakersfield, CA 93304, Bakersfield, 93304 - bed, bath

1612 1st Street, Bakersfield, CA 93304 home-pic-0
ACTIVE$1,600,000/sqft
1612 1st Street, Bakersfield, CA 93304
0Bed
0Bath
Sqft
27,442Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Significant Value-Add Opportunity: The potential to convert eight detached garages into Accessory Dwelling Units (ADUs) or storage units offers substantial new revenue streams and long-term income growth.
Top Cons:
MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =27442, other record lot size in square feet = 20908.

Compared to the nearby listings

Compared against 0 nearby listings

More Insights

Built in 1940 (86 years old).
Condition: Built in 1940, this multi-unit property exhibits classic Spanish-style architecture that appears well-maintained from the exterior. However, the interior images and property analysis suggest that while functional, the units likely feature outdated interiors, including kitchens and bathrooms, which are not pictured but are typical for properties of this age without recent extensive renovations. The presence of window AC units further indicates older systems. The property is aged but maintained, and major components are functional, but show signs of being outdated, aligning with a 'Fair' condition score.
Year Built
1940
Close
-
List price
$1.6M
Original List price
-
Price/Sqft
$0
HOA
$0
Days on market
-
Sold On
-
MLS number
IV25164851
Home ConditionFair
Features
View-

About this home

This charming Spanish-style 10-unit apartment property in Bakersfield presents a rare and beautiful value-add investment opportunity. The property features distinctive Spanish cottage architecture with red-tile roofs, arched entryways, and lush landscaping that exudes curb appeal and timeless character. Each unit is thoughtfully designed with spacious layouts and classic details that attract quality tenants. With strong in-place cash flow, the investor can enjoy immediate income from a stabilized rental base in a high-demand submarket. What sets this opportunity apart is the significant upside potential through the conversion of eight detached garages. The investor has the option to create new revenue streams by converting the garages into rentable accessory dwelling units (ADUs), tapping into the growing demand for affordable housing in Bakersfield. Alternatively, the garages can be leased as storage units for additional monthly income. This flexible value-add strategy offers both immediate and long-term income growth, making it an ideal opportunity for a savvy investor looking to capitalize on both yield and appreciation in a growing Central Valley market.

A
ANTHONY RODRIGUEZ
Listing Agent

Price History

Date
Event
Price
07/22/22
Sold
$1,450,000
10/08/20
Sold
$865,000
Condition Rating
Fair
Built in 1940, this multi-unit property exhibits classic Spanish-style architecture that appears well-maintained from the exterior. However, the interior images and property analysis suggest that while functional, the units likely feature outdated interiors, including kitchens and bathrooms, which are not pictured but are typical for properties of this age without recent extensive renovations. The presence of window AC units further indicates older systems. The property is aged but maintained, and major components are functional, but show signs of being outdated, aligning with a 'Fair' condition score.
Pros & Cons

Pros

Significant Value-Add Opportunity: The potential to convert eight detached garages into Accessory Dwelling Units (ADUs) or storage units offers substantial new revenue streams and long-term income growth.
Strong In-Place Cash Flow: The property boasts immediate income from a stabilized rental base, providing a solid foundation for investors.
Distinctive Architectural Charm: Charming Spanish-style architecture with red-tile roofs, arched entryways, and lush landscaping enhances curb appeal and tenant attraction.
Multi-Unit Income Diversification: As a 10-unit apartment property, it offers diversified income streams, reducing risk compared to single-unit investments.
Strategic Market Location: Situated in a high-demand submarket within Bakersfield, a growing Central Valley market, indicating strong rental demand and appreciation potential.

Cons

MLS Listing Discrepancy: Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =27442, other record lot size in square feet = 20908.
Age of Construction (1940): Built in 1940, the property may require significant capital expenditure for system upgrades (plumbing, electrical, HVAC) and ongoing maintenance due to its age.
Capital Investment for Conversions: Realizing the value-add potential of garage conversions will necessitate substantial upfront capital investment, permitting costs, and project management.
Potential for Outdated Unit Interiors: While having 'classic details,' units in a 1940-built property may require modernization to meet current tenant expectations and maximize rental income.
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