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$ 7,250,000
Est. payment | /mo
2.2 Acres Lot
$ 7,250,000
Est. payment | /mo
2.2 Acres Lot
Key Details
Property Type Commercial
Listing Status Contingent
Purchase Type For Sale
MLS Listing ID CRPW25036712
Originating Board California Regional MLS
Year Built 1984
Lot Size 2.199 Acres
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
Area Bksf - Bakersfield
Interior
Heating Central Forced Air
Cooling Central AC
Laundry Community Facility
Exterior
Parking Features Carport , Detached Garage, Other
Garage Spaces 119.0
Pool 31, None
Building
Water District - Public
Others
Special Listing Condition Not Applicable , Accepting Backups
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Listed by Ed Diaz • Vanguard Property Group
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Tim Alford & Faye Bon
REALTOR® | Lic# 01507448 | 01746037