2035 Niles St, Bakersfield, CA 93305

2035 Niles St, Bakersfield, CA 93305

Bakersfield, CA

Property Description

The Colombo Group at LyonStahl is pleased to present for sale 2035 Niles Street in Bakersfield, CA. An eight-unit mixed-use property that consists of four separate buildings featuring a total of four residential units and four commercial units on a 23,958 SF lot. This property consists of a freestanding house (2-bedroom & 1-bath) with a private yard and parking for multiple cars; a freestanding duplex with garages for five cars on the bottom (1-bedroom & 1-bath each unit); an apartment (2-bedroom & 1-bath sitting above a warehouse); two retail spaces at the front of the property (a travel agency and a barbershop); an office; and an approximately 2,000 SF warehouse with access to the alley.
This asset is located on a busy commercial street just a couple lots from the intersection of Niles St and Mt. Vernon Ave (+15,000 VPD); across the street from a Family Dollar store, which sits on a similar 23,836 SF lot and was sold in 2014 for $2,052,174; adjacent to the renovated Universal Urgent Care-Nile facility; 2.8 miles away from Downtown Bakersfield; and an 8-minute walk to East Bakersfield Highschool.
This is a value-add opportunity with considerable upside. The shop and the office will be delivered unfilled, allowing for an owner-user to establish operations there. This available space will also allow an investor to rent at market rates achieving a 6.21% cap rate on this acquisition. After renovations, this property has the potential to be stabilized north of a 7.79% cap rate of its purchase price.

Property Features

  • Sale Price: $695,000
  • Area Size: 23,958 SF
  • Year Built: 1955
  • Listing Date: March 20, 2022
  • Closing Date: May 11, 2022

Lyon Stahl Investment Real Estate

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