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Bakersfield, CA 93309 3321 Chester Lane

$1,990,000

Pending
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Presented By: Brad New with Vanguard Property Group; 714-928-6833
  • MLS# PW24006820
  • 01/17/2024
  • Request Tour
  • Request Info
  • BedBeds • 2
  • BathFull/Half Baths • 1 / 1
  • FootageSQFT • 15,520

Home Details

Major price adjustment - seller willing to meet the market. The Chester Lane Townhomes is a true opportunity for a savvy investor; priced well below replacement cost ($131 CPSF) and 6.42 Cap/8.8 GRM on actual rents with upside to 7.67 Cap/7.95 GRM on market rents. The subject property is a 16 unit multifamily property located approximately 1/4 of a mile from the 99 frwy and California Avenue Exit (west Bakersfield), in a quiet cul-de-sac street. Built in 1984, the Chester Lane Townhomes are situated on a self-contained, gated access, 40,000 sf lot and consists of 16 spacious (2+1.5) townhome style units with approx. 950 sf each; all units have central AC/HT, patios, in-unit washer & dryer hookups, separate gas/electric meters, and RUBS in place for lower overall landlord utility expense. There is ample parking available with a total of 33 onsite spaces of which 12 are covered. There are two potential onsite storage rooms (currently unrented) for additional landlord income. The Chester Lane Townhomes is priced to sell, well below replacement - a perfect apartment investment for investors looking for cash flow and equity growth.
Presented By: Brad New with Vanguard Property Group; 714-928-6833

Interior Features for 3321 Chester Lane

Other Interior Features

Air Conditioning Y/NYes
Basement (Y/N)No
Common WallsItem1CommonWall, NoOneAbove
Electric On Property Y/NNo
Fireplace Y/NNo
Heating Y/NYes
Laundry FeaturesStacked
Total Stories2

Other Rooms

Entry Level1

General for 3321 Chester Lane

Additional Parcels Y/NNo
Attached Garage No
Building Area UnitsSquareFeet
Cap Rate6.42
Carport Spaces12.0
Carport Y/NYes
CityBakersfield
Community FeaturesCurbs, Sidewalks
CoolingCentralAir
CountyKern
Days on Market41
Directions. The subject property is ideally located approximately 1/4 of a mile from the 99 frwy and California Avenue Exit, in a quiet Cul- De-Sac Street
Entry Location1
Garage Spaces0.0
Garage Y/NNo
Gross Income224568.0
HOA / Comm AssnNo
HeatingCentral
Home Warranty Y/NNo
Insurance Expense0.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsTwo
Listing TermsCash, CashtoNewLoan, Conventional, Item1031Exchange
Lot Size Square Feet40075.0
MLS AreaBKSF - Bakersfield
MobileHomeRemainsYNNo
Net Operating Income127831.0
New ConstructionNo
Open Parking Spaces33.0
Operating Expense90000.0
Pool FeaturesNone
PossessionCloseOfEscrow
Private PoolNo
Property Attached Y/NYes
Property Sub Type AdditionalTownhouse
Property SubTypeTownhouse
Property TypeResidentialIncome
Rent Control Y/NYes
RoofTile
Senior Community Y/NNo
SewerSewerTapPaid
Special Listing ConditionsStandard
Standard StatusPending
StatusPending
Stories2
Street NameChester Lane
Tax Lot0
Total Units16
Trash Expense0.0
UtilitiesCableConnected, ElectricityConnected, NaturalGasConnected, SewerConnected, WaterConnected
View Y/NNo
Water Sewer Expense0.0
Waterfront Y/NNo
Year Built1984
Year Built SourceAssessor
ZoningR-2

Exterior for 3321 Chester Lane

Building Area Total15520.0
Crops Included Y/NNo
FencingBlock
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesItem1620UnitsAcre, LotOver40000Sqft
Lot Size Acres0.92
Lot Size Area40075.0
Lot Size SourceAssessor
Lot Size UnitsSquareFeet
Number of Buildings4
Number of Separate Electric Meters16
Number of Separate Gas Meters16
Number of Separate Water Meters1
Open Parking Y/NNo
Parking FeaturesAsphalt, Covered, Gated, Paved, OneSpace
Road Surface TypePaved
SpaNo
Total Parking45.0
Water SourcePublic

Additional Details

Price History

1527188455

First Team Client Services

Price $1,990,000
MLS#PW24006820
List Date 01/17/2024
Property Type Pending
Phone 714.964.3311
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*According to the National Association of Realtors