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Listed by Ed Diaz • Vanguard Property Group
$ 7,250,000
Est. payment | /mo
56,000 SqFt
$ 7,250,000
Est. payment | /mo
56,000 SqFt
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 56,000 sqft
Price per Sqft $129
MLS Listing ID PW-25036712
Year Built 1984
Lot Size 2.199 Acres
Property Sub-Type Apartment
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
Cooling Central Air
Laundry Community
Exterior
Parking Features Paved, Asphalt, Carport, Detached Carport, Driveway
Pool None
Community Features Curbs, Sidewalks
Utilities Available Sewer Connected, Water Connected, Electricity Connected, Natural Gas Connected, Phone Connected
Building
Lot Description Lot Over 40000 Sqft
Sewer Public Sewer