923 Lake Street

Bakersfield, CA 93305

$360,000
Last Sold Price
2
Beds
4
Baths
3,120 Sq. Ft.
$115 / Sq. Ft.
3,120
Sq. Ft.
$115
per Sq. Ft.

Description

Amazing opportunity to own long term investment opportunity in Bakersfield! -OR- Occupy one unit and have the others pay for ALL of the mortgage plus your utilities. Either way you look at it with the current historically low rates this opportunity is one that you cannot pass up. The investment has strong pro-forma data; it offers a CAP RATE of 7.6% and a GRM of 10.1! With historically low interest rates in the 3's for well qualified investors, this property cash flows and is a value add to any portfolio....Amazing opportunity to own long term investment opportunity in Bakersfield! -OR- Occupy one unit and have the others pay for ALL of the mortgage plus your utilities. Either way you look at it with the current historically low rates this opportunity is one that you cannot pass up. The investment has strong pro-forma data; it offers a CAP RATE of 7.6% and a GRM of 10.1! With historically low interest rates in the 3's for well qualified investors, this property cash flows and is a value add to any portfolio. Or, if you're a savvy owner occupant this property will qualify for FHA, first time home buyer programs and come out of pocket for as low as 3.5% down and have the tenants cover all of your expenses! Whether you're a seasoned property investor or an ambitious home buyer looking take advantage of the current market don't miss out on this amazing opportunity! Seller will consider crediting buyer towards closing costs!
  1. Listed by Herbert Diaz • DRE #01458024 • Brokerage DRE #01458024 • PLF Real Estate Solutions

Property Details for 923 Lake Street

Parking Spaces Total
4
Private Pool
No
Total Units
4.0
Lot Size Source
Assessor
Property Attached YN
true
Common Walls
2+ Common Walls, No One Above
New Construction
No
Average Studio Area Units
Square Feet

Location

Listing Courtesy of PLF Real Estate Solutions

Sold By PLF Real Estate Solutions

Add your commute
LISTING UPDATED: 09/04/2020 10:09 PM

Property Details for 923 Lake Street

StatusClosed
MLS #DW20131115
Days on Market20
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1979
Lot Size0.17 AC / 7,512 SF
CountyKern County

Location

Listing Courtesy of PLF Real Estate Solutions

Sold By PLF Real Estate Solutions

Add your commute

Building Information for 923 Lake Street

Stories1Residences-Year Built1979Building Size-Lot Size0.17 AC / 7,512 SF

Payment Calculator

$2,501 per month

30 year fixed, 7.25% Interest

Principal and Interest

$1,965

Property Taxes

$536

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 923 Lake Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $38,160
  • Gross Scheduled Income: $38,160
  • Net Operating Income: $28,732
  • Gross Multiplier: 10.1
  • Cap Rate: 7.6
Expense Details
  • Operating Expense: $9,428
  • New Taxes Expense: $4,688
  • Electric Expense: $120
  • Insurance Expense: $1,000
  • Other Expense: $1,700
  • Other Expense Description: Assessme
  • Trash Expense: $720
  • Water Sewer Expense: $1,200
  • Total Expenses: $9,428
Tax / Assessment Info
  • Tax Block: 59
  • Tax Tract Number: 1
  • Tax Census Tract: 13.00
  • Tax Lot: 5
Community / Development
Community / Development
  • Assessments YN: Yes
  • Assessments: Special Assessments
  • Community Features: Street Lights, Suburban
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: See Remarks
  • Cooling: Central Air
  • Heating: Central
Exterior Features
  • Pool Features: None
Land/Lot Info
  • Lot Features: Lot 6500-9999
  • Land Lease: No
  • Levels: One
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Uncovered Spaces: 4
Unit Information
Unit 1
  • Unit Type Units Total: 4
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,600
  • Unit Type Total Rent: $31,200
  • Unit Type Pro Forma: 3180
  • Unit Type Type: 1
Unit Information
  • Number Of Units Leased: 4
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 5
  • Number Of Separate Gas Meters: 4
  • Number Of Separate Water Meters: 4

Property History for 923 Lake Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 923 Lake Street

Taxable ValueLand$52,020Additions$291,312Total$343,332
Tax Record2023$6,435 ($536 / month)
Home Facts
Total Finished SqFt3,120 SqFtAbove Grade Finished SqFt3,120 SqFtStories1Lot Size7,405 SqFtStyleQuadraplexYear Built1979ZoningR-4CountyKERNAPN015-370-04-00-8

Schools near 923 Lake Street

This home is within Kern Union High School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - 6 to 8
Public - 9 to 12
Public - 4 to 6
Rating
School
Distance
Longfellow Elementary School
PublicK to 6

Washington Middle School
Public6 to 8

East Bakersfield High School
Public9 to 12

Bessie E. Owens Intermediate School
Public4 to 6

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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Similar Sold Homes

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of PLF Real Estate Solutions

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.