460 Oswell St, Bakersfield, CA 93307

Investment Realty Partners is pleased to present Oswell Townhouses, a rare multifamily investment opportunity that uniquely combines stable in-place cash flow with entitled land development upside in the growing Bakersfield, California market. Offered at a total purchase price of $2,750,000, the asset is comprised of an 11-unit, townhouse-style apartment complex valued at $2,350,000, together with ±0.93 acres of adjacent vacant land valued at $400,000, or approximately $9.87 per square foot.

Constructed in 2010, Oswell Townhouses is a newer-vintage property featuring a highly desirable unit mix of all 3-bedroom / 2.5-bath townhome residences. Each unit offers spacious floor plans and a condo-style living experience, including private patios, in-unit washers and dryers, and tasteful interior upgrades, making the property well positioned to command premium rental rates relative to typical multifamily offerings. The property is currently generating approximately $228,960 in annual gross income and is offered at an actual 6.27% capitalization rate on the existing apartments.

A key differentiator of this investment is its development-ready land component. The offering includes City-approved plans for the construction of an additional 19 townhouse units, allowing an investor or developer to expand the property to a total of 30 3-bedroom / 2.5-bath townhomes. This entitlement significantly reduces development risk and shortens the timeline to execution, representing substantial value and time savings for the next owner. Buyer to make their own investigation regarding the approved plans for additional units.*

Located in a strong Bakersfield submarket near schools, shopping centers, dining, and freeway on- and off-ramps, Oswell Townhouses benefits from excellent accessibility and tenant demand drivers. Bakersfield’s continued population and employment growth, coupled with the absence of local rent control restrictions for newer properties, further enhances the long-term income and appreciation potential. 

Oswell Townhouses presents an exceptional opportunity for investors seeking immediate cash flow with long-term development upside, as well as for developers looking to acquire an income-producing asset that can support holding costs while executing a phased expansion. Opportunities offering this combination of newer construction, approved expansion plans, and strong market fundamentals are exceedingly rare.