319 Holtby RD
Multifamily | 5.97% CAP | 7 Units
Marketing description
Excellent Multi-Family Investment Opportunity with Massive Value-Add Potential in Bakersfield’s Historic Oleander Tract! Situated on a sprawling 0.6-acre lot, this unique residential income property is a rare find in one of Bakersfield's most desirable and architecturally rich neighborhoods. Built in 1930, the property exudes classic Oleander charm and features 8 separate buildings combining for a total of 7 units and 4,866 sq. ft. of living space. The current diverse unit mix includes a standalone 2-bedroom/1-bathroom home, two 1-bedroom/1-bathroom cottages, and two 1-bedroom/1-bathroom duplexes.
Immediate Upside: This property offers a unique and highly lucrative value-add opportunity! Savvy investors can immediately force appreciation and significantly maximize rental income by knocking down a single wall in the vacant duplexes to effortlessly convert them into highly sought-after 2-bedroom units.
Unlike standard dense complexes, this massive 26,136 sq. ft. lot provides expansive spacing between buildings, giving tenants a true neighborhood feel with ample open parking, private outdoor spaces, and access to an on-site laundry room. Located just minutes from the Truxtun Avenue corridor, local schools, shopping, dining, and transit, this property historically boasts incredible tenant stability and low vacancy rates. Whether you are looking for a stable, cash-flowing asset or a value-add opportunity with room to increase rents through strategic layout optimization and classic restoration, this turnkey property is the perfect addition to your portfolio. (Property is sold as-is. Please do not disturb the current tenants; offers subject to interior inspection.)
Investment highlights
- Prime Historic Location: Nestled in the highly sought-after Oleander-Sunset neighborhood of Bakersfield, known for its 1930s charm, mature landscaping, and tree-lined streets.
- Diverse Unit Mix: 7 total units spread across 8 character-rich buildings, currently featuring one 2-bed/1-bath single-family home (with a garage and private yards), two 1-bed/1-bath standalone cottages, and two 1-bed/1-bath duplexes.
- Massive Value-Add Conversion: Incredible upside potential to immediately force appreciation and boost rental income by easily converting the vacant duplex units into highly desirable 2-bedroom units simply by knocking down a single wall.
- Expansive Footprint: Situated on a sprawling 0.6-acre lot (26,136 sq. ft.) with 4,866 sq. ft. of total living space, offering rare, generous spacing between units.
- Strong Tenant Appeal: Provides a highly desirable living experience with ample open parking, private outdoor spaces for select units, and a convenient on-site laundry facility.
- Turnkey Fundamentals: Low historical operating expenses, long-term tenant stability in the occupied units, and a strong ~5.75% - 5.97% Cap Rate, making it a fantastic portfolio addition in a constrained market.
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