Multifamily Property for Sale in Bakersfield, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Bakersfield, CA 93304

Description

Marcus & Millichap is pleased to present 2700 White Lane, a 149-unit studio apartment community situated at the Highway 99 interchange in Southwest Bakersfield’s Wible Orchard neighborhood. Originally constructed in 1965 as a Howard Johnson hotel, the property has been converted to multifamily use under Conditional Use Permit 23-0642, approved by the Bakersfield Planning Commission on February 29, 2024. The asset is being offered as a court-supervised sale through a receivership, presenting a compelling and heavy value-add opportunity with a defined scope of remaining work, strong rental comparables, and deep Section 8 demand. The two-story, L-shaped property encompasses approximately 59,600 square feet of building area across 149 studio units averaging approximately 400 square feet each, with kitchenettes in a hotel-conversion format. The site benefits from exceptional freeway visibility—Highway 99 carries more than 170,000 vehicles per day—and direct access from White Lane, one of Southwest Bakersfield’s primary east-west arterials. The immediate area is characterized by working-class residential neighborhoods and commercial corridors, with Valley Plaza Mall approximately two miles east and Downtown Bakersfield approximately five miles northeast. The property currently operates at 65.1 percent occupancy, with 97 units leased and 52 vacant. Approximately 40 percent of occupied units are leased to Section 8 voucher holders, and the Bakersfield Housing Authority has approved contract rents at this address ranging from $975 to $1,095 per month. This voucher concentration represents a strategic asset: Section 8 demand in the Southwest Bakersfield submarket is strong, providing a reliable tenant pipeline once the property achieves full CUP compliance and professional stabilization. Market rent support is anchored by Ming Tree Apartments at 5601 Ming Avenue, which achieves $1,075 per month for studios 2.5 miles from the subject on a comparable commercial corridor. This f

Market Context

This multifamily in Bakersfield, CA is listed for sale. It is offered at an approximate 8.4% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 52 days. Compare it against other multifamily listings for sale in Bakersfield, CA — <a href="/search/sale/multifamily/california/bakersfield">view the full market</a>.

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