NAI Capital Commercial's Steven Berman & Kyler Walterson Represent Buyer For 1.71-Acre Self Storage Site In Bakersfield For $2.025M

The property asset involved in this transaction is a 1.71-acre self-storage development site located at 141 North Chester Avenue in Bakersfield. The development site was sold for a price of $2,025,000. The site was previously acquired for $1.325 million and then entitled for development into a three-story facility with a total of 108,828 square feet and 813 climate-controlled units.

Summary of transation details:

• Property Type: Self Storage Development Site
• Transaction Amount: $2,025,000
• Address: 141 North Chester Avenue
• Market: Bakersfield
• Acres: 1.71
• Initial Purchase Price: $1,325,000
• Entitlement: Secured for a three-story, 108,828-square-foot facility with 813 units
• Developers: A vertical self-storage developer

NAI Capital Commercial's Steven Berman and Kyler Walterson represented the buyer in this transaction. They successfully completed back-to-back sales on the property, highlighting a 50% value gain after securing the necessary entitlements for the site in a high-demand area for self-storage projects in Kern County, benefiting from its Opportunity Zone location.