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1700 Lincoln Street, Bakers...

Ed Van Eenennaam Acquires Multifamily Property In Bakersfield For $920K
SOLDMultiFamily

Ed Van Eenennaam Acquires Multifamily Property In Bakersfield For $920K

1700 Lincoln Street, Bakersfield, CA, USA

$920,000

$143/SF

Building Size

6,428 SF

Asset Type

MultiFamily

Closing

Sep 30, 2021

AI

A multifamily property located at 1700 Lincoln Street in Bakersfield was recently sold for a total price of $920,000. The property consists of 10 units with a price per unit of $92,000. It spans across a total area of 6,428 square feet, with a price per square foot of $143. The sale took place on September 30, 2021, and was facilitated by Evan Weiss from Weiss CRE and Elizabeth Clark & Tai Kagehiro from Compass Commercial.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $920,000
  • Address: 1700 Lincoln Street, Bakersfield
  • Market: Bakersfield
  • Buyer: Ed Van Eenenaam
  • Seller: Not specified

The buyer, Ed Van Eenenaam, was motivated to purchase this apartment building to fulfill a 1031 exchange. This property is one of three commercial properties bought by the buyer using the proceeds from the sale of their previous commercial investment property. The purchase price of $920,000 included seller financing on approximately 38% of the total price. The successful completion of the buyer's exchange was made possible through careful planning, underwriting, and attention to detail by their brokers.

Players

Tai Kagehiro

Compass

Broker

$43.8M

vol

11 deals

Broker
Douglas Elliman
Douglas EllimanBrokerage

Bakersfield MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

17.24%

Cash-on-Cash

-4.93%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93