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

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.