facebook
Traded Co logo
Submit

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

Property Image
SOLD
$920,000
Evan Weiss
Tai Kagehiro
Elizabeth Clark

California

See Similar Deals
MultiFamily6,428 SF
Sold 09/30/2021
the dealplayerscompscontact
Property Image
SOLD

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

1700 Lincoln Street, Bakersfield, CA, USA

See Similar Deals
MultiFamily6,428 SF
Sold 09/30/2021
Evan Weiss
Tai Kagehiro
Elizabeth Clark
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$143
Total Square Footage:6,428 SF
Transaction Type:Sale

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
Tai Kagehiro
11 deals$43.8M volume
BROKER
Evan Weiss
Evan Weiss
6 deals$21.3M volume(914) 424-5859
BROKER
Elizabeth Clark
Kidder Mathews
Elizabeth Clark
58 deals$181.6M volume(310) 740-7283
BROKER
Douglas Elliman
Douglas Elliman
BROKERAGE

Details

SOLD
IMAGE: Elizabeth Clark, Tai Kagehiro & Evan Weiss DATE: 09/30/2021 ADDRESS: 1700 Lincoln Street MARKET: Bakersfield ASSET TYPE: Multifamily BUYER: Ed Van Eenenaam BROKERS: Evan Weiss (@EvanOfWeiss) - Weiss CRE, Elizabeth Clark (@ElizabethClark_CRE) & Tai Kagehiro (@Instaigram) - Compass Commercial SALE PRICE: $920,000 UNITS: 10 ~ PPU: $92,000 SF: 6,428 ~ PPSF: $143 NOTE: The purchase price for this property was $920,000. Seller provided Buyer with Seller-financing on approximately 38% of the purchase price. Buyer’s motivation associated with the purchase of this apartment building was based on Buyer’s need to fulfill a 1031 exchange. This property is 1 of 3 commercial properties that Buyer purchased while utilizing it’s 1031 exchange proceeds that were derived from the single sale of Buyer’s previous commercial investment property. With careful planning, underwriting & attention to detail, Buyers Broker’s were able to facilitate Buyer’s purchase of 3 commercial investment properties by utilizing all of Buyer’s 1031 exchange proceeds.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$49,066.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$3,268.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$4,361.27
Annual Debt Service$52,335.23