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
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