Ed Van Eenennaam Acquires Multifamily Property In Bakersfield For $920K | 1700 Lincoln Street | Evan Weiss, Tai Kagehiro, Elizabeth Clark | MultiFamily | Sale

Summary

Sale

CALIFORNIA

MultiFamily

6,428 sqft

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

All
5

Agents
3
Agencies
2

$16.1M Sold

$43.8M Sold

Senior Vice President

$168.6M Sold

Compass

Douglas Elliman

Details

Deal Summary

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.

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Address1700 Lincoln Street

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