DOUGLAS ELLIMAN
7THSTREET WASCO
A comprehensive overview of the Wasco multi-unit investment property market.
MarketAnalysis
Over the past 12 months, the multi-family property market in Wasco has seen limited activity. Most of the movement in the investment property sector has been concentrated in the neighboring city of Bakersfield. This region has displayed more robust activity with two notable properties currently on the market:
• A 6-unit multi-family property listed at just over a million dollars. This includes five units of 2 bedrooms, 1 bath each, and a sixth unit with 2 bedrooms, 2 baths.
• A 16-unit portfolio available for $3 million, though specific details on the unit breakdown are not provided.
Due to the scarcity of multi-unit property transactions in Wasco, we ’ ve drawn comparable data from properties similar to the individual units within your apartment buildings. This approach ensures we provide relevant and actionable insights for your investment strategy.
DOUGLAS ELLIMAN
AREACOMPS
$3,000,000
320 Flower Street | Bakersfield
o has been active on the market for re currently rented and property is ts in place. Awaiting current rent roll 00,000 sales price has the property
$1,075,000
622 Pine Street | Bakersfield
o has been active on the market for are currently rented and property is ts in place. Awaiting current rent roll 5,000 sales price has the property at unit.
DOUGLAS ELLIMAN
PRICING RECOMMENDATIONS
PRICING
If we follow the pricing of the comparables currently on the market, it would take the valuation of each property close to roughly $940,000 each for a total overal sales price of just under $3.8 million.
PRICING
RECOMMENDATION
After reviewing the current activity in Bakersfield, and then matching it to Wasco and adjusting for location, we were recommending a pricing range around $800,000 - $8500,000 per apartment building initially.
OVERALL
Following the recommended pricing, we would be looking at a full portfolio overall valuation between $3.2 million - $3.4 million. This would have us priced slightly under the valuations just south of us in Bakersfield.
CONDITION
The pricing recommendation of course is based off of an exterior view only, coupled with the comparable market analysis involving the current active and sold properties in the neighboring Bakersfield area.
The area definitely has quite a bit to offer its residents with local parks, shopping, dining, and nearby elementary, middle, and high schools all within short distances to the subject property.
The multi-unit real estate market in the immediate area is not quite active - with comparable information being taken from nearby Bakersfield. In order to market competitively, we’d want to ensure to adjust pricing for location (and condition if needed).
Knowing the rent rolls for each property will allow us to construct a strong marketing plan to our investor network and beyond, by showcasing the ROI. A current strong P&L will definitely assist in this selling point.
These units are located in a prime area - extremely close to all community amenities, making the location a strong selling point as well.
5 Current comparable properties on the market do not provide a strong costs analysis, nor inform interested Buyers of actual rent versus current market rent data. Based off the current rental data available, we were able to confirm that a rough rental estimate for a 2 bedroom,
1 bath, property would rent between $1,025 - $1,200. With 5 units per property, this would be an overall gross of $5,125 - $6,000.
