12,000+ Sq Ft Commercial Building in Downtown Bakersfield CA
What a flip or BRRRR goldmine! 12,000+ sq ft two story commercial building in downtown Bakersfield. This is a prime area for downtown foot traffic! This commercial building needs rehabbing but will be priced far below market value. The after repair value (ARV) is between $500,000 and $600,000 depending on the amount of remodeling performed. The listing price will be $300,000 when it is listed on the MLS on Thursday.
This property is a storefront style building downtown. The downstairs is around 6,000+ sq ft and has concrete flooring throughout and has several separate portions to it - a storefront with glass display frontage, a bathroom, an small office, a bathroom, and a large back storage room with a large garage door that can be easily converted to parking space (has alley access to the garage door). There is a staircase going to the upstairs level. The upstairs portion is also around 6,000+ sq ft and has vinyl flooring that likely needs to be replaced, and also has several different rooms including a very large storage room, a small storage/filing room, a medium sized office, and a staircase leading up to an attic with roof access.
The property definitely needs rehabbing, as you can see in the pictures. That's why it is priced accordingly far below market price. The owner cannot spend the money to rehab it himself so he is very motivated to sell. I am not a contractor, so I cannot accurately estimate the repair costs on this job. But just based on my short interior inspection of the property, I'd estimate the repairs to span from $40,000 to $100,000 depending on what is performed. Both upstairs and downstairs need the walls patched up and repainted. Staircases need to be rehabbed as well. Interior doors are missing. Exterior looks to be in good shape, so I think only interior rehabbing required on this one. Obviously, the prudent thing do to would be to have a contractor estimate the repairs, as I can only give a non-expert opinion on what needs to be done to flip or BRRRR this property.
BiggerPockets members get first dibs at this property. It is scheduled to be listed on the local MLS on Thursday the 9th and it will likely not last long. As mentioned above, it will be listed at $300,000. If you are interested you can email me at [email protected] or simply message me on here.