3300 Rio Mirada Dr, Bakersfield, CA 93308
208 Apartment Units | Online Auction Sale | Bakersfield, CA 93308
For Sale
Active
- Property Type
-
Multifamily
- Square Feet
- 76,448 SF
Listing Contacts
Shannon Huffer
Kevin Morris
David Williams
Cheri Mascitelli
Property Overview
Colliers is pleased to present the opportunity to acquire the fee simple interest in 3300 Rio Mirada Drive, The Rio Mirada Villas.
This 208-unit multifamily property in Bakersfield, California, presents an immediate opportunity for significant upside by reducing vacancy rates to align with the local market average of 3%. Additional potential can be realized by implementing a ratio utility billing system (RUBS) and enhancing operational efficiencies. The property also includes a vacant former restaurant building of approximately 10,455 square feet, which offers potential for redevelopment or demolition for new construction. Furthermore, the parcel includes approximately two extra developable acres if the vacant restaurant property is demolished, adding to the property’s value and future possibilities.
The ±65,993-square-foot apartment community was originally built on the 6.43-acre lot in 1984 and underwent a full renovation in 2021. Twenty-four of the units include kitchens, providing an opportunity to add kitchens to the remaining units. Sitting strategically near the confluence of the 99 and 204 Freeways, the property provides combined exposure to over 163,000 vehicles each day.
Bakersfield, California, is a thriving city known for its vibrant community and strategic location in the heart of the state. As one of California’s fastest-growing cities, Bakersfield offers a blend of economic opportunities and a high-quality of life. The city boasts a diverse economy driven by agriculture, energy production, and manufacturing, providing a stable job market and attracting a steady stream of new residents. Its central location offers easy access to major metropolitan areas such as Los Angeles and Fresno, making it an ideal place for both businesses and residents seeking a balanced lifestyle with a lower cost of living. With a rich cultural scene, numerous recreational activities, and a strong sense of community, Bakersfield stands out as an attractive destination for investors and residents alike.
Bakersfield has experienced steady population growth, increasing the demand for both rental and owner-occupied housing. This trend is expected to continue, further stressing the need for affordable housing developments.
Claim your stake in the thriving Bakersfield submarket with the performing multifamily investment with operational upside at 3300 Rio Mirada Drive, The Rio Mirada Villas.
Listed by David Williams with Colliers, CA License # 00855489
This 208-unit multifamily property in Bakersfield, California, presents an immediate opportunity for significant upside by reducing vacancy rates to align with the local market average of 3%. Additional potential can be realized by implementing a ratio utility billing system (RUBS) and enhancing operational efficiencies. The property also includes a vacant former restaurant building of approximately 10,455 square feet, which offers potential for redevelopment or demolition for new construction. Furthermore, the parcel includes approximately two extra developable acres if the vacant restaurant property is demolished, adding to the property’s value and future possibilities.
The ±65,993-square-foot apartment community was originally built on the 6.43-acre lot in 1984 and underwent a full renovation in 2021. Twenty-four of the units include kitchens, providing an opportunity to add kitchens to the remaining units. Sitting strategically near the confluence of the 99 and 204 Freeways, the property provides combined exposure to over 163,000 vehicles each day.
Bakersfield, California, is a thriving city known for its vibrant community and strategic location in the heart of the state. As one of California’s fastest-growing cities, Bakersfield offers a blend of economic opportunities and a high-quality of life. The city boasts a diverse economy driven by agriculture, energy production, and manufacturing, providing a stable job market and attracting a steady stream of new residents. Its central location offers easy access to major metropolitan areas such as Los Angeles and Fresno, making it an ideal place for both businesses and residents seeking a balanced lifestyle with a lower cost of living. With a rich cultural scene, numerous recreational activities, and a strong sense of community, Bakersfield stands out as an attractive destination for investors and residents alike.
Bakersfield has experienced steady population growth, increasing the demand for both rental and owner-occupied housing. This trend is expected to continue, further stressing the need for affordable housing developments.
Claim your stake in the thriving Bakersfield submarket with the performing multifamily investment with operational upside at 3300 Rio Mirada Drive, The Rio Mirada Villas.
Listed by David Williams with Colliers, CA License # 00855489
Property Details
- Class
- B
- Year Built/Renovated
- 1984/2021
- Stories
- 3
- Lot Size (sq. ft)
- 280,091 SF
- Units
- 208
Highlights
- The Rio Mirada Villas property offers a value-add, 208-unit apartment community currently 77% occupied, below market occupancy levels of 97%.
- Strategically positioned just off the 99 and 204 Freeways, providing quick commutes, access to top-tier amenities, and exposure to over 163K VPD.
- Operational and lease upsides to implement a Ratio Utility Billing System or demolish the 10,000-SF restaurant and develop the remaining 2 acres.
- Additional value-add opportunity to reposition the units by adding kitchens and marketing them as micro units for increased rent.
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