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1525 19th St

Bakersfield, CA 93301

$2,150,000

Office For Sale  •  26,854 Sq Ft

Property Details

  • Property Type Office
  • Total Building Size 26,854 Sq Ft
  • Lot Size 0.18 ac
  • Building Class C
  • Year Built 1910
  • Cap Rate 7.24 %
  • Tenancy Multiple
  • Zoning C2
51 Transit Score
73 Walk Score

Description

The Brower Building  is a landmark office/retail property located in the heart of downtown Bakersfield.  The building was built with pressed brick construction in 1910 and served as the headquarters for Standard Oil Producers as well as many financial and business services companies serving the entire county.  The first floor of this four-story building is primarily occupied by retail tenants with modified gross leases.  The remaining three floors consist of small offices occupied by tenants with modified gross leases, although the owner has recently started recapturing electricity expenses.  The property is managed with very hands-on professional staff, resulting in stable, long-term tenancies.  Many suites are leased at below-market rates and have excellent upside potential.  The building is situated  on a 7,405 sf rectangular parcel at the southeast corner of 19th Street and Eye Street near the center of the city's emerging arts district.  The building has been renovated multiple times since construction.  The present occupancy is 97%, although financial calculations herein are based on current lease rates and expenses, new property taxes and a proforma occupancy rate of 95%.
This prime corner location is just three blocks north of the city hall and less than one-half mile northwest of Rabobank Arena, Theatre and Convention Center.  Bakersfield, the county seat of Kern County, is the ninth-most populous city in California and is 143 square miles in size.  The city's population is approximately 350,000, although the Bakersfield-Delano MSA has a 2015 census population of 882,176.  The city is a significant center for both oil production and agriculture and serves as the home of both corporate and regional headquarters of companies operating in those industries.  Kern County was recently ranked nationally as the most productive oil-producing county and fourth most productive agricultural county.  The city is bisected north and south by Highway 99, a major arterial transportation route through central California and it is served by Bakersfield Municipal Airport.  Educational institutions in he city include Cal State University, Bakersfield and Bakersfield College.  Bakersfield is located 100 miles north of Los Angeles.

Financial Summary

Cap Rate: 7.24 %

Major Tenants

Tenant SF Occupied Lease End Date
Dolores Huerta Foundation 1,000 SF
First Legal 500 SF
Home & Auto Survival Guide 600 SF
Law Offices Of William Kinney 750 SF
Lighthouse Home Health Care Inc 1,600 SF

Amenities

  • Restaurant

Public Transportation

AirportDriveWalkDistance
Meadows Field Airport 11 min - 7.6 mi

Parking Details

Parking Available: No
Reserved: No
Type: Covered
Included in Rent: Yes
Carl Reinhart 714-404-8020 Carl Reinhart
Carl Reinhart 714-404-8020 Carl Reinhart