3600 ASHE ROAD - LoopNet€¦ · Aram Gaboudian of Keller Williams Realty is pleased to have been...

3600 ASHE ROADBAKERSFIELD, CA 93309

ARAM GABOUDIAN

Realtor, Team LeadThe Aram Real Estate TeamCell 626-242-8197CalBRE License [email protected]

23 Individual Townhomes in Court Appointed Bankruptcy Sale

OFFERING MEMORANDUM

OFFERED AT $2,990,000

THE OPPORTUNITY

Aram Gaboudian of Keller Williams Realty is pleased to have been

chosen to exclusively represent for sale 23 individual townhomes

available for a portfolio sale at 3600 Ashe Road in Bakersfield, CA 93309.

There are 33 units in the entire complex. 19 of the units are court

appointed bankruptcy sales and 4 of the units are short sales which may

be included in the bankruptcy. Court approval is required.

Bakersfield is the 9th most populous city in California and has seen an

increase in housing demand as oil production rises. Bakersfield is in Kern

County which is the number one oil producing county In the United

States. That is 10% Of U.S. Production. Along with other economic

advantages Bakersfield has become the number one metro area for

the fastest-growing workforce (Bureau Of Labor Statistics).

3600 ASHE ROAD OFFERING MEMORANDUM 2

Each unit has 3 bedrooms and at least 2 bathrooms with an attached 2

car garage and laundry inside. Each unit also has a garden and patio

area in the front. The total square footage of all 23 units is 32,491.

8 of the units have been updated with floors, kitchens, and bathrooms.

15 of the units are distressed. The complex has a pool, spa, and

changing rooms. California State University of Bakersfield and Mercy

Hospital are just a few minutes away. There is plenty of shopping and

restaurants nearby.

The potential for the portfolio is to upgrade and increase rents to hold &

cash flow or update and resell individually or in a portfolio.

ADDRESS 3600 Ashe Road, Bakersfield, CA 93309

DESCRIPTIONCourt Appointed Bankruptcy Sale of

Portfolio of Individual Townhouses

APN 23 Individual Parcels

NUMBER OF UNITS FOR SALE 23 Units For Sale

TOTAL NUMBER OF UNITS 33 Units In The Entire Complex

YEAR BUILT 1982

FLOORPLAN 1 (13 UNITS) 3 Bed/3 Bath: 1,431 SF

FLOORPLAN 2 (9 UNITS) 3 Bed/2 Bath: 1,398 SF

FLOORPLAN 3 (1 UNIT) 3 Bed/2 Bath: 1,306 SF

TOTAL SQUARE FOOTAGE 32,491 SF

CONSTRUCTION Wood Frame & Stucco

METERING Individual Gas & Electric

HOA PAYS Water, Maintenance, Trash, Insurance

HOA FEES $185.15 per Month

PARKING2 Car Attached Garage and Open

Spaces

AMENITIES Pool, Spa, Changing Rooms

EXECUTIVE SUMMARY



PORTFOLIO SUMMARY

Number Unit# Square Feet Beds Baths Status Description Updated Unit RENTAL STATUS AMOUNT

1 3 1,398 3 2 Vacant Original tiled kitchen, floors, baths.



4 6 1,398 3 2 Vacant Gutted interior.

5 7 1,306 3 2 Vacant Updated floors. No kitchen, baths. X

6 8 1,431 3 3 Occupied Updated floors, kitchen, baths. X Month to month 1,175$



9 13 1,431 3 3 Vacant New Updated rebuilt unit. No access. X

10 16 1,431 3 3 Occupied New Updated rebuilt unit. No access. X Vacant end of 10/2018 1,250$




14 21 1,398 3 2 Occupied Original tiled kitchen, floors, baths. Month to month 1,100$

15 23 1,431 3 3 Occupied Updated floors, kitchen, baths. X Lease ends 7/2019 1,225$


17 26 1,398 3 2 Occupied Original tiled kitchen, floors, baths. Month to month begins mid 1/2019 1,200$

18 27 1,431 3 3 Vacant Updated floors, kitchen, baths. X



21 31 1,431 3 3 Vacant Updated floors. Original tiled kitchen, baths.

22 32 1,398 3 2 Occupied Original tiled kitchen, floors, baths. Section 8 in abatement 63$

23 33 1,431 3 3 Occupied Original tiled kitchen, floors, baths. Section 8 in abatement 267$

13

17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

6 5 4 3 2 18 7

14

15

16

12

11

10

9

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ASHE ROAD

UNITS IN

PORTFOLIO

UNITS NOT IN

PORTFOLIO


1 County of Kern

2 Glumarra Companies

3 Grimmway Farms

4 Bolthouse Farms

5 Bakersfield Memorial

6 City of Bakersfield

7 Mercy Hospitals

8 ARB

9 Kern Medical Center

10 State Farm Insurance

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M E R C Y H O S P I T A L

MEMORIAL BAKERSFIELD

3600 ASHE ROAD

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DISTRESSED UNIT

UPGRADED UNIT

BAKERSFIELD, CA

Sitting on the southern end of Central Valley within the

Kern County boundaries, Bakersfield is a city in the San

Joaquin Valley. It is equidistant to Los Angeles and

Fresno. As a primarily Agricultural and Industrial Town,

Bakersfield relies primarily on agriculture, petroleum

extraction, and refining and manufacturing as its major

economic staples. Irrigated agriculture, mostly cotton,

orchard crops and grapes lie to the north whereas the

large oil industry supported by nearby fields operates in

and around the city. The historic and major industries of

the city have related to Kern County's to main industries

of oil and agriculture.

Kern County is the most productive oil County in America, with around 10% of the

nation's domestic production. Ranking in the top 5 most productive agricultural

counties in the nation, Kern County is a major producer of grapes, Citrus, almonds,

carrots, Alfalfa, cotton, and Roses. Bakersfield itself serves as the home for both

corporate and Regional headquarters of companies engaged in these Industries.

Bakersfield proximity to the Southern California area has attracted businesses

looking for an affordable location, thereby improving the economy. Sever all

companies have moved to Bakersfield because of its inexpensive land and

access to rest of America, as well as International ports in both Los Angeles and

Oakland. Other companies have opened Regional Offices and non-oil /

agricultural businesses because of Bakersfield business-friendly policies, such as

having no local utility or inventory taxes.


BAKERSFIELD PROFILE


56.8%Owner-occupied

housing unit rate

$214,600Median Home

Value

113,682Total number of

Households

$58,669Median Household

Income

HOUSING DEMOGRAPHICS

▪ 9th Most Populous City In California

▪ 52nd Most Populous City In The United States (Larger Than St. Louis, Pittsburgh, And Tampa)

▪ No.1 Oil-producing County In The United States (10% Of U.S. Production)

▪ No. 1 Metro Area For Fastest-growing Workforce (Bureau Of Labor Statistics)

▪ No. 2 Producing County For Agricultural Commodities

▪ No. 2 Metro Area For Millennial Job Growth Creation (Forbes)

▪ No. 4 Region For STEM Job Creation (Brookings Institute)

▪ No. 5 Metro Area For Upward Mobility (National Bureau Of Economic Research)

▪ No. 9 Metro Area For Engineering Jobs Per Capita (Forbes)

▪ No. 11 Strongest Recovering Metro Area (Brookings Institute)

▪ No. 14 Fastest-growing Metro GDP (Bureau Of Economic Analysis)

▪ No. 19 Best Performing Metro Area (Milken Institute)


ECONOMIC PROFILE Bakersfield is the retail Trade Center for Kern County's 890 1995 residence. Bakersfield is

California's 9th most populous city with over 370 9,000 people. It rang 6 in population and

density growth, and it is first and population and wealth growth in the state. The median age is

30.7, offering the right balance of young and older professionals.

Bakersfield reported over 8 billion and retail sales in 2014. More than any other city in LA county

and Orange County besides Los Angeles. The Bakersfield median household income is 5.5

higher than the nation's.

Kern County's economy. Located at the southern end of California Central Valley, Kern County

consistently ranks among the top five most productive agricultural counties in the US and is one

of the nation's leading petroleum producing counties. Kern County is geographically the center

of California's population, making it accessible to 38 million consumers. Because of its unique

geographical positioning, Kern County has also become the distribution center for some of the

world's largest companies. Additionally, with more than 8,000 square miles, Kern offers

everything from Big City amenities to small-town friendliness, along with outstanding recreational

opportunities at easy access to Ocean, Alpine, and desert.

1 County of Kern

2 Glumarra Companies

3 Grimmway Farms

4 Bolthouse Farms

5 Bakersfield Memorial

6 City of Bakersfield

7 Mercy Hospitals

8 ARB

9 Kern Medical Center

10 State Farm Insurance

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All materials and information received or derived from KW Downtown LA

its directors, officers, agents, advisors, affiliates and/or any third party

sources are provided without representation or warranty as to

completeness , veracity, or accuracy, condition of the property,

compliance or lack of compliance with applicable governmental

requirements, developability or suitability, financial performance of the

property, projected financial performance of the property for any party’s

intended use or any and all other matters.

Neither KW Downtown LA its directors, officers, agents, advisors, or

affiliates makes any representation or warranty, express or implied, as to

accuracy or completeness of the materials or information provided,

derived, or received. Materials and information from any source, whether

written or verbal, that may be furnished for review are not a substitute for

a party’s active conduct of its own due diligence to determine these and

other matters of significance to such party. KW Downtown LA will not

investigate or verify any such matters or conduct due diligence for a

party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND

DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction

is urged to verify all information and to conduct their own inspections and

investigations including through appropriate third party independent

professionals selected by such party.CA DRE: 01947193

All financial data should be verified by the party including by obtaining and reading

applicable documents and reports and consulting appropriate independent

professionals. KW Downtown LA makes no warranties and/or representations regarding the

veracity, completeness, or relevance of any financial data or assumptions. KW Downtown

LA does not serve as a financial advisor to any party regarding any proposed transaction.

All data and assumptions regarding financial performance, including that used for

financial modeling purposes, may differ from actual data or performance. Any estimates

of market rents and/or projected rents that may be provided to a party do not necessarily

mean that rents can be established at or increased to that level. Parties must evaluate

any applicable contractual and governmental limitations as well as market conditions,

vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be

discussed by the party with a certified public accountant or tax attorney. Title questions

should be discussed by the party with a title officer or attorney. Questions regarding the

condition of the property and whether the property complies with applicable

governmental requirements should be discussed by the party with appropriate engineers,

architects, contractors, other consultants and governmental agencies. All properties and

services are marketed by KW Downtown LA in compliance with all applicable fair housing

and equal opportunity laws.

ARAM GABOUDIAN

Realtor, Team LeadThe Aram Real Estate TeamCell 626-242-8197CalBRE License 01493911

CONFIDENTIALITY AGREEMENT

[email protected]

www.TheAramRealEstateTeam.com

Each office is independently owned and operated. Keller

Williams does not guarantee the accuracy of square

footage, lot size or other information concerning the

condition or features of property provided by the seller or

obtained from public records or other sources, and the

buyer is advised to independently verify the accuracy of

that information through personal inspection and with

appropriate professionals. This is not intended as a

solicitation if your property is currently listed with another

broker.

3600 ASHE ROADBAKERSFIELD, CA 93309

23 Individual Townhomes in Court Appointed Bankruptcy Sale

OFFERING MEMORANDUM

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