Great Residential & Commercial Development Project

America Partner of Keller Williams Beverly Hills is excited to introduce the opportunity to acquire a 14-acre parcel of land in Bakersfield, California. This remarkable property showcases a well-conceived vision for a 121-unit apartment development project, occupying a seven-acre portion of the lot. The remaining seven acres are unimproved and present a blank canvas for future development. The owner has engaged in discussions with the City of Bakersfield, revealing the potential designation of a 2.5-acre corner section as a Commercial Zone. This prospective zoning change could greatly enhance the value of the property, making it an even more appealing investment opportunity.

The sale includes the plans for the seven-acre development of a total of 14 acres. The proposed plans to develop a 121-unit apartment complex (151,980 SF) on approximately 7 acres of land, were previously approved by the City, but the approval has since expired. The plans are now being resubmitted for approval, with an estimated timeline of August 2023 for re-approval. The plans include a favorable unit mix, ample parking with a total of 232 parking spaces, storage spaces, a community clubhouse, pool, multiple playgrounds, residential lounges, and landscaping.

The R2 zoning in the City of Bakersfield allows for the construction of one unit per every 2,500 square feet of land by right. This means that based on the given area, a maximum of 243 units can be built on the site. Additionally, with the inclusion of the statewide density bonus of an additional 50% more units, the total number of units that can be constructed on the site increases to 364 units. This makes the property even more appealing with the price per 364 buildable units at an incredible $15,064 each unit.

Bakersfield is a city located in Kern County, California, United States. It is located in the southern San Joaquin Valley, approximately 100 miles north of Los Angeles. The city has a population of approximately 380,000 people, making it the ninth-largest city in California and the 52nd largest city in the United States with great economic prosperity.
The Stone Creek neighborhood is a residential area in Bakersfield, located in the northwest corner of the city. It is situated adjacent to Ridgeview High School and bounded by Stockdale Highway. The neighborhood is predominantly residential, with a mix of single-family homes, townhouses, and apartments.

Public transportation is provided by the Golden Empire Transit (GET) bus system, which operates throughout the city and surrounding areas. The system has several routes that serve the Stone Creek neighborhood, making it easy for residents to travel to other parts of the city. State Route 99 and State Route 58 both pass through Bakersfield, providing easy access to other parts of California.

One of the most popular parks in the area is Hart Memorial Park, which is located just a few miles to the south of the neighborhood. The park covers over 370 acres and features a range of amenities, including picnic areas, playgrounds, hiking trails, and a fishing lake.

One of the largest retail centers in the area is The Marketplace, which is located just a few miles to the west of the Stone Creek neighborhood. The center features a range of retailers, including Target, Best Buy, and Bed Bath & Beyond, as well as several restaurants and a movie theater.