Investor Cash Cow! Brand New Construction July of 2024. ALL UNITS FULLY RENTED/100% OCCUPANCY!!! 404 Covey Avenue, Bakersfield CA 93308 Brand New Construction, Multi Family, 3 detached houses on one lot $699,000.00 Pro Forma CAP rate of 6.27% based on 25% expense ratio (NOI 75% of rent) Current Contracted Monthly Rent $4875.00, all units occupied, Annual Gross Scheduled rent $58,500.00. Back Unit Rent $1700.00, Middle Unit Rent $1600.00, Front Unit Rent $1575.00. Average rent per unit $1625.00, average rent per square foot $1.54. Each home has identical 3 bed + 1.5 bath, 1058 square feet floor plan, a dedicated parking space next to each unit, enough for 2 large vehicles. Paid for solar panels for each house gives electric power bill credit to residents for super low electric bills, NOT a lease or PPA. Units are Individually metered for electricity, one water meter for all buildings. Faux wood ceramic tile flooring throughout, Durable construction materials all tile roofing. All units have built in dishwashers, stove/oven, microwave. Square footage living area is 1058 sf per unit, 3174 sq feet total all units. Located close to Airport, 99 Freeway, North side of Bakersfield near large work sites/ campuses for Amazon Distribution Centers, Ross, Target warehouse distribution centers employing 1000’s! The builder has recent appraisals showing same size units built 2024 with same floor plan and square footage per unit nearby showing $250k+ average value per unit, about $235 + per SF. Copies of appraisal reports for these similar nearly identical units are available on request.