Celina Estates Center Street, Bakersfield, CA
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Celina Estates
Center Street, Bakersfield, CA
±15.16 Acres
Available for Sale
Brian Mason SIOR Grant Sedgwick
Principal Real Estate Development & Brokerage
D 408.913.6928 D 408 655 9296
brian.mason@avisonyoung.com grant@grantsedgwick.com
Lic # 01229363 Lic # 01148214
EXECUTIVE SUMMARY
THE OPPORTUNITY PROPERTY HIGHLIGHTS:
Celina Estates is a well located, and fully entitled, site for a 120-unit
ADDRESS: Center Street, Bakersfield, CA
mobile or manufactured home park in Bakersfield, California. With a
population of 458,959 Bakersfield is one of the 10 largest cities in the
state and is growing fast. It is the most prosperous major city in the SUBMARKET: East Bakersfield
Central Valley. Cost of living is relatively low, the weather is sunny and
warm and employment opportunities are abundant within a variety ASSESSOR’S PARCEL NUMBER: 135-180-17
of industry clusters. These include agriculture, of course, but also
petroleum exploration and production, renewal energy (solar and wind),
manufacturing and services. Local sales tax, at only 7.25% is the lowest ZONING: MP - Mobile Home Park
in California.
ACREAGE: +/- 15.16 Acres
The 15-acre corner property is flat with significant frontage on two
major streets. Adjacent land uses include well-maintained single-family
residential neighborhoods and a full-service neighborhood shopping APPROX. DIMENSIONS: +/- 1,087 feet x 606 feet
center. Access to Golden Empire Transit service is nearby; schools,
churches and hospitals are, likewise, in close proximity. Of the largest ASKING PRICE: $6,750,000
24 major employers in Bakersfield, 12 are located less than 10 miles
from the site.
Recreational opportunities are plentiful and easily accessible from
Bakersfield. The Kern River offers great fishing and white water rafting. TRANSIT ORIENTED
Windsurfing and waterskiing are popular at nearby Lake Ming and Lake
Isabella, respectively. Winter sports, snow skiing and boarding, can be Golden Empire Transit bus service Route 45 is available within 250 yards of the site
pursued at Alta Sierra - just 55 miles away. on Niles Avenue, providing direct service to both Downtown Bakersfield (6 miles)
and the Amtrak Station.
DEMOGRAPHICS
$58,070 132,983 458,959 $72,890 143,850
Median HH Income Total Employees Total Population Average HH Income Total Households
(10-Mile radius) (10-Mile radius) (10-Mile radius) (10-Mile radius) (10-Mile radius)
Celina Estates, Bakersfield, CA 2
EXECUTIVE SUMMARY PROPERTY HIGHLIGHTS • Area: 15.16 acres • Approximate dimensions: 1,087 feet x 606 feet • Site Address / City: Center Street, Bakersfield, CA • Zip Code : 93306 • County: Kern • Corner Lot: Yes • Shape: Rectangular • Visibility: High • Accessibility: Excellent • Topography: Flat & Slightly Elevated • Primary Frontage: Center Street • Secondary Frontage: Shalimar Drive Celina Estates, Bakersfield, CA 3
Area Map 4424 Center Street
Bakersfield, CA
HWY 178
MT. VERNON AVE
NILES STREET
OSWELL STREET
4424 CENTER STREET
BAKERSFIELD, CA
EDIS
ON H
WY
Area Map 4424 Center Street
Bakersfield, CA
HWY 178
MEMORIAL HOSPITAL
E. BAKERSFIELD
4424 CENTER STREET
HIGH SCHOOL
BAKERSFIELD, CA
SIERRA MIDDLE
SCHOOL FOOTHILL
HIGH SCHOOL
PIONEER DRIVE
ELEMENTARY SCHOOL
OSWELL STREET
CHURCH
SCHOOL
LAND USE & DEVELOPMENT
Land Use & Zoning
The Center Street site is currently zoned of MP- Mobile Home Park which allows for the for a mobile home or manufactured home
community of 120 residences. The General Plan designation is HMRC (High Medium Density Residential) permitted.
Property Highlights
Curbs/Gutters/Sidewalks None
Traffic Signal None
Water East Niles Community Service District
Sanitary Sewer East Niles Community Service District
Electricity Pacific Gas & Electric
Gas / Propane PG&E
Telephone AT&T
There are several providers for Cable and
Internet/Cable
Internet available.
Seismic Flood Property is not located in Seismic Hazard
Information Zone.
Property is not located in an Earthquake Fault
Earthquake Fault Zone
Zone.
Property is not located within a Special Hazard
Flood Zone
Severity Zone.
Property is not located within a High Fire
Fire Hazard Severity
Hazard area.
6
POTENTIAL DEVELOPMENT
Development Opportunities
Celina Estates offers the opportunity for a developer to take this entitled ‘infill’ property and
build it out to its own specifications. The buyer can develop lots for a Mobile Home Park or
finish these with Manufactured Homes. Both alternatives will have very positive financial
outcomes however having this asset operate as a multi-family leased investment may offer
the best return over time. There are several manufacturers of high-quality homes located in
Southern California and the Central Valley. The photographs on this page are indicative of the
stylish designs – both contemporary and traditional – that can be achieved with factory-built
homes. In most cases, the quality of fit and finish exceeds that of onsite home building.
Beyond quality, manufactured homes offer several advantages including the following:
building permits are approved at the factory, turnkey on-site completion can be achieved in
as little as thirty days, and once the site improvements (foundation, grading and utilities) are
signed off no further inspections are required
The property’s location and its overall design offer some great amenities. Celina Estates will
include a Club House for gatherings and recreation. The significant Storm Retention area is
designed with a sufficiently shallow grassy slope that it can be used as open recreation space
and exercise area. Shopping, public transportation, churches, schools and major employers
are all located nearby.
Proposed Site Developement Map
Celina Estates, Bakersfield, CA 7
FINANCIAL OVERVIEW Construction Overview: (2010 Estimates) Celina Estates, Bakersfield, CA 8
AREA OVERVIEW
AREA OVERVIEW
Bakersfield Recreation, Entertainment & Culture
The current population of Bakersfield is approximately 458,959 – among the 10 The city has a number of cultural assets including the Kern County
largest cities in California. The population is young with a median age of 30.2 Museum and the Buena Vista Museum of Natural History. Events held
years versus 37.4 US average - with larger household size 3.2 compared to 2.6 within the city include a number of horse shows held year round, one of
nationally. Approximately 47% claim Hispanic heritage. It is a very fast growing the California’s Scottish Games and Clan Gatherings, the Greek Festival,
City with population increase of 51% since 2000 compared to only 12.8% the Low-rider National in the Kern County Fairgrounds, drag racing
events at the Auto Club Famoso Raceway and Kern County Fair. Other
nationally. Households enjoy relatively low cost of living with an index of 109
recreational opportunities in the area include whitewater rafting, rock
versus 100 nationally - but 164 in California as a whole.
climbing, mountain biking, fossil collecting and skiing in the southern Sierra
Mountain range.
The weather is warm and dry with an average 272 sunny days per year
compared to 205 across the country. It experiences an average of only 7” of Kern County's tourism, recreation & entertainment cluster provides almost
rain annually. Average high temperatures in July/August are 97 degrees and 23,000 jobs throughout the County primarily in accommodation and
low temperatures in January/February are 38 degrees. food services. Increasing strengths within this cluster are in sports and
recreation related to outdoor assets such as off-roading, water sports, and
The median household Income in Bakersfield – at $58,070 is substantially hiking.
higher than in Sacramento, Stockton, Modesto, Fresno or Merced. The median
home price in November 2018 was $235,250. The average apartment rental
rate is $1,030 per month.
Public schools are located nearby with Pioneer Drive Elementary (0.4 miles),
Sierra Middle School (1.4 miles) and Foothill High (1.5 miles). Bakersfield Jr.
College and Cal State University Bakersfield provide post-secondary education
and are located 5.5 and 12.5 miles from the site, respectively.
Fishing along the Kern River Lake Isabella - 45 miles from Bakersfield
Rafters Cool Off on the Kern River
Alta Sierra – Just 55 miles from Bakersfield Kern County Museum - Bakersfield
Celina Estates, Bakersfield, CA 10AREA OVERVIEW
Top Employers in the Immediate Area
Agriculture, manufacturing, petroleum extraction oil engineering & training and
refining are the primary factors for Bakersfield's economy. Bakersfield is one of
the 2nd largest agricultural producing counties in the nation. It's also the nation's
largest oil producing counties. The technology-based sector includes companies
such as DIVR Systems, Lort Manufacturing and ProSoft Technology. The Dreyers
Grand Ice Cream facility located in Bakersfield is one of the largest single-location This cluster within Kern County's economy provides over 53,000 private sector
ice cream facilities in the world. Victory Circle Inc. manufactures new stock car jobs. The leading crops in the County are milk, grapes, citrus, almonds and carrots.
bodies, assembles race cars and includes a repair shop. Bakersfield is also home The County is also strong in agricultural support activities, such as crop harvesting,
to the ACS Call Center, one of the country's largest student loan management farm labor contractors and crew leaders, as well as farm management services.
companies.
Kern County's energy and natural resources cluster provides nearly 18,000
Inc. Magazine has ranked the city #5 for the nation’s medium sized cities for private sector jobs in oil and gas production, field services, electricity, refining,
business. The Center for Digital Government has stated "Bakersfield is one of chemicals, and plastics. There is also growing employment in alternative
the most digital-savvy, cutting-edge mid-sized cities in the nation." The city has energy operations. The cluster is not only a significant source of overall
enterprise zones and no local utility or inventory taxes. Kern County's value- employment, but also a provider of high-paying, moderate-to-high skill jobs
added agriculture cluster is the largest and most significant of the clusters, in such as those in technical and engineering occupations.
terms of overall employment. Value-added agriculture is an expanding sector
and is highly specialized and concentrated with overall employment growth that Kern County is quickly becoming the renewable energy center for California.
outpaces most competitor Counties. There are more than 5,000 wind turbines in the Tehachapi-Mojave wind
corridor as well as a significant number of commercial solar projects (20
megawatts or less) and utility-scale solar projects (200+ megawatts) recently
12 Top Employers in Bakersfield completed or in the approval process.
• Kern County
• Grimmway Farms Kern County's aerospace and defense cluster provides over 23,000 jobs.
• Wm. Bolthouse Farms Aerospace and defense activities are a vital part of the economy in Eastern
• Bakersfield Memorial Hospital Kern, and have the potential to contribute more broadly to Kern's overall
• City of Bakersfield economy. Kern County has key strengths in aircraft manufacturing, as well as
• Mercy Hospital key assets in aviation and aerospace research from defense-related activities
• Kern Medical Center at China Lake and Edwards Air Force Base. The cluster also benefits from the
• Chevron North American Exploration and Production number of aerospace contractors and small firms in the County.
• Clinical Sierra Vista Inc
• Kaiser Permanente
• Bakersfield College
• Western Oilfields Supply Company
Celina Estates, Bakersfield, CA 11Confidentiality & Disclaimer This confidential Offering Memorandum (this “Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement personally or electronically signed by you (the “Confidentiality Agreement”) and constitutes part of the Evaluation Material (as defined in the Confidentiality Agreement). It is being given to you for the sole purpose of evaluating 4424 Center Street, Bakersfield, CA (the “Property”), and is not to be used for any other purpose or made available to any other party without the prior written consent of the “Owner” or Avison Young & Lineage Asset Advisors (“Brokers”). This Memorandum was prepared by the Broker based on information supplied by the Owner and the Broker. It contains selected information about the Property and the real estate market but does not contain all the information necessary to evaluate the acquisition of the Property. The financial projections contained herein (or in any other “Evaluation Material”, including any computer diskettes or files distributed to you via email from Broker or accessible online through Broker’s website) are for general reference only. They are based on assumptions relating to the general economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents. While the information contained in this Memorandum and any other Evaluation Material is believed to be reliable, neither Broker nor Owner guarantees its accuracy or completeness. Because of the foregoing and since the Property will be sold on an “As-Is, Where-Is” basis, a prospective purchaser must make its own independent investigations, projections and conclusions regarding the acquisition of the Property without reliance on this Memorandum or any other Evaluation Material. Although additional Evaluation Material, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing progresses, prospective purchasers should seek advice from their own attorneys, accountants, and engineering and environmental experts. Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party at any time with or without written notice. Owner shall have no legal commitment or obligations to any prospective purchaser unless and until a written purchase and sale agreement has been fully executed, delivered and approved by Owner and any conditions to Owner’s obligations therein have been satisfied or waived. Owner has retained Broker as its exclusive broker and will be responsible for any commission due to Broker in connection with a sale of the Property pursuant to separate agreement. Broker is not authorized to make any representation or agreement on behalf of Owner. Each prospective purchaser will be responsible for any claims for commissions by any other broker in connection with a sale of the Property if such claims arise from acts of such prospective purchaser or its broker. This Memorandum is the property of Owner and Broker and may be used only by parties approved by Owner and Broker. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement. Celina Estates, Bakersfield, CA 12
Brian Mason SIOR Grant Sedgwick
Principal Real Estate Development & Brokerage
D 408.913.6928 D 408 655 9296
brian.mason@avisonyoung.com grant@grantsedgwick.com
Lic # 01229363 Lic # 01148214
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E. & O.E.: The information contained herein was obtained from sources which we
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