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Two Fully Occupied Residences on One Lot
515 Wilson Ave offers a two-for-one opportunity in Oildale: a fully tenant-occupied income property today, with the built-in flexibility to convert to an owner-occupied home tomorrow. The front residence — a 1930 bungalow expanded well beyond its original footprint — is currently occupied at $1,500/month. A completely private, fully fenced 1-bedroom residence sits at the rear of the lot with its own driveway and entrance, offering a second income stream or a separated living arrangement. Both structures have been well-maintained by their current occupants, and long tandem-parking driveways serve each unit independently.
Physical & Legal Summary
| Address | 515 Wilson Ave, Bakersfield, CA 93308 |
| Asking Price | $315,000 |
| MLS Number | 202608498 |
| APN | 113-082-05-00-6 |
| Zoning | R3 |
| Year Built | 1930 |
| Property Type | 2 Homes on 1 Lot — Main House + Detached 1-Bedroom |
| Total Units | 2 |
| Gross Building Area | 980 SF main house (per Kern County Assessor); rear 1-bedroom not reflected in assessor records |
| Lot Size | 5,662 SF (0.13 acres) |
| Parking | Carport + long tandem-parking driveways (both units) |
| Construction | Stucco |
| Roof | Composition |
| Foundation | Concr/perimeter |
| Heating / Cooling | Floor/wall heaters, window A/C units |
| Utilities | Public sewer & water; single meter serves entire property |
| Submarket | Oildale, North Bakersfield |
Why This Property Works
- Two income streams, one parcel. A rare configuration in this submarket — a main house and a fully separate rear 1-bedroom, each capable of generating independent rental income.
- True privacy between units. The rear 1-bedroom is fully fenced with its own driveway and entrance, completely separated from the main home — ideal for tenant privacy or extended family.
- Owner-occupant flexibility. A buyer can also purchase this as a primary residence, living in the main home while the rear unit offsets the mortgage — or occupy the entire property outright.
- Low-maintenance systems. Composition roof, and stucco exterior keep near-term capital needs manageable.
- Central Oildale location. Close to North Chester Avenue's retail and services corridor, with easy access to Highway 99.
Two Units
| Unit | Type | Status | Monthly Rent | Annual Rent |
|---|---|---|---|---|
| Main House (Front) | 3BD / 2BA | Occupied | $1,500 | $18,000 |
| Rear 1-Bedroom | 1BD / 1BA | Occupied | $1,100 + ⅓ utilities | $13,200 |
| Total — 2 Units, 100% Occupied | $2,600 / mo | $31,200 | ||
Rear 1-bedroom rent reflects proforma terms established for the unit's month-to-month rental agreement, plus an additional one-third share of shared utility costs (not separately quantified above; property is served by a single utility meter). All proforma figures shown are seller-provided estimates and have not been independently verified. Buyer and buyer's agent should independently verify all rental information prior to purchase.
Annual Income & Expense Analysis
| Gross Scheduled Income (Proforma) | $31,200 |
| Effective Gross Income (Proforma) | $31,200 |
| Operating Expenses | |
| Property Tax | $4,820 |
| Fire Insurance | $882 |
| Total Operating Expenses | $5,702 |
| Net Operating Income (NOI) — Proforma | $25,498 |
All income and expense figures shown are proforma, as reported in the MLS listing (Listing #202608498) and provided by the listing broker; they have not been independently verified by Jordan Apartment Guys or confirmed against actual owner records. Rear 1-bedroom rent reflects proforma terms established for its month-to-month rental agreement, plus an additional one-third share of shared utility costs. Total Operating Expenses reflect only property tax and fire insurance as reported; they do not include property management, repairs and maintenance, vacancy loss, or other typical ownership costs — prospective buyers should underwrite these independently. Vacancy factor of 3% referenced in MLS data has not been applied as a separate deduction above; buyers should factor this and other underwriting assumptions into their own analysis. The main residence includes non-permitted additions beyond its original 980 SF footprint per Kern County Assessor records, and the rear 1-bedroom structure is not reflected in county assessor records. Buyer and buyer's agent are responsible for independently verifying square footage, permit status, unit legality, zoning compliance, rents, and all other information herein prior to making an investment decision. Jordan Apartment Guys makes no representations or warranties, express or implied, as to the accuracy or completeness of this information.
Oildale & North Bakersfield
Oildale sits just north of the Kern River, one of Bakersfield's most established close-in communities, offering easy access to Highway 99 and the North Chester Avenue retail and services corridor. The area continues to draw investor interest for its combination of older, well-built housing stock and steady rental demand from a tenant base that values proximity to North Bakersfield's employment and shopping without downtown pricing.
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jordanapartmentguys.com Kern County Multifamily Acquisitions & Dispositions MLS # 202608498 8700 Stockdale Hwy Bakersfield, CA 93311 |
