ADDRESS: NOT DISCLOSED (ONLY TO VERIFIED BUYERS WITH POF PROVIDED AND NDA SIGNED)

ADDRESS WE HAVE ON FILE IS NOT ACTUAL ADDRESS OF PROPERTY BEING MARKETED

PROPERTY IS LOCATED ON 2 PARCELS, EQUALING ABOUT 3.2 ACRES

60 UNITS (MIX OF UNITS IS BELOW)

FULL PHOTOS AND RENT ROLL CAN BE FOUND HERE

WE HOLD THE ORIGINAL CONTRACT WITH SELLER(S) AND ARE ASSIGNING OUR INTEREST TO AN END BUYER. THIS IS A 60 UNIT OFF MARKET APARTMENT COMPLEX SITTING ON OVER 3 ACRES IN SACRAMENTO,CA

HUGE VALUE ADD GARDEN STYLE APARTMENT COMPLEX (READ ALL BEFORE CALLING)

The property was previously affordable housing and has a mortgage through the affordable housing program with current owner which restricts rental increases. For this reason, the current rents are well below market. If the property were to sell, a buyer with a conventional loan or private financing would be able to return the property to market rents in accordance with California and Sacramento regulations.

HUGE BUMP IN RENTS COULD DRAMATICALLY AFFECT THE VALUE OF THIS PROPERTY. THIS PROPERTY HAS BEEN WELL MAINTAINED BY CURRENT OWNER.

THE APARTMENT CONSISTS OF 7 FOUR-PLEXES AND 4 8-PLEXES THAT WERE BUILT IN 1962 OF WOOD CONSTRUCTION WITH STUCCO EXTERIOR. SITE IMPROVEMENTS CONSIST OF CONCRETE WALKWAYS, TWO ASPHALT PAVED COURTYARDS AND PARKING AREAS. THE PROPERTY HAS ACCESS VIA THREE DRIVEWAYS ALONG THE WEST SIDE OF THE LOT, ONE DRIVEWAY PROVIDES ACCESS TO THE UNITS.

THE APARTMENT TOTAL RENTABLE SQUARE FOOTAGE IS 42,845 SQFT.

PROJECT AMENITIES: ONE LAUNDRY FACILITY, 4 COIN OPERATED WASHERS AND 4 COIN-OPERATED DRYERS WHICH ARE LEASED.

SELLER HAS ALSO VALUE ADDED STORAGE PODS ONTO THE PROPERTY THAT GENERATED $20,000 IN INCOME THIS YEAR (2022) AND IS DOCUMENTED AND RENTED OUT BY TENANTS.

LAUNDRY INCOME AVERAGE OVER 3 YEARS: $1400/YEAR

Unit Mix Size (SF) No. of Units

2 Bd / 1 Ba 660 sqft - 37 UNITS - Average Rent $779/unit

3 Bd / 1 Ba 775 sqft - 15 UNITS Average Rent: $816/unit

4 Bd / 1 Ba 850 sqft - 8 UNITS Average Rent: $831/unit

Total 714 sqft (Avg.) 60 UNITS TOTAL

TOTAL AVERAGE INCOME AS PER RENT ROLL / $572,532/YEAR

$20,000 FROM STORAGE INCOME

$1400/YEAR IN LAUNDRY INCOME

$593,932/YEAR IN INCOME PER YEAR

UNITS ARE INDIVIDUALLY METERED AND TENANTS ARE RESPONSIBLE FOR ELECTRICITY EXPENSES.

RENT INCLUDES WATER/SEWER/GARBAGE AND SOME GAS (WATER HEATERS) THAT SELLER PAYS

NO VACANCIES, ALL OCCUPIED.

PROPERTY IS UNDERGOING THESE CURRENT SITE IMPROVEMENTS

RESEALING THE PARKING AND COURTYARD AREA.

LANDSCAPING / UNDERGROUND PLUMBING THROUGHOUT COMPLEX.

REINSTALLING SOME SECOND FLOOR DECKING, CONCRETE PLANTERS, AND PLANS FOR PLANTING OF SEVERAL TREES.

ALL UNITS HAVE REFRIGERATORS, DISHWASHERS, GARBAGE DISPOSALS, ELECTRIC RANGES WITH A HOOD, WALL MOUNTED AIR CONDITIONING UNITS AND A FURNACE. ALL OF THESE UNITS HAVE GONE NECESSARY MAINTENANCE FOR SOME TIME AND ARE IN FAIR CONDITION.

LANDSCAPING IS IRRIGATED THROUGHOUT THE COMPLEX, TREES, SHRUBS AS WELL AS CONCRETE WALKWAYS AND ASPHALT PAVED PARKING AREAS.

HERE ARE MARKET RENTS FOR UNITS BROKEN DOWN

2 Bd / 1 Ba 660 sqft - 37 UNITS - MARKET Rent $1300/unit

3 Bd / 1 Ba 775 sqft - 15 UNITS MARKET Rent: $1475/unit

4 Bd / 1 Ba 850 sqft - 8 UNITS MARKET Rent: $1550/unit

TOTAL POTENTIAL GROSS INCOME: $991,500/YEAR

LAUNDRY POTENTIAL: $8/UNIT X 60 UNITS X 12 MONTHS - $5760/YEAR

STORAGE FEE POTENTIAL $55/UNIT X 64 UNITS X 12 MONTHS = $42,240/YEAR

TOTAL POTENTIAL GROSS INCOME: $1,039,500/YEAR

LESS EXPENSES AND VACANCY (5%)

(EXPENSES 39.22% OF POTENTIAL GROSS INCOME)

$579,817 NET OPERATING INCOME POTENTIAL

OVERALL CAP RATE 6.5%

INDICATED MARKET VALUE: 9,277,066

ALMOST 9.3 MILLION ARV!

FULL PHOTOS AND RENT ROLL CAN BE FOUND HERE

ASKING PRICE: $7,750,000

BUY NOW PRICE: $8,000,000

$129,000 PER UNIT (MARKET VALUE IS $150,000-160,000 PER UNIT AS PER COMPS AND CAN PROVIDE MANY ON REQUEST, AND A LOT OF COMPS WERE STUDIOS AND 1/1 MIXES OF 20-40 UNIT COMPLEXES)

ARV: $9,300,000 AT 6.5% CAP RATE (AFTER STABILIZATION)

1.5 MILLION SPREAD!!!

Call Motuma OR MARK for information / ONLY QUALIFIED BUYERS / WE WILL VET YOU PRIOR TO PROVIDING ANY INFORMATION OTHER THAN WHATS PROVIDED ABOVE. THIS WON'T LAST!

209-219-2459

Deals@TLChomedeals.com