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1136 Stoddard Ave 16 Unit Apartment Building $1,800,000 ($112,500/Unit) Modesto, CA 95350
Investment Highlights
- Low Density , Single-Story Community on a large .65 Acre Parcel
- Value Add Opportunity Through Unit Turns and Tighter Management - Loss to Lease Upside of Approximately 20%
- Located Across from Modesto Junior College - 19,000+ Students as of 2024
Executive Summary
Marcus & Millichap is pleased to present the exclusive offering of 1136 Stoddard Avenue, a 16-unit apartment community located in Modesto, California. This property, for sale for the first time in 20+ years of ownership, consists of all one-bedroom, one-bathroom units, each approximately 505 rentable square feet.
Situated across the street from Modesto Junior College, this property is favored by students for the proximity to campus, as well as individuals who prefer the low-density and garden-style living. Convenient off-street parking is available for residents as a mix of uncovered parking spaces off Stoddard Avenue, as well as covered carports towards the rear of the property.
The next investor will add value by continuing a proven unit renovation strategy to maximize rents on lease up, along with closing the loss to lease gap on existing residents. Additional revenue can be generated by implementing RUBS (Ratio Utility Billing System) to help offset utility expenses.
All tours must be scheduled through the listing agents. Please do not disturb management.
Situated across the street from Modesto Junior College, this property is favored by students for the proximity to campus, as well as individuals who prefer the low-density and garden-style living. Convenient off-street parking is available for residents as a mix of uncovered parking spaces off Stoddard Avenue, as well as covered carports towards the rear of the property.
The next investor will add value by continuing a proven unit renovation strategy to maximize rents on lease up, along with closing the loss to lease gap on existing residents. Additional revenue can be generated by implementing RUBS (Ratio Utility Billing System) to help offset utility expenses.
All tours must be scheduled through the listing agents. Please do not disturb management.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $1,800,000 | Building Class | C |
| Price Per Unit | $112,500 | Lot Size | 0.65 AC |
| Sale Type | Investment | Building Size | 7,876 SF |
| No. Units | 16 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1954 |
| Property Subtype | Apartment | Parking Ratio | 2.03/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | MODR3 | ||
| Price | $1,800,000 |
| Price Per Unit | $112,500 |
| Sale Type | Investment |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.65 AC |
| Building Size | 7,876 SF |
| No. Stories | 1 |
| Year Built | 1954 |
| Parking Ratio | 2.03/1,000 SF |
| Zoning | MODR3 |
Amenities
Site Amenities
- Laundry Facilities
- Walk To Campus
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | 505 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 109-14-06 | Improvements Assessment | $527,695 |
| Land Assessment | $181,240 | Total Assessment | $708,935 |
Property Taxes
Parcel Number
109-14-06
Land Assessment
$181,240
Improvements Assessment
$527,695
Total Assessment
$708,935
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1136 Stoddard Ave
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