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121 Lincoln Rd W
Vallejo, CA 94590
Multifamily Property For Sale
·
11 Units
Investment Highlights
- Significant Repositioning Potential
- Multiple Opportunities to Improve Rents, Curb Appeal, Operating Efficiency, and Overall Property Positioning
- Low-Density, Courtyard-Style Layout with Individual Exterior Unit Access
Executive Summary
121 Lincoln Rd W presents the opportunity to acquire an 11-unit multifamily investment property situated on an oversized 24,292-square-foot parcel in Vallejo. The property offers investors an attractive combination of strong existing cash flow and meaningful value-add potential. Eight of the eleven units have already received substantial interior improvements, reducing the amount of immediate renovation work required by a new owner. In addition, all tenants are currently on month-to-month leases, providing increased flexibility for future lease management and implementation of the property's remaining rental upside. Current rents are below prevailing market levels, creating a clear path to increase revenue over time through continued rent adjustments and unit renovations. The property is currently zoned for Residential Medium Density, while ownership has operated the property as an apartment building for approximately the past six years.
CAPITAL IMPROVEMENTS & VALUE-ADD POTENTIAL
Ownership has continued to reinvest in the property, with approximately $87,000 in improvements completed or underway during 2026 alone. Recent work has focused on unit renovations, structural improvements, exterior upgrades, and improvements to the property's laundry facilities.
2026 Capital Improvements
Laundry Room Improvements – Approx. $5,000
New wall, flooring, and roof improvements; work is substantially complete.
Unit 204 Full Renovation – Approx. $15,000
New flooring, kitchen improvements, and renovated shower.
Unit 302 Full Renovation – Approx. $25,000
Comprehensive interior renovation including new flooring, kitchen improvements, and updated showers.
100 Building Foundation & Framing – Approx. $30,000
Structural foundation and framing work completed during 2026.
Exterior Painting & Framing – Approx. $12,000
Exterior improvements addressing portions of the building's appearance and framing.
CAPITAL IMPROVEMENTS & VALUE-ADD POTENTIAL
Ownership has continued to reinvest in the property, with approximately $87,000 in improvements completed or underway during 2026 alone. Recent work has focused on unit renovations, structural improvements, exterior upgrades, and improvements to the property's laundry facilities.
2026 Capital Improvements
Laundry Room Improvements – Approx. $5,000
New wall, flooring, and roof improvements; work is substantially complete.
Unit 204 Full Renovation – Approx. $15,000
New flooring, kitchen improvements, and renovated shower.
Unit 302 Full Renovation – Approx. $25,000
Comprehensive interior renovation including new flooring, kitchen improvements, and updated showers.
100 Building Foundation & Framing – Approx. $30,000
Structural foundation and framing work completed during 2026.
Exterior Painting & Framing – Approx. $12,000
Exterior improvements addressing portions of the building's appearance and framing.
Property Facts
| Price Per Unit | $131,818 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.65 AC |
| Cap Rate | 10.01% | Building Size | 5,850 SF |
| Gross Rent Multiplier | 6.46 | Average Occupancy | 100% |
| No. Units | 11 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | Parking Ratio | 3.3/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-3, Vallejo | ||
| Price Per Unit | $131,818 |
| Sale Type | Investment |
| Cap Rate | 10.01% |
| Gross Rent Multiplier | 6.46 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.65 AC |
| Building Size | 5,850 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1950 |
| Parking Ratio | 3.3/1,000 SF |
| Zoning | R-3, Vallejo |
Amenities
Unit Amenities
- Microwave
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Yard
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Storage Space
- Online Services
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | $1,333 | 400 |
| 1+1 | 6 | $1,670 | 500 |
| 2+1 | 2 | $1,925 | 700 |
| 2+2 | 1 | $2,500 | 950 |
Property Taxes
| Parcel Number | 0062-061-210 | Improvements Assessment | $1,214,930 |
| Land Assessment | $386,427 | Total Assessment | $1,601,357 |
Property Taxes
Parcel Number
0062-061-210
Land Assessment
$386,427
Improvements Assessment
$1,214,930
Total Assessment
$1,601,357
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