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Gateway Villas 121 N Gateway Blvd 58 Unit Apartment Building $8,150,000 ($140,517/Unit) 5.91% Cap Rate Ridgecrest, CA 93555
Executive Summary
CBRE is pleased to present investors with the opportunity to acquire The Gateway Villa Apartments located at 121 N Gateway Blvd, Ridgecrest, CA. Built in 1986, this well maintained 58 unit property features (25) two-bedroom, one and a half-bathroom units average 950 SF, (22) three-bedroom, two-bathroom units average 1,050 SF all single level, and (11) three-bedroom, two and half-bathroom units average 1,200 SF. The property offers garages, covered and surface parking, includes modern amenities such as a pool, washer dryer hook-ups, and some units offer yards. The Gateway Villa Apartments has a major upside in rents. The complex is conveniently located near various amenities and the nearest major highways are US-395 and CA-14
Property Facts
| Price | $8,150,000 | Apartment Style | Garden |
| Price Per Unit | $140,517 | Building Class | C |
| Sale Type | Investment | Lot Size | 3.99 AC |
| Cap Rate | 5.91% | Building Size | 87,819 SF |
| Gross Rent Multiplier | 9.43 | No. Stories | 2 |
| No. Units | 58 | Year Built | 1986 |
| Property Type | Multifamily | Parking Ratio | 0.66/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R-2 | ||
| Price | $8,150,000 |
| Price Per Unit | $140,517 |
| Sale Type | Investment |
| Cap Rate | 5.91% |
| Gross Rent Multiplier | 9.43 |
| No. Units | 58 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.99 AC |
| Building Size | 87,819 SF |
| No. Stories | 2 |
| Year Built | 1986 |
| Parking Ratio | 0.66/1,000 SF |
| Zoning | R-2 |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Heating
- Ceiling Fans
- Refrigerator
- Oven
- Range
- Carpet
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Wi-Fi
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 18 | - | 1,000 |
| 3+2 | 10 | - | 1,200 |
| 3+2.5 | 20 | - | - |
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Somewhat walkable
30/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 396-400-05-00-7 | Improvements Assessment | $5,443,997 |
| Land Assessment | $233,465 | Total Assessment | $5,677,462 |
Property Taxes
Parcel Number
396-400-05-00-7
Land Assessment
$233,465
Improvements Assessment
$5,443,997
Total Assessment
$5,677,462
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Gateway Villas | 121 N Gateway Blvd
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