Marcus & Millichap is pleased to present Dealynn Corners, located at 1240 Dealynn Street in the Arden-Arcade area of Sacramento, California. Situated on a 0.44-acre lot, the subject property was originally constructed in 1985 and is comprised of single two-story building consisting of ten (10) one-bedroom/one-bathroom units and two (2) two-bedroom/one-bathroom units with an attached laundry room. Six of the twelve units have recently been renovated with high end finishes such as granite counter tops, new stainless-steel appliances, tile and laminate flooring, modern cabinetry, and updated bathroom fixtures. Current ownership has achieved rents as high as $1,025 on several renovated one-bedroom/one-bathroom units, proving immediate upside in the current rent roll.
Situated in the heart of the Arden Arcade, residents at Dealynn Corners enjoy one of the most convenient suburban locations of the Sacramento region. The property is within a one-mile radius of major commercial outlets such as Marshalls, Ross, Panera, Pizza Hut, 24 Hour Fitness, and various employment centers. Additionally, Residents have access to Arden Mall, Cal Expo Center, and the Hornet Bus Line to California State University, Sacramento. The Property is in close proximity to the newly developed Howe Bout Arden shopping center which includes Cinemark Movie Theater, Nordstrom Rack, Starbucks, Jamba Juice, and several chain restaurants.
Year over year, Sacramento remains the national leader in multi-family rent growth. This trend is poised to progress as Sacramento remains severely housing supply constrained. Sacramento is the slowest market, among the major cities tracked by Yardi Matrix, for construction of new apartments. The supply of new apartments in Sacramento — just .3 percent of the total market, according to the latest survey report — is far and away the least of the major markets tracked by Yardi Matrix. The next investor will step into a tremendous value add opportunity by continuing to push rents in one of the nation’s tightest housing markets.
***CAP RATE IS PRO FORMA
