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1403 Leonard Ave 1403 Leonard Ave 21 Unit Apartment Building $2,100,000 ($100,000/Unit) Modesto, CA 95350
EXECUTIVE SUMMARY
PMZ Commercial Real Estate is pleased to present 1403 Leonard Ave in Modesto, CA. This 21 unit apartment complex offers immediate rental income with strong long term potential through a value add investment strategy.
The investment consists of a desirable unit mix consisting of 12 x 1 bedroom /1 bath, 8 x 2 bedroom 1 bath, and 1 x 3 bedroom/2bath all situated on a spacious 1.37 acre lot with ample parking and landscaping.
Through renovation and lease up of vacant units along with increasing rents on existing tenants to market rates a proven market pro forma annual income of $262,200 can be achieved.
Property is well located in Modesto minutes from HWY 99 and walking distance to Modesto Junior College. Modesto has a strong consistent rental market demand with vacancy rates under 4%.
Please contact listing agent for additional information and Offering Memorandum.
The investment consists of a desirable unit mix consisting of 12 x 1 bedroom /1 bath, 8 x 2 bedroom 1 bath, and 1 x 3 bedroom/2bath all situated on a spacious 1.37 acre lot with ample parking and landscaping.
Through renovation and lease up of vacant units along with increasing rents on existing tenants to market rates a proven market pro forma annual income of $262,200 can be achieved.
Property is well located in Modesto minutes from HWY 99 and walking distance to Modesto Junior College. Modesto has a strong consistent rental market demand with vacancy rates under 4%.
Please contact listing agent for additional information and Offering Memorandum.
PROPERTY FACTS
| Price | $2,100,000 | Building Class | C |
| Price Per Unit | $100,000 | Lot Size | 1.37 AC |
| Sale Type | Investment | Building Size | 14,751 SF |
| No. Units | 21 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1948 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden |
| Price | $2,100,000 |
| Price Per Unit | $100,000 |
| Sale Type | Investment |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.37 AC |
| Building Size | 14,751 SF |
| No. Stories | 2 |
| Year Built | 1948 |
| Opportunity Zone |
Yes |
1 1
Bike Score®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 115-30-04 | Improvements Assessment | $1,884,671 |
| Land Assessment | $506,195 | Total Assessment | $2,390,866 |
PROPERTY TAXES
Parcel Number
115-30-04
Land Assessment
$506,195
Improvements Assessment
$1,884,671
Total Assessment
$2,390,866
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1403 Leonard Ave | 1403 Leonard Ave
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