Price reduced another $100,000. Motivated seller. Bring all offers. Seller prefers package deal with The Gamehendge.
Marcus & Millichap is pleased to present Melrose, a pride of ownership apartment community in the heart of Midtown/Downtown Sacramento. The ten-unit apartment community consists of all one-bedroom/one-bathroom units with 600 rentable square feet. The property consists of one single building constructed in the 1950's that has been upgrades to roofs and windows. Additionally, the back of the parcel has 4 income producing garages and a onsite laundry facility.
The purchaser of Melrose will enjoy a very well maintained classic Sacramento apartment community located in the Alkali Flats neighborhood, one of the most sought after in the entire region. Developers are clamoring to build new housing units in the immediate vicinity; SKK Development, a longtime Sacramento builder, is currently renovating the Clarion Hotel across the street from Melrose in addition to the 95 luxury apartments the company is currently building nearby on 16th street. Melrose boasts a strong track record of drawing quality residents, many of whom are employees of the State of California, the United States Courthouse, and other ancillary government employment. In addition to a high walkability score on employment, residents enjoy close proximity to Midtown/Downtown's well-known food and entertainment scene, boutique shopping options and the newly constructed Golden-One Center. This beautiful offering is right in the middle of the path of progress and continued demographic trends toward urbanization.
The offering also represents a tremendous opportunity to add value via increasing rents and modest unit renovation to allow the property to compete with its high rent neighbors. Industry research suggests that the Sacramento region will again experience nation leading rent growth over the next 12-months due to employment growth and high barrier to entry. This offering is a unique opportunity to invest in one of the nation's hottest rental markets in the burgeoning Downtown/Midtown submarket of Sacramento.
All tour must be scheduled through The DeLoney Group. Please do not disturb management.
