1624 Pueblo Ave
Napa, CA 94558
Vineyard Townhomes · Multifamily Property For Sale · 66 Units

Vineyard Townhomes presents the opportunity to acquire a significantly upgraded asset, with additional add-value upside, in the highly constrained Napa rental market. The complex enjoys great tenant demand due to its superior unit mix of one and two-bedroom townhomes and attractively landscaped common area configured around a centrally located pool and playground. The location is conveniently situated just two blocks from Bel Aire Plaza - Napa’s most popular retail center - home to Whole Foods, Trader Joe’s, Peet’s Coffee, Starbucks, and much more. Tenants at Vineyard Townhomes also benefit from being three blocks from Napa High School, and just a few minutes to downtown Napa's fine dining, shopping, and employment opportunities. The unit mix at Vineyard Townhomes consists of (23) one-bedroom/one-bath, (24) two-bedroom/one-bath, and (19) two-bedroom/one-and-a-half bath townhome style apartments. The unit interiors have been recently renovated with brushed nickel fixtures, new carpeting, granite countertops, dishwashers, garbage disposals, espresso wood cabinets, faux wood flooring, and stainless-steel appliances. Each townhome has a large rear patio, ample interior storage, individual forced air heat, and is separately metered for PG&E. Tenants enjoy the extensive common area which includes a playground, swimming pool, lots of grassy open space, a dedicated laundry room, and large rental office. As a result of the property’s solid location, there are many longer-term tenants and a new owner should benefit from a continued upward trend in rents and by capturing of the current loss to lease. Substantial rental upside exists through the addition of air-conditioning and in-unit laundry to the townhomes. Optimization in other operating areas like garbage service, insurance coverage, and RUBS penetration could provide significant additional upside to a new buyer.