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Davinci Apartments 1666 Da Vinci Ct 51 Unit Apartment Building $15,950,000 ($312,745/Unit) 5.72% Cap Rate Davis, CA 95618
Investment Highlights
- 2005 Construction
- Easy 5 minute bike ride to Campus
- Great Unit Make Up, 31 4 Bedroom Units!
- New product, strong location, impossible to replace product
Executive Summary
DaVinci Apartments presents a rare opportunity to acquire a well-located, purpose built multifamily asset in one of California’s most supply-constrained and stable rental
markets. Constructed in 2005, the property consists of 51 total units with a desirable mix of 31 four-bedroom units, 4 three-bedroom units, 8 two-bedroom units, and 8 studios.
This mix is ideally suited to serve the continually growing student population of UC Davis as well as the broader Davis rental community.
Strategically positioned just a five-minute bike ride from the UC Davis campus, DaVinci Apartments benefits f rom strong year-round demand, exceptional access to transit and bike paths, and proximity to the retail, dining, and cultural amenities of downtown Davis. Davis is a highly livable, sustainability-focused city of approximately 67,000 residents, well known for its top-tier university and for having one of the most bike-friendly infrastructures in the nation.
The University of California, Davis enrolls nearly 40,000 students annually, with year over-year application growth indicating continued enrollment increases. This consistent
student influx supports long-term occupancy and rental growth. The city’s current apartment vacancy rate is approximately 4.2%, a clear indication of sustained rental demand and tight market conditions.
The property is currently operating at a cap rate of 5.72% with a projected pro forma cap rate approaching 7.0%, driven by opportunities to bring rents to market levels, introduce utility bill-backs, and enhance operational efficiency. With an average unit rent near $2,400 and occupancy above 98%, the asset is well-positioned for both immediate cash flow and long-term value appreciation.
The new owner could also benefit f rom the fact that 33% of the property faces an income restriction to get a reduction on Property Taxes for the property. The restriction is at 60 and 80% of Median Income, allowing the owner to rent at virtually market rents, while still taking advantage of the property tax abetment possibilities.
DaVinci Apartments combines stable in-place income with clear upside potential in a supply-restricted and academically anchored market. Its prime location, modern construction, and diversified unit mix make it an ideal investment for both core-plus and value-add multifamily investors seeking durable returns in a premier university setting.
markets. Constructed in 2005, the property consists of 51 total units with a desirable mix of 31 four-bedroom units, 4 three-bedroom units, 8 two-bedroom units, and 8 studios.
This mix is ideally suited to serve the continually growing student population of UC Davis as well as the broader Davis rental community.
Strategically positioned just a five-minute bike ride from the UC Davis campus, DaVinci Apartments benefits f rom strong year-round demand, exceptional access to transit and bike paths, and proximity to the retail, dining, and cultural amenities of downtown Davis. Davis is a highly livable, sustainability-focused city of approximately 67,000 residents, well known for its top-tier university and for having one of the most bike-friendly infrastructures in the nation.
The University of California, Davis enrolls nearly 40,000 students annually, with year over-year application growth indicating continued enrollment increases. This consistent
student influx supports long-term occupancy and rental growth. The city’s current apartment vacancy rate is approximately 4.2%, a clear indication of sustained rental demand and tight market conditions.
The property is currently operating at a cap rate of 5.72% with a projected pro forma cap rate approaching 7.0%, driven by opportunities to bring rents to market levels, introduce utility bill-backs, and enhance operational efficiency. With an average unit rent near $2,400 and occupancy above 98%, the asset is well-positioned for both immediate cash flow and long-term value appreciation.
The new owner could also benefit f rom the fact that 33% of the property faces an income restriction to get a reduction on Property Taxes for the property. The restriction is at 60 and 80% of Median Income, allowing the owner to rent at virtually market rents, while still taking advantage of the property tax abetment possibilities.
DaVinci Apartments combines stable in-place income with clear upside potential in a supply-restricted and academically anchored market. Its prime location, modern construction, and diversified unit mix make it an ideal investment for both core-plus and value-add multifamily investors seeking durable returns in a premier university setting.
Property Facts
| Price | $15,950,000 | Building Class | A |
| Price Per Unit | $312,745 | Lot Size | 2.48 AC |
| Sale Type | Investment | Building Size | 61,854 SF |
| Cap Rate | 5.72% | Average Occupancy | 100% |
| No. Units | 51 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2005 |
| Property Subtype | Apartment | Parking Ratio | 1.79/1,000 SF |
| Apartment Style | Mid-Rise | Parcel Number | 910-011-478-000 |
| Zoning | I | ||
| Price | $15,950,000 |
| Price Per Unit | $312,745 |
| Sale Type | Investment |
| Cap Rate | 5.72% |
| No. Units | 51 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | A |
| Lot Size | 2.48 AC |
| Building Size | 61,854 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 2005 |
| Parking Ratio | 1.79/1,000 SF |
| Zoning | I |
| Parcel Number | 910-011-478-000 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Microwave
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- High Speed Internet Access
- Refrigerator
- Views
- Wi-Fi
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Business Center
- Controlled Access
- Clubhouse
- Fitness Center
- Laundry Facilities
- Picnic Area
- Pool
- Spa
- Tenant Controlled HVAC
- Grill
- Package Service
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | - | 531 |
| 2+2 | 8 | - | 922 |
| 3+2 | 4 | - | 1,181 |
| 4+2 | 31 | - | 1,486 |
Exceptionally drivable
90/100
Fairly bikeable
40/100
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Davinci Apartments | 1666 Da Vinci Ct
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