1925 Grande Cir
Fairfield, CA 94533
Iris Court · Multifamily Property For Sale · 16 Units

Marcus & Millichap is pleased to present Iris Court, a charming 16-unit apartment community spanning six buildings located in the highly desirable Greater Bay Area submarket of Fairfield. The property consists entirely of two-bedroom/one-bathroom units containing 730 rentable square feet. Situated between Sacramento and the Greater Bay Area, two of the country's tightest rental markets, Fairfield is well-positioned to continue benefiting from the meteoric rent growth that Northern California has seen in recent years. The next investor of Iris Court will capitalize on the opportunity to erode the loss-to-lease that exists on the current rent roll. Local competing properties suggest that there is 14.4% of loss-to-lease to capture with the interiors in their present condition, while other competing properties that have renovated their interiors to a higher spec demonstrate that there is presently upwards of 21.1% loss-to-lease. Upgraded interiors in the area contain vinyl plank floors, custom cabinetry, as well as granite or quartz countertops. The combination of strong market fundamentals, as well as the subject property's growth opportunities, make this a highly attractive offering in today's market. Please show respect to on-site management and tenants alike. All tours must be scheduled with the listing agent. *This property is part of a portfolio. All three properties are for sale individually or as a portfolio*