2045-2139 N Angus St
Fresno, CA 93703
Summerset Village Apartments · Multifamily Property For Sale · 211 Units

Marcus & Millichap is pleased to present the opportunity to acquire Summerset Village Apartments, a 212-unit value-add opportunity located in Fresno, California. Built in 1965, the property consists of 29 buildings that are all single-story construction. The property has one-laundry room with (12) washer and (14) dryers that the owner leases. All units have wall units for air conditioning and heat. Situated on 9.51 acres of land, Summerset Village represents a highly desirable low density garden style community. The property features an excellent unit mix comprised of (60) studios that are 455 square feet, (48) one-bedroom/one-bathroom units that are 460 square feet and (103) two-bedroom/one-bathroom units that are 722 square feet. The property has a leasing office and laundry room as well as plenty of uncovered parking. The property has had extensive exterior renovations in the last 24 months. These Capital Expenditures include: new asphalt in parking lot, 70% of the buildings have brand new composition shingle roofs, entire building has new plumbing, all the buildings have new stucco. Investors will have the opportunity to take advantage of low interest rates and comfortably achieve double digit cash-on-cash return by completing interior upgrades and increasing rents 8% per year. Priced at 5.33% cap rate and 8.52 GRM on current operations, gives an investor to increase cash flow with implementing a renovation plan and increasing rents.