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Forest Glenn - Value Add Opportunity 201 Avian Dr 68 Unit Apartment Building $11,250,000 ($165,441/Unit) 7.01% Cap Rate Vallejo, CA 94591
Investment Highlights
- Stellar Unit Mix and Unit Sizes
- Distinctive Location with Nearby & Employers
- Value-Add Opportunity
- Attractive Assumable Financing
- Strong Rental Market Fundamentals
Executive Summary
Northmarq, as the exclusive listing agent, is proud to present Forest Glenn, a 68-unit value-add apartment community in Vallejo, California. Nestled on approximately 3.7 acres, the property features beautifully landscaped courtyard gardens, oversized floor plans, a gated community, and select units with stunning water views. Originally built in 1965, Forest Glenn comprises 15 residential buildings set within a serene, park-like environment. Offered at $11,250,000 — just $165,441 per unit and $163 per rentable square foot — the property delivers immediate cash flow, with a 7.0% cap rate and a GRM of 6.43, making it a compelling opportunity for value-add investors seeking both strong returns and additional upside potential.
STELLAR UNIT MIX AND UNIT SIZES
Unit Mix & Floor Plans: The community offers a wide mix of four distinctive floor plans ranging from 670 to 1,400 square feet including flat and townhouse style units. Approximately 6% of units are one-bedroom homes, 76% of the units are two-bedroom homes, with the remaining 18% being three-bedroom homes.
ATTRACTIVE ASSUMABLE FINANCING
The property benefits from a highly favorable assumable loan with an outstanding balance of $6,001,000 at a fixed interest rate of 2.89%, structured as full-term interest-only payments. The loan is set to mature on October 1, 2030, providing long-term, low-cost financing that can be assumed by the buyer, subject to lender approval. The assumable loan offers a low-cost financing solution, enhancing the property’s overall investment profile.
DISTINCTIVE LOCATION
Forest Glenn occupies a highly strategic location in Vallejo, with immediate access to Interstate 80, connecting residents to San Francisco, Oakland, and Sacramento. The property also benefits from proximity to Highway 37, providing direct connectivity to Marin and Sonoma counties. Commuters enjoy regional ferry service from the Vallejo Ferry Terminal, offering daily service to San Francisco. With strong visibility and a gated entrance, Forest Glenn combines accessibility with a private, campus-like residential environment.
STRONG RENTAL MARKET FUNDAMENTALS
Forest Glenn is positioned within Solano County’s most dynamic rental market. Vallejo offers some of the most affordable housing options in the Bay Area, making it attractive to renters priced out of San Francisco, Oakland, and Marin. Strong demand drivers include the city’s central location, regional ferry connectivity, and expanding employment on
Mare Island. According to Real Page, Vallejo market occupancy currently sits at 95%, effective rent PSF is $2.49, and effective rent is $2,118. Forest Glenn’s occupancy is 94% (excluding down units), effective rent PSF is $1.97, and effective rent is $2,006. This indicates meaningful upside potential in Forest Glenn’s operations.
VALUE-ADD OPPORTUNITY
Comparable properties in Vallejo indicate roughly 15%+ rental upside at Forest Glenn. With its strong competitive position and larger than average unit sizes, the property offers the ability to enhance income by renovating unit interiors, adding additional amenity spaces, finishing the exterior renovation, and selectively adjusting current tenant rates to market.
NEARBY AMENITIES & EMPLOYERS
• Retail & Dining: Forest Glenn is less than a 10-minute drive from Vallejo Plaza Shopping Center, which includes Target, Ross, and Grocery Outlet. Residents also enjoy quick access to Costco, Home Depot, and a range of restaurants along Admiral Callaghan Lane and Sonoma Boulevard.
• Recreation: Vallejo is home to Six Flags Discovery Kingdom, Mare Island’s waterfront trails and golf course, and the Vallejo Marina with direct access to the Napa River. Blue Rock Springs Park and Golf Course are less than 15 minutes away, offering additional outdoor recreation.
• Major Employers: Vallejo’s economy is anchored by large institutions such as Kaiser Permanente Medical Center, Sutter Solano Medical Center, Vallejo City Unified School District, Six Flags Discovery Kingdom, and the California State
View More: http://forestglennapartments.com
STELLAR UNIT MIX AND UNIT SIZES
Unit Mix & Floor Plans: The community offers a wide mix of four distinctive floor plans ranging from 670 to 1,400 square feet including flat and townhouse style units. Approximately 6% of units are one-bedroom homes, 76% of the units are two-bedroom homes, with the remaining 18% being three-bedroom homes.
ATTRACTIVE ASSUMABLE FINANCING
The property benefits from a highly favorable assumable loan with an outstanding balance of $6,001,000 at a fixed interest rate of 2.89%, structured as full-term interest-only payments. The loan is set to mature on October 1, 2030, providing long-term, low-cost financing that can be assumed by the buyer, subject to lender approval. The assumable loan offers a low-cost financing solution, enhancing the property’s overall investment profile.
DISTINCTIVE LOCATION
Forest Glenn occupies a highly strategic location in Vallejo, with immediate access to Interstate 80, connecting residents to San Francisco, Oakland, and Sacramento. The property also benefits from proximity to Highway 37, providing direct connectivity to Marin and Sonoma counties. Commuters enjoy regional ferry service from the Vallejo Ferry Terminal, offering daily service to San Francisco. With strong visibility and a gated entrance, Forest Glenn combines accessibility with a private, campus-like residential environment.
STRONG RENTAL MARKET FUNDAMENTALS
Forest Glenn is positioned within Solano County’s most dynamic rental market. Vallejo offers some of the most affordable housing options in the Bay Area, making it attractive to renters priced out of San Francisco, Oakland, and Marin. Strong demand drivers include the city’s central location, regional ferry connectivity, and expanding employment on
Mare Island. According to Real Page, Vallejo market occupancy currently sits at 95%, effective rent PSF is $2.49, and effective rent is $2,118. Forest Glenn’s occupancy is 94% (excluding down units), effective rent PSF is $1.97, and effective rent is $2,006. This indicates meaningful upside potential in Forest Glenn’s operations.
VALUE-ADD OPPORTUNITY
Comparable properties in Vallejo indicate roughly 15%+ rental upside at Forest Glenn. With its strong competitive position and larger than average unit sizes, the property offers the ability to enhance income by renovating unit interiors, adding additional amenity spaces, finishing the exterior renovation, and selectively adjusting current tenant rates to market.
NEARBY AMENITIES & EMPLOYERS
• Retail & Dining: Forest Glenn is less than a 10-minute drive from Vallejo Plaza Shopping Center, which includes Target, Ross, and Grocery Outlet. Residents also enjoy quick access to Costco, Home Depot, and a range of restaurants along Admiral Callaghan Lane and Sonoma Boulevard.
• Recreation: Vallejo is home to Six Flags Discovery Kingdom, Mare Island’s waterfront trails and golf course, and the Vallejo Marina with direct access to the Napa River. Blue Rock Springs Park and Golf Course are less than 15 minutes away, offering additional outdoor recreation.
• Major Employers: Vallejo’s economy is anchored by large institutions such as Kaiser Permanente Medical Center, Sutter Solano Medical Center, Vallejo City Unified School District, Six Flags Discovery Kingdom, and the California State
View More: http://forestglennapartments.com
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $11,250,000 | Apartment Style | Garden |
| Price Per Unit | $165,441 | Building Class | C |
| Sale Type | Investment | Lot Size | 3.49 AC |
| Cap Rate | 7.01% | Building Size | 69,120 SF |
| Gross Rent Multiplier | 6.43 | Average Occupancy | 85% |
| No. Units | 68 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1964 |
| Property Subtype | Apartment | Parking Ratio | 1.23/1,000 SF |
| Zoning | N/Av, Vallejo | ||
| Price | $11,250,000 |
| Price Per Unit | $165,441 |
| Sale Type | Investment |
| Cap Rate | 7.01% |
| Gross Rent Multiplier | 6.43 |
| No. Units | 68 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.49 AC |
| Building Size | 69,120 SF |
| Average Occupancy | 85% |
| No. Stories | 3 |
| Year Built | 1964 |
| Parking Ratio | 1.23/1,000 SF |
| Zoning | N/Av, Vallejo |
Amenities
Unit Amenities
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Storage Space
- Heating
- Kitchen
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Dining Room
- Vinyl Flooring
- Window Coverings
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Property Manager on Site
- Tenant Controlled HVAC
- Recycling
- Maintenance on site
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,800 | 670 |
| 2+1 | 52 | $2,025 | 890 - 1,100 |
| 3+1 | 12 | $2,300 | 1,400 - 14,800 |
Walk Score®
Very Walkable (72)
Property Taxes
| Parcel Number | 0069-461-010 | Total Assessment | $12,088,801 (2025) |
| Land Assessment | $3,945,989 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $8,142,812 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
0069-461-010
Land Assessment
$3,945,989 (2025)
Improvements Assessment
$8,142,812 (2025)
Total Assessment
$12,088,801 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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Forest Glenn - Value Add Opportunity | 201 Avian Dr
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