Willow Glen Townhouse Apartments 2157-2175 Yosemite Pky 61 Unit Apartment Building $8,988,000 ($147,344/Unit) 6.40% Cap Rate Merced, CA 95340

********HUGE PRICE REDUCTION OF OVER $1 MILLION as of April 11th, 2025. Great cash flow with upside at new price********
The Willow Glen Townhouse Apartments at 2157 Yosemite Parkway were built circa 1989 and are for sale for only the second time in thirty-five years. The complex offers the investors, the opportunity for to acquire a building in excellent condition, in a strong employment market, with low market-wide vacancy. The property has undergone many recent improvements with twenty-four of 61-units having thorough interior renovations including luxury vinyl plank flooring, granite kitchen tops, and new appliances. Other renovations included over the last decade include new pitched composite roofs on all buildings circa 2018, new fascia boards, new paint, new concrete office access, newer landscaping, a resurfaced pool, recent major tree trimming, and numerous unit interior upgrades.
The improvements consist of seven separate buildings including six residential buildings, and a seventh building dedicated as the on-site rental office, and laundry. Unit layouts are configured with sixty-one, two-bedroom/one-and-a-half-bath two level townhomes each of approximately 864 square feet. Each townhome features forced roof mounted heating and air conditioners, gas stoves, frost free refrigerators, and one-piece drop-in shower and tub enclosures with sliding glass doors. Tenants benefit from a wide range of amenities including garbage disposals, dishwashers, ceiling fans and private patios for each unit.. The complex is situated on a large 2.1-acre parcel and features attractive landscaping, and a pool for the tenants to enjoy during the summer months. Construction is of wood frame with wood siding on a concrete slab foundation, with pitched composite roofs. Each unit has its own individual 30-gallon hot water heater and the hot water for the common area laundry is serviced by one 100-gallon water heater with a recirculation pump. The property has a spacious on-site laundry room with ten washers and ten dryers, which provides added income for the new owner.