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240 2nd St 8 Unit Apartment Building $2,695,000 ($336,875/Unit) 4.88% Cap Rate Davis, CA 95616
Investment Highlights
- University Rice neighborhood location, positioned between Downtown Davis (1 block) and UC Davis (2 blocks)
- Fully leased with strong occupancy history
- Rental upside to $2,350 per unit; two units currently below market
- Walkable to Downtown, UC Davis, restaurants, shopping, and Amtrak
- Eight 2 bedroom, 1 bath units (16 bedrooms total)
- Value-add opportunity through RUBS (water, sewer, garbage), laundry, and parking
Executive Summary
Well-located 8-unit apartment building in the desirable University Rice neighborhood, ideally positioned between Downtown Davis (one block) and UC Davis (two blocks). Opportunities to acquire apartment properties in this immediate area are extremely limited, with very few comparable sales over the past decade. The property is fully leased with stable in-place income and consists of eight 2 bedroom, 1 bath units. Rental upside to $2,350 per unit; two units are currently below market due to long-term tenancy. Additional value-add opportunity through RUBS (water, sewer, garbage), as well as potential income from laundry and parking.
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Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$208,270
|
$28.93
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$208,270
|
$28.93
|
| Taxes |
$22,414
|
$3.11
|
| Operating Expenses |
$54,362
|
$7.55
|
| Total Expenses |
$76,776
|
$10.66
|
| Net Operating Income |
$131,494
|
$18.26
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $208,270 |
| Annual Per SF | $28.93 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $208,270 |
| Annual Per SF | $28.93 |
| Taxes | |
|---|---|
| Annual | $22,414 |
| Annual Per SF | $3.11 |
| Operating Expenses | |
|---|---|
| Annual | $54,362 |
| Annual Per SF | $7.55 |
| Total Expenses | |
|---|---|
| Annual | $76,776 |
| Annual Per SF | $10.66 |
| Net Operating Income | |
|---|---|
| Annual | $131,494 |
| Annual Per SF | $18.26 |
Property Facts
| Price | $2,695,000 | Property Subtype | Apartment |
| Price Per Unit | $336,875 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.88% | Lot Size | 0.23 AC |
| Sale Condition | 1031 Exchange | Building Size | 6,592 SF |
| Gross Rent Multiplier | 12.49 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1964 |
| Zoning | PD2-86E - Planned Development (PD2-86E). Existing 8-unit multifamily property. Buyer to verify permitted uses with City of Davis. | ||
| Price | $2,695,000 |
| Price Per Unit | $336,875 |
| Sale Type | Investment |
| Cap Rate | 4.88% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 12.49 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 6,592 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1964 |
| Zoning | PD2-86E - Planned Development (PD2-86E). Existing 8-unit multifamily property. Buyer to verify permitted uses with City of Davis. |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Heating
- Granite Countertops
- Refrigerator
- Oven
- Range
- Walk-In Closets
- Breakfast Nook
- Double Pane Windows
- Family Room
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | $2,250 | 800 |
Moderately walkable
70/100
Exceptionally drivable
90/100
Good public transit
60/100
Exceptionally bikeable
100/100
Property Taxes
| Parcel Number | 070-066-004-000 | Total Assessment | $1,803,747 |
| Land Assessment | $444,130 | Annual Taxes | $22,414 ($3.40/SF) |
| Improvements Assessment | $1,359,617 | Tax Year | 2025 Payable 2025 |
Property Taxes
Parcel Number
070-066-004-000
Land Assessment
$444,130
Improvements Assessment
$1,359,617
Total Assessment
$1,803,747
Annual Taxes
$22,414 ($3.40/SF)
Tax Year
2025 Payable 2025
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240 2nd St
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