2444 Empress Street is an excellent opportunity to acquire a well-kept and remodeled 10-unit apartment complex in the thriving submarket of Old North Sacramento, CA. The subject property provides nearly 6,534 square feet of rentable living space located on a 0.15 acre lot. The apartment complex consists of a single two-story building, built in 1959 with a beautiful stucco exterior and new two toned paint job. The majority of the units have been remodeled with new cabinets, granite countertops, laminate flooring, updated bathrooms, and beautiful tile flooring in the kitchens. A few new recent upgrades include new doors throughout the property, new appliances in half of the units, relined parking lot, newly rebuilt stairwell, and a few new wall heat and air conditioning units. The property has been outfitted with new dual-paned windows that provide a finished look while helping to reduce the residents’ utility costs.
The unit mix consists of ten 1-bedroom/1-bathroom apartment units that mirror each other in size and layout, with about 650 square feet , wall heat and air conditioning units, walk in closets in the bedroom and the upgrades that were mentioned above. Each unit is metered separately for gas and electricity which is paid by the resident, while the owner pays for sewer, water, garbage, and common area lighting costs. A portion of these costs could be billed to the residents through a Ratio Utility Billing System (RUBS) which is becoming more common in California. These charges are around $25-75 per unit in addition to the residents’ standard monthly rental payment depending on the amount of people in each unit. The subject property has 10-unassigned parking spaces surrounding the property and an on-site laundry facility that is currently not being used.
Convenience, affordability, access to existing businesses and employment opportunities in the surrounding region make this corridor desirable to residents. The area continues to attract a wide range of national, regional, and local employers due to the proximity to major highways and the liveliness. As residents are priced out of the single family housing market, many residents in the community are realizing without significant wage growth they will be long term renters.
