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Country Club 2928 Watt Ave 96 Unit Apartment Building $10,100,000 ($105,208/Unit) 5.54% Cap Rate Sacramento, CA 95821
INVESTMENT HIGHLIGHTS
- Attractive pricing for value-add opportunity
- Capex recently completed: roofs, windows, paint, electrical panels
- Primed for robust rent growth, stability through affordability
- Compelling, proven rent upside
- Value-add possibilities, underutilized space on property
EXECUTIVE SUMMARY
The DeLoney Group at Marcus & Millichap at Marcus & Millichap has been hired to list for sale fee simple interest in Sacramento, CA. The asset was built in 1954 and is comprised entirely of 1BD 1BA units and is situated on two separate parcels.
In the past 36 months ownership has put on a brand-new roof, painted the exterior of the property, upgraded electrical panels and installed double pane windows. With tasteful interior upgrades the new owner could significantly push NOI into above average returns for suburban Sacramento. Each parcel has its own swimming pool, and the new owner may conclude that abandoning one in favor of adding more parking. There are also two large grassy areas at the back of the property that could
also be improved to include things like a dog park, even more parking and shaded BBQ areas. This will help improve leasing and tenant retention.
Do not disturb management. A listing agent must be present in order to tour the property
In the past 36 months ownership has put on a brand-new roof, painted the exterior of the property, upgraded electrical panels and installed double pane windows. With tasteful interior upgrades the new owner could significantly push NOI into above average returns for suburban Sacramento. Each parcel has its own swimming pool, and the new owner may conclude that abandoning one in favor of adding more parking. There are also two large grassy areas at the back of the property that could
also be improved to include things like a dog park, even more parking and shaded BBQ areas. This will help improve leasing and tenant retention.
Do not disturb management. A listing agent must be present in order to tour the property
PROPERTY FACTS
| Price | $10,100,000 | Building Class | C |
| Price Per Unit | $105,208 | Lot Size | 2.41 AC |
| Sale Type | Investment | Building Size | 65,946 SF |
| Cap Rate | 5.54% | Average Occupancy | 98% |
| No. Units | 96 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1973 |
| Property Subtype | Apartment | Parking Ratio | 0.3/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RD30 | ||
| Price | $10,100,000 |
| Price Per Unit | $105,208 |
| Sale Type | Investment |
| Cap Rate | 5.54% |
| No. Units | 96 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.41 AC |
| Building Size | 65,946 SF |
| Average Occupancy | 98% |
| No. Stories | 2 |
| Year Built | 1973 |
| Parking Ratio | 0.3/1,000 SF |
| Zoning | RD30 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Deck
- Patio
SITE AMENITIES
- Laundry Facilities
- Picnic Area
- Property Manager on Site
- Recycling
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 96 | - | 500 |
Walk Score®
Very Walkable (71)
Bike Score®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $3,514,327 | |
| Land Assessment | $657,244 | Total Assessment | $4,171,571 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$657,244
Improvements Assessment
$3,514,327
Total Assessment
$4,171,571
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Country Club | 2928 Watt Ave
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