2977 Bedford Ave 11 Unit Apartment Building $1,698,170 ($154,379/Unit) 6.83% Cap Rate Placerville, CA 95667

Land Catchers Investments is proud to exclusively present The Bedford Apartments, a turn-key, 11-unit multifamily complex anchored by one of the most storied properties in El Dorado County. Comprised of two historic buildings — including the iconic "Kennedy House," recognized as the first apartment building constructed in Placerville (circa 1864) — this offering is a rare blend of architectural heritage, durable in-place income, and meaningful upside.
Sitting on 1.06 acres across three contiguous parcels within Placerville's coveted Historic District (R2 Multifamily zoning), the property offers immediate cash flow today and a clear path to enhanced value tomorrow.
Property Highlights:
-11 Total Units: Eight (8) 1BR/1BA units, one (1) studio, one (1) Junior 1BR/1BA, and one (1) detached 1BR/1BA cottage
-Two Historic Buildings on three large lots totaling approximately 1.06 acres
- 8,337 net rentable square feet of wood-frame construction
- On-site coin-operated laundry generating ancillary income
- Ample on-site parking — a premium amenity in the Historic District
- Stable, long-term tenancy with multiple residents in place 5+ years
The Investment Thesis:
1. Immediate, Stabilized Cash Flow. With scheduled gross income of $155,985 and a fully leased rent roll anchored by long-tenured residents, Bedford delivers day-one income an investor can underwrite with confidence.
2. Built-In Rental Upside. Several units are currently leased meaningfully below market. Bringing rents to market generates a projected Pro Forma Effective Gross Income of $170,442 and pushes NOI to nearly $116,000 — without renovation, repositioning, or capital outlay.
3. Expansion Opportunity. A proposed lot-line adjustment unlocks the ability to add additional residential improvements on the existing parcels (plans available upon request) — a rare value-add lever for a stabilized historic asset.
4. Irreplaceable Location and Asset. Located steps from the El Dorado County Superior Court, Old Hangtown's restaurants and shops, and Highway 50, with Sacramento, Folsom, and South Lake Tahoe all within easy reach. As the first apartment building ever constructed in Placerville, the Kennedy House is a piece of California history that simply cannot be replicated.
5. Favorable Operating Profile. No current management fees, no recent capital improvement deferrals indicated, and a debt service coverage ratio of 1.34 at the offered price — well above conventional lender thresholds.