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311 Fairview Ln
Sonora, CA 95370
Mark Twain Apartments · Multifamily Property For Sale
·
44 Units
Executive Summary
311 Fairview Ln is a 44-unit multifamily investment property located in Sonora, California. Built in 7980, the asset consists of 31,095 square feet situated on a 7.49-acre parcel totaling approximately 64,904 square feet. The property serves the Downtown Sonora submarket and benefits from steady rental demand driven by the area's workforce housing needs.
The property offers a balanced unit mix with 50% one-bedroom units and 50% two- bedroom units, providing flexibility to accommodate a broad tenant base. Current market rents in the surrounding area average approximately
$950-$1,750 for one-bedroom units and $7,350-$7,500 for two-bedroom units, presenting upside potential through future rent adjustments and operational improvements.
311 Fairview Ln is conveniently located near downtown Sonora with easy access to major transportation corridors, shopping centers, schools, employment hubs, and neighborhood amenities. The surrounding market has continued to demonstrate stable multifamily occupancy and consistent investor demand for well-positioned workforce housing assets.
The new owner will have an opportunity to implement rent increases and operational efficiencies to drive the NOI. Rents are 20-30% below market, with the average rental rate at $910 per month. An investment in solar panels will reduce Landlord's electricity burden caused by a common water heater.
The property offers a balanced unit mix with 50% one-bedroom units and 50% two- bedroom units, providing flexibility to accommodate a broad tenant base. Current market rents in the surrounding area average approximately
$950-$1,750 for one-bedroom units and $7,350-$7,500 for two-bedroom units, presenting upside potential through future rent adjustments and operational improvements.
311 Fairview Ln is conveniently located near downtown Sonora with easy access to major transportation corridors, shopping centers, schools, employment hubs, and neighborhood amenities. The surrounding market has continued to demonstrate stable multifamily occupancy and consistent investor demand for well-positioned workforce housing assets.
The new owner will have an opportunity to implement rent increases and operational efficiencies to drive the NOI. Rents are 20-30% below market, with the average rental rate at $910 per month. An investment in solar panels will reduce Landlord's electricity burden caused by a common water heater.
Property Facts
| Price Per Unit | $93,182 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 7.65% | Lot Size | 0.94 AC |
| No. Units | 44 | Building Size | 31,095 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1980 |
| Zoning | CO | ||
| Price Per Unit | $93,182 |
| Sale Type | Investment |
| Cap Rate | 7.65% |
| No. Units | 44 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.94 AC |
| Building Size | 31,095 SF |
| No. Stories | 2 |
| Year Built | 1980 |
| Zoning | CO |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 44 | - | - |
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,940,794 | |
| Land Assessment | $510,000 | Total Assessment | $2,450,794 |
Property Taxes
Parcel Numbers
Land Assessment
$510,000
Improvements Assessment
$1,940,794
Total Assessment
$2,450,794
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