3299 Meadows Ave
Merced, CA 95348
Merced Gardens Apartments · Multifamily Property For Sale · 47 Units

Merced Gardens is a Project based HUD Community with a HAP Agreement covering 100% of the units. Built in 1974, Merced Gardens Apartments is a one- and two-story, 47-unit apartment community that is located on Meadows Avenue and Loughborough Drive in Merced, CA. The property comprises 9 residential buildings totaling 39,281 rentable square feet. The complex is situated on a 3.23-acre site for a low average density of 14.6. The apartment homes feature spacious one-, two-, and three-bedroom floor plans with an average size of 836 square feet. Each unit is individually metered and equipped with a refrigerator, stove, oven, and HVAC. Parking consists of 48-covered and 22-open spaces. There are laundry facilities and leasing office onsite.POPULATION From 2010 to 2016, the population in the city of Merced grew by approximately 5%, from 78,958 to 82,594 residents. By 2022, the population is projected to rise to over 86,000 residents equating to nearly 1% growth annually. Within a three-mile radius of Merced Gardens there are currently 85,436 residents, this number is expected to rise 4.91% over the next five years to a total of 92,278 residents. HOUSING Within a three-mile radius around Merced Gardens, there are 30,255 housing units; 50% are renter-occupied, 41% are owner-occupied, and 9% are vacant. As of October 2017, the median sale price of a single-family home within the city of Merced was $249,900. MULTIFAMILY In 2017, an improving job market in the Central Valley has led to leasing activity at twice the pace of inventory growth as vacancy lowered 10 basis points to 3.4%, the lowest year-end rate since 2001 when vacancy was 3.1%. A total of 1,000 apartments came online in 2017, up from 600 deliveries during the prior year.