347 E Flora St
Stockton, CA 95202
DESPERATE- MUST SELL PRICE REDUCED $500,000 · Multifamily Property For Sale · 52 Units

Built in 1980, The Claremont Manor Senior Apartment Community is a beautifully renovated, 52-unit elderly designated affordable housing community. The property is comprised of 2 two story apartment buildings located in Stockton, California. The Claremont Manor apartments benefits from a 100% project-based voucher section 8 rent subsidy contract via 15 year PBV HAP contract until 2031. Claremont Manor apartments is located in a qualified (130% basis) census track for Low Income Housing Tax Credit Rehabilitation and in a Qualified Opportunity zone, as designated by the U.S. Treasury Department. The property was exempt from ad valorem property taxes from the previous owner and will be exempt from ad valorem property taxes for the new owner when they make application, which is a simple process and the documents are located on the website. All interiors of units have recently passed a comprehensive inspection by the County of San Joaquin Housing Authority to insure their upkeep and maintenance. Each unit features a range/stove, refrigerator , open parking, and air conditioning. All units include laminate countertops with upgraded wood cabinetry. Most of the exterior wood has been replaced and is tastefully painted with a 5-color combination and a new exterior awning. Both buildings have received a brand-new roof which has a comprehensive warranty for labor and materials until 2034. Both parking lots have been repaved with asphalt. The landscaping has been redesigned and redecorated and sprinkler system installed and repaired. The entire exterior of the property and many interiors have been substantially rehabilitated. Every bathroom includes a toilet, sink and shower/tub kit with a wall mounted showerhead. There are spacious rooms and kitchens. Each unit has a mounted window unit for air conditioning as well as a wall furnace for heat. ALL units are separately metered for electricity and master metered for gas. The subject is a 33,750 square-foot lot, 1.77 acres, 21,971 square feet of building area for a 55+ senior living community with 52 units at 347 E. Flora Street in Stockton near downtown. This garden apartment complex is located within 1 mile from Downtown Stockton, Saint Joseph’s Medical Center, senior service agency, McLeod Lake, Food 4 Less, Grocery Outlet Bargain Market, East Land Plaza Shopping Center, Walgreens Pharmacy, Rite Aid Pharmacy, Interstate 5, Highway 4, and Highway 99. Claremont Manor Apartments is approximately 43 miles south of Sacramento and approximately 65 miles east of San Francisco. The location is a very strong rental area. The expiration due date to the HAP contract is November 30, 2031, which we expect will be renewed for at least another 15 years, which would run until 2046 at the investor’s option. The property is well maintained with low expenses and excellent income. All units include CVT tile or Vinyl plank flooring, two color paint combination on interior with a textured finish on gypsum board on interior walls and ceilings, and a tasteful 5-color combination on the exterior. The building is self sufficient with low maintenance. Exterior doors are typically wood with steel screen doors or sliding single-pane glass doors with aluminum frames. The Claremont apartments also include an onsite laundry facility that includes three washers and three dryers, all of which are coin-operated and leased from CSC. There is a controlled entry gate with a 10-camera surveillance system, with onsite management monitoring daily. Each unit has a natural gas detector and a fire/smoke detector. The subject's common amenities include a courtyard and smoking area as well as the common laundry.