Attractive 15-unit garden-style apartment complex, built to condo specs, located in one of the most desirable suburb of Sacramento known as Cameron Park. The property has a tentative map and can sold as condos once the individual APNs are obtained. Fully Improved for Condo Conversion with separate water and power meters. The asking price of only $208 per square foot and pro-forma cash on cash return of 6.3% represents an outstanding opportunity to acquire a well-maintained complex at a price far below replacement cost. Built in 2008, there are 4 buildings situated on a spacious .42 acre parcel with mature landscaping. The unit mix consists of (15) two-bedroom/one and one-half-bathroom units at 900 square feet. The amenities include 16 carport parking spaces, 9 on-site street spaces and overflow offsite parking street spaces. All units have washer and dryer, dual pane windows, refrigerator, stove/range, central heat and air conditioning, dishwashers, garbage disposals. Many of the units have been renovated with laminate flooring. Upside exist by capturing lose to lease and implementing a RUBS system to collect additional income in range of $50 per unit for sewer and refuse.
Cameron Park is one of the most desirable submarkets in the region boasting one of the highest median per household income in the area. El Dorado County School district is one of the top school districts in the five county region and in 2013. Nearby Oakridge High School ranked 10/10 by API and #148 in CA schools and #917 Nationally. The surrounding population is affluent and is growing at twice the national average and is dominated by young families with the average household income over $100,000. Most residents are well-educated with over 55% of the trade area holding a bachelor' s degree or higher, while working in white collar occupations and enjoying a relaxed, comfortable lifestyle. Cameron Park is near Folsom (10 miles), which is home to the largest private employer in the Sacramento area, Intel, who employs 7,000 workers. The area is home to a rapidly expanding office population, including a new a 50-acre campus Kaiser Permanente hospital campus and medical complex which will boast 6,000 employees, located just 11 miles from the subject property.
