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The 14th Street Apartments 421 14th St 5 Unit Apartment Building $595,000 ($119,000/Unit) 5.75% Cap Rate Modesto, CA 95354
Investment Highlights
- Current rents reflect approximately 13% loss-to-lease, providing a clear path to increase rental income.
- The property also offers ample street parking and a private driveway for two units, while the standalone studio provides added tenant privacy.
- Three units were fully rebuilt in 2012, all interiors have been upgraded, and fresh exterior paint helps minimize near-term capital needs.
Executive Summary
The 14th Street Apartments presents a compelling five-unit value-add investment opportunity for both first-time and seasoned multifamily investors. Three of the five units were rebuilt in 2012, while the remaining studio and one-bedroom units are housed in separate standalone structures, offering additional tenant privacy. All units have undergone interior upgrades, and the property features fresh exterior paint, limiting near-term capital expenditure requirements while enhancing overall curb appeal.
The investment's current rents reflect approximately 13% loss-to-lease, providing a clear path to increase rental income. Additional operational advantages include ample street parking and a private driveway serving two units. With a favorable combination of below-market rents, upgraded units, newer construction, and limited immediate capital needs, the 14th Street Apartments provides an attractive opportunity to acquire a well maintained multifamily asset with identifiable value-add potential.
The investment's current rents reflect approximately 13% loss-to-lease, providing a clear path to increase rental income. Additional operational advantages include ample street parking and a private driveway serving two units. With a favorable combination of below-market rents, upgraded units, newer construction, and limited immediate capital needs, the 14th Street Apartments provides an attractive opportunity to acquire a well maintained multifamily asset with identifiable value-add potential.
Property Facts
| Price | $595,000 | Apartment Style | Low-Rise |
| Price Per Unit | $119,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 5.75% | Building Size | 1,920 SF |
| Gross Rent Multiplier | 9.66 | Average Occupancy | 95% |
| No. Units | 5 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1895/2012 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | END - East Neighborhood Downtown | ||
| Price | $595,000 |
| Price Per Unit | $119,000 |
| Sale Type | Investment |
| Cap Rate | 5.75% |
| Gross Rent Multiplier | 9.66 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 1,920 SF |
| Average Occupancy | 95% |
| No. Stories | 1 |
| Year Built/Renovated | 1895/2012 |
| Opportunity Zone |
Yes |
| Zoning | END - East Neighborhood Downtown |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 4 | - | - |
1 1
Fairly walkable
50/100
Very drivable
80/100
Some public transit
50/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 106-18-21 | Improvements Assessment | $105,000 |
| Land Assessment | $260,000 | Total Assessment | $365,000 |
Property Taxes
Parcel Number
106-18-21
Land Assessment
$260,000
Improvements Assessment
$105,000
Total Assessment
$365,000
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