Carmichael Court is a garden style, 28 unit apartment building located in Sacramento, California The property consists of a desirable unit mix of nine one bedroom/one bath units and 19 two bedroom/one bath units The property was constructed in 1960 near the border of the historically strong rental submarket of Carmichael The population within a five mile radius of the property was in excess of 360 000 in 2018 Residents enjoy access to reputable schools within the San Juan Unified School District The property is strategically located in the center of Sacramento suburbia being nine miles east of Downtown Sacramento, 6 5 miles from CSUS and five miles from the region's largest regional mall, Arden Fair Residents are also 1 6 miles from the recently constructed Milagro Centre, self described as "Carmichael's Gathering Place" with anchor tenants like River City Brewing, Mesa Mercado, Insight Coffee, Taiko Sushi, etc
Many of the neighboring apartment communities have received interior and exterior face lifts in recent years, spurring on a rental renaissance along Marconi Avenue Ownership at Carmichael Court has recently installed a new roof, double pane windows and a few units receiving new cabinets, granite countertops and faux wood flooring With the passage of AB 1482 sure to exacerbate an already pronounced supply constraint of rental housing in the Sacramento, existing communities in prime locations like Carmichael Court will continue to enjoy healthy rental increases Ownership is currently not billing residents back for common area utilities This is a missed opportunity that coupled with AB 1482 allowed rent increases results in a stabilized cap rate of over six percent within one two years The savvy investor will assume organic turnover and more substantial income increases, allowing for achieving a six percent cap rate in even less time once achieved, the new owner will be invested with more than 200 bp in positive leverage given attractive rates available for apartment financing
Please do not disturb management or residents All tours must be scheduled through listing agent
