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505-531 Capps Ln
Ukiah, CA 95482
Sierra Sunset Village · Multifamily Property For Sale
·
68 Units
Investment Highlights
- 121 Units in California's #1 Rent Growth Market
Executive Summary
SIGNIFICANT UPSIDE POTENTIAL
• Current rents at Sierra Sunset Village sit materially below recently achieved and market-supported levels.
• Two-bedroom units average $1,632, with recent leases reaching $1,895
• This represents roughly 16% / $263 per unit of rental upside and $210,000+ in incremental annual revenue.
• Additional operational upside through utility reimbursements: current RUBS recovery at roughly 59%, while market peers achieve 90%+. Ownership recently upped utility charges on 2BD units from $85 to $125. 90% recovery would equate to $34,160 in potential NOI growth.
SIGNIFICANT CAPITAL INVESTMENT
• Ownership invested nearly $1,500,000 across major interior and exterior upgrades.
• 70% (47 of 68) units have been renovated, featuring:
• New kitchen and bath cabinetry
• Hard-surface counters
• Stainless steel appliance package including modern hood vent
• Plank-style flooring
• 5” baseboards
• Upgraded lighting
• New Interior Doors and hardware
• Exterior improvements include:
• Full exterior paint
• Monument Sign
• Updated leasing office
• Landscaping Upgrades
• The renovations at Sierra Sunset Village position the community competitively in the Ukiah market with limited near-term capex needs.
RARE & DESIRABLE UNIT MIX
• Highly attractive unit mix of 99% 2-bedroom units
• Larger floor plans drive stronger demand, retention, and long-term rent growth.
• Large patios in downstairs units
STRONG RENTAL MARKET FUNDAMENTALS
• Ukiah/Mendocino market demonstrates robust performance with 9.08%+ YoY rent growth and 97%+ occupancy (RealPage).
• Rent comparable effective rent for 2-Bedroom units is $1,863.
• Sierra Sunset Village trails the market at $1,632 average rent, highlighting a clear runway for continued rent growth.
• Strong fundamentals paired with a renovated asset and family-oriented unit mix provide a compelling value-add story.
Notes:
• 1/2 OF PORTFOLIO
• *SOLD INDIVIDUALLY OR AS A PORTFOLIO
• Current rents at Sierra Sunset Village sit materially below recently achieved and market-supported levels.
• Two-bedroom units average $1,632, with recent leases reaching $1,895
• This represents roughly 16% / $263 per unit of rental upside and $210,000+ in incremental annual revenue.
• Additional operational upside through utility reimbursements: current RUBS recovery at roughly 59%, while market peers achieve 90%+. Ownership recently upped utility charges on 2BD units from $85 to $125. 90% recovery would equate to $34,160 in potential NOI growth.
SIGNIFICANT CAPITAL INVESTMENT
• Ownership invested nearly $1,500,000 across major interior and exterior upgrades.
• 70% (47 of 68) units have been renovated, featuring:
• New kitchen and bath cabinetry
• Hard-surface counters
• Stainless steel appliance package including modern hood vent
• Plank-style flooring
• 5” baseboards
• Upgraded lighting
• New Interior Doors and hardware
• Exterior improvements include:
• Full exterior paint
• Monument Sign
• Updated leasing office
• Landscaping Upgrades
• The renovations at Sierra Sunset Village position the community competitively in the Ukiah market with limited near-term capex needs.
RARE & DESIRABLE UNIT MIX
• Highly attractive unit mix of 99% 2-bedroom units
• Larger floor plans drive stronger demand, retention, and long-term rent growth.
• Large patios in downstairs units
STRONG RENTAL MARKET FUNDAMENTALS
• Ukiah/Mendocino market demonstrates robust performance with 9.08%+ YoY rent growth and 97%+ occupancy (RealPage).
• Rent comparable effective rent for 2-Bedroom units is $1,863.
• Sierra Sunset Village trails the market at $1,632 average rent, highlighting a clear runway for continued rent growth.
• Strong fundamentals paired with a renovated asset and family-oriented unit mix provide a compelling value-add story.
Notes:
• 1/2 OF PORTFOLIO
• *SOLD INDIVIDUALLY OR AS A PORTFOLIO
Property Facts
| Price Per Unit | $205,882 | Building Class | B |
| Sale Type | Investment | Lot Size | 3.83 AC |
| Cap Rate | 5.83% | Building Size | 68,626 SF |
| Gross Rent Multiplier | 9.69 | Average Occupancy | 100% |
| No. Units | 68 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1985 |
| Property Subtype | Apartment | Parking Ratio | 0.99/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Zoning | R3 | ||
| Price Per Unit | $205,882 |
| Sale Type | Investment |
| Cap Rate | 5.83% |
| Gross Rent Multiplier | 9.69 |
| No. Units | 68 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 3.83 AC |
| Building Size | 68,626 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1985 |
| Parking Ratio | 0.99/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R3 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Ceiling Fans
- Kitchen
- Granite Countertops
- Stainless Steel Appliances
- Tub/Shower
- Carpet
- Patio
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Fenced Lot
- Laundry Facilities
- Picnic Area
- Pool
- Property Manager on Site
- Grill
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $1,105 | 833 |
| 2+1 | 67 | $1,631 | 805 - 833 |
Property Taxes
| Parcel Number | 001-470-55-00 | Improvements Assessment | $7,697,079 |
| Land Assessment | $557,756 | Total Assessment | $8,254,835 |
Property Taxes
Parcel Number
001-470-55-00
Land Assessment
$557,756
Improvements Assessment
$7,697,079
Total Assessment
$8,254,835
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