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Franklin Street Apartments 505 Franklin St 18 Unit Apartment Building $3,500,000 ($194,444/Unit) 5.13% Cap Rate Napa, CA 94559
Investment Highlights
- Downtown Napa Location
- On-Site Laundry Facilities
- New Electrical Subpanels
- Spacious Floorplans
- New Roof & Exterior Paint
- 8.68% Market Cap Rate
Executive Summary
Showing Tues & Thurs by appointment. Available individually or as a package with 270 Brown St, Napa.
Positioned in the vibrant core of Downtown Napa, this exceptional 18-unit multifamily offering presents a rare opportunity to acquire a well-located asset with meaningful upside potential. The property is comprised of three separate parcels and features a highly desirable unit mix of 1-2x2, 5-2x1 , 8-1x1 and 4-2x1.5 townhome-style residences, appealing to a broad tenant base in one of Northern California’s most sought-after rental markets.
The asset has benefited from a series of recent capital improvements, providing a strong foundation for future ownership. Upgrades include new roofs on both the main structures and carports (2025), updated electrical subpanels, freshly repaved and restriped parking areas, and new exterior paint, all of which significantly reduce near-term capital expenditure requirements.
Tenants enjoy attractive amenities including a central courtyard setting, on-site laundry facilities, dedicated tenant storage (12 units), and a combination of covered and open parking. Eleven units offer private patios, enhancing livability, while twelve units feature original hardwood flooring that adds character and charm. Select units have been renovated with granite countertops and stainless steel appliances including dishwashers, providing a clear path for continued interior upgrades and rental growth.
With its walkable location to Downtown Napa’s renowned dining, retail, and entertainment amenities, combined with its proven operational stability and value-add potential, this offering represents an ideal opportunity for investors seeking both current income and long-term appreciation in a premier market.
Positioned in the vibrant core of Downtown Napa, this exceptional 18-unit multifamily offering presents a rare opportunity to acquire a well-located asset with meaningful upside potential. The property is comprised of three separate parcels and features a highly desirable unit mix of 1-2x2, 5-2x1 , 8-1x1 and 4-2x1.5 townhome-style residences, appealing to a broad tenant base in one of Northern California’s most sought-after rental markets.
The asset has benefited from a series of recent capital improvements, providing a strong foundation for future ownership. Upgrades include new roofs on both the main structures and carports (2025), updated electrical subpanels, freshly repaved and restriped parking areas, and new exterior paint, all of which significantly reduce near-term capital expenditure requirements.
Tenants enjoy attractive amenities including a central courtyard setting, on-site laundry facilities, dedicated tenant storage (12 units), and a combination of covered and open parking. Eleven units offer private patios, enhancing livability, while twelve units feature original hardwood flooring that adds character and charm. Select units have been renovated with granite countertops and stainless steel appliances including dishwashers, providing a clear path for continued interior upgrades and rental growth.
With its walkable location to Downtown Napa’s renowned dining, retail, and entertainment amenities, combined with its proven operational stability and value-add potential, this offering represents an ideal opportunity for investors seeking both current income and long-term appreciation in a premier market.
Property Facts
| Price | $3,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $194,444 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.63 AC |
| Cap Rate | 5.13% | Building Size | 14,400 SF |
| Gross Rent Multiplier | 9.39 | No. Stories | 2 |
| No. Units | 18 | Year Built | 1958 |
| Property Type | Multifamily | Parking Ratio | 1.25/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $3,500,000 |
| Price Per Unit | $194,444 |
| Sale Type | Investment |
| Cap Rate | 5.13% |
| Gross Rent Multiplier | 9.39 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.63 AC |
| Building Size | 14,400 SF |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.25/1,000 SF |
| Opportunity Zone |
Yes |
Amenities
Unit Amenities
- Dishwasher
- Storage Space
- Heating
- Kitchen
- Refrigerator
- Range
Site Amenities
- Courtyard
- Laundry Facilities
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 1 | - | - |
| 2+1.5 | 4 | - | - |
| 2+1 | 5 | - | - |
| 1+1 | 8 | - | - |
1 1
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 003-261-011 | Improvements Assessment | $1,098,486 |
| Land Assessment | $232,044 | Total Assessment | $1,330,530 |
Property Taxes
Parcel Number
003-261-011
Land Assessment
$232,044
Improvements Assessment
$1,098,486
Total Assessment
$1,330,530
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Franklin Street Apartments | 505 Franklin St
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