Marcus and Millichap is pleased to present the Cottonwood Apartments located in Southeast Fresno. The property is single-story construction and consists of (7) buildings that totals twenty seven units and has 22,320 rentable square feet on a 53,692 square foot lot. The property has a favorable unit mix: (11) one-bedroom/one-bathroom units that are 720 square feet and (16) two-bedroom/one-bathroom units that are 900 square feet each. Each unit is separately metered for gas and electric.
Cottonwood Apartments attracts tenants because of its large spacious units and large patios/balconies. The property has a sparkling pool in the middle of the property. There is plenty of parking: each tenant gets (1) covered parking spot, there are 12 uncovered spaces and street parking. The property is very well maintained and very little deferred maintenance. Each unit has fully equipped kitchens.
The subject property is located off Peach and Tulare Avenue in Southeast Fresno. The property is across the street from Easterby Elementary School, 0.3 miles from Kings Canyon Middle School, 0.7 miles from Sunnyside High School and 1.9 miles from Fresno Pacific University. There are many shopping options: 1 mile to East gate Center (Home Depot, FoodsCo, Chase Bank, Etc.), 0.9 miles to Walmart Supercenter, 0.8 miles to Peach Tree Plaza (Winco, CVS, Panda Express, Etc.) and many other retail and restaurants. There is easy access on and off Highway 180 to get to and from the property.
Priced at 5.46% cap rate and 8.92 GRM on current income, this property provides investors the opportunity to capitalize on improving the interiors and adding value through upside in rents and stabilizing the asset.
