5608 Cypress Avenue is a rare opportunity to purchase a well-kept 13-unit multifamily property located in the heart of Carmichael, one of the strongest submarkets in the Sacramento Metro Area. The subject property is located directly behind multiple retail businesses and shopping opportunities and only a few miles from the American River and Ancil Hoffman Park/Golf Course. Cypress Avenue Apartments is situated on a .85-acre lot bordering its own fenced and private street by the name of George Road. The property consists of six buildings containing 5 duplexes and 1 multifamily home. Each building is constructed with brick masonry foundation, T1-11 siding, and a single-story floorplan. The unit mix for 5608 Cypress Avenue is eleven, 2-bedroom/1-bathroom units and two, 1-bedroom/1-bathroom units. The property has only had one owner, therefore there are many long-term renters / below market rents with the strong upside to increase the net income either immediately or over time.
The property was developed in 1970 and built in phases throughout the years which lead to uniquely shaped and sized units. Ask broker for interior photos as some units have been remodeled more recent than others.
Each unit is metered separately for gas and electricity which is paid by the resident, while the owner pays for sewer, water, garbage and common area lighting costs. A portion of these costs could be billed to the residents through a Ratio Utility Billing System (RUBS) which is becoming very common in California. These charges are around $25-75 per unit in addition to the residents’ standard monthly rental payment depending on the amount of people in each unit.
***This property can be purchased together or separately with the neighboring property “4022 George Road, Carmichael” (5 Units). Ask Broker for details.***
