DO NOT DISTURB TENANTS. DRIVE BY ONLY. MUST PROVIDE PROOF OF FUNDS FOR SHOWINGS. CONTACT LISTING AGENT FOR APPOINTMENT.
The 3rd Street Apartments consist of two buildings, a one story building including five (5) rentable two bedroom one bath units approximately 525 square feet and a cottage house with one bedroom one bath approximately 500 square feet. The apartment community sits on a spacious lot that is just short of a half acre with plenty of space for additional development. Fortunately, the next investor has the ability to capture the upside rental potential with minimal cosmetic interior renovations.
In the fourth quarter of 2016 West Sacramento experienced a drop in the vacancy rate to a historic low of 1.1%. Last year Sacramento lead the nation in rent growth over all major cities in the U.S. and as of result West Sacramento is experiencing the effects of the rental growth. Additionally, nearby developments will continue to help drive growth, such as the Riveredge Apartments, The New Golden 1 Center Arena, and the Railyards project, the largest undeveloped urban sites in the U.S.
The 3rd Street Apartments are located just across the street from the expanding Sacramento Riverfront in the Sacramento submarket of West Sacramento. This is a rear opportunity for an investor to acquire prime real estate with a spacious lot for additional development. The property is centrally located between blocks of both the Tower and I Street Bridges that connect to the vibrant downtown core. Fortunately, an abundant of employers are nearby including West Sacramento City Hall, CalSTRS headquarters, Raley's national headquarters, State of California Department of General Services, UPS regional Processing center, USPS Distribution Center, and FedEx Freight. East of the property tenants have access to the Wal-Mart Super Center, Home Depot, IKEA and all employers downtown.
West Sacramento residents have access to activities including Raley Field (affiliate team of SF Giants), The Barn a indoor/outdoor venue, 188-acre Bridge District development, Riverwalk Park, hiking, and biking trails along the Sacramento river. Due to the expanding West Sacramento rental market, this asset is well suited to provide the next investor with healthy yield returns and long term appreciation.
