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The Commerce Apartments 625 N Commerce St 15 Unit Apartment Building $1,750,000 ($116,667/Unit) 6.82% Cap Rate Stockton, CA 95202
Investment Highlights
- Stabilized, turnkey apartment asset with a 6.82% cap rate on current income and priced well below replacement cost.
- Primarily made up of 1x1s, Downtown Stockton’s most popular unit type.
- Recent improvements include roof, sewer main replacement and 9 of the 15 units being renovated.
- Excellent location, near Downtown Stockton’s Waterfront Entertainment Zone
- Gated, secure parking and entry with brand new HD camera security system.
Executive Summary
Colliers Central Valley Investment Team is pleased to present the Commerce Street Apartments. This 15-unit complex is nestled in Stockton’s desirable Downtown Waterfront district. Professionally maintained and improved far above the standards of nearby properties, this asset provides an investor with a stable income stream and very low management responsibility. The asset is 100% occupied at near market rents, providing an investor with a 6.82% return on current net operating income, with room to grow! The property is made up of fifteen (15) units; fourteen (14) are 1-bedroom / 1-bathroom units, approximately 462 square feet and one (1) 3-bedroom / 2-bathroom units, approximately 900 square feet. Nine (9) of the fifteen (15) units have been renovated.
Located near the corner of W. Oak Street and N. Commerce Street, the Commerce Street Apartments are less than 100 yards away from the Adventist Health Arena, home to minor league Hockey and Basketball teams sports teams), a short walk to Banner Island Ballpark (home of the Oakland A's Single-A affiliate, the Stockton Ports), and Stockton’s well known Downtown Waterfront entertainment district.
Located near the corner of W. Oak Street and N. Commerce Street, the Commerce Street Apartments are less than 100 yards away from the Adventist Health Arena, home to minor league Hockey and Basketball teams sports teams), a short walk to Banner Island Ballpark (home of the Oakland A's Single-A affiliate, the Stockton Ports), and Stockton’s well known Downtown Waterfront entertainment district.
Property Facts
| Price | $1,750,000 | Building Class | C |
| Price Per Unit | $116,667 | Lot Size | 0.34 AC |
| Sale Type | Investment | Building Size | 8,517 SF |
| Cap Rate | 6.82% | Average Occupancy | 100% |
| Gross Rent Multiplier | 8.49 | No. Stories | 2 |
| No. Units | 15 | Year Built | 1961 |
| Property Type | Multifamily | Parking Ratio | 3.26/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | High Density Residential | ||
| Price | $1,750,000 |
| Price Per Unit | $116,667 |
| Sale Type | Investment |
| Cap Rate | 6.82% |
| Gross Rent Multiplier | 8.49 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 8,517 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 3.26/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | High Density Residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 14 | - | 462 |
| 3+2 | 1 | - | 900 |
1 1
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 137-190-12 | Improvements Assessment | $1,190,674 |
| Land Assessment | $432,972 | Total Assessment | $1,623,646 |
Property Taxes
Parcel Number
137-190-12
Land Assessment
$432,972
Improvements Assessment
$1,190,674
Total Assessment
$1,623,646
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The Commerce Apartments | 625 N Commerce St
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