Mirador Apartments 701 Plaza Ave 66 Unit Apartment Building $8,850,000 ($134,091/Unit) 6.70% Cap Rate Sacramento, CA 95815

The subject property consists of three buildings on a large parcel in the Noralto District of Old North Sacramento. These buildings were built in 1959 and are well-positioned as a midcentury urban infill apartment community serving Sacramento’s stable workforce renter base.
The unit mix includes: 3 Studio units, 55 One-Bedroom / One-Bathroom units, and 8 Two-Bedroom / One-Bathroom units.
Each unit is individually metered for gas and electric and features wall heaters and wall-mounted air conditioning. Interior finishes vary by unit, reflecting updates completed over time. Flooring consists of tile, linoleum, and wood laminate. All units include refrigerators, gas stoves, and garbage disposals, along with Formica countertops and original cabinetry. Bathrooms are equipped with tub/shower combinations throughout. The property offers on-site and off-street parking, on-site laundry and an open courtyard layout, providing functional outdoor space and convenient tenant circulation.
The property is in the Noralto District of Old North Sacramento, an established urban neighborhood conveniently positioned between Downtown Sacramento and Arden-Arcade. This area is characterized by midcentury housing stock and remains one of Sacramento’s more affordable rental markets, making it attractive to renters seeking proximity to employment centers, retail, and entertainment.
Nearby amenities include Grocery Outlet, King’s Supermarket, and a wide selection of local and national restaurants, including McDonald’s, Carl’s Jr., Taco Bell, Little Caesars, and Popeyes. Market Square at Arden Fair Mall is approximately 2.2 miles (10 minutes) away, providing access to the broader Arden-Arcade retail corridor. Downtown Sacramento and the Golden 1 Center are located approximately 5.6 miles (12 minutes) from the property.
A new investor will benefit from meaningful upside through the implementation of a RUBS (Ratio Utility Billing System), allowing for partial utility cost recovery. Additional value can be achieved by continuing interior upgrades during unit turnover.