The Cerna Group is pleased to exclusively offer Evia Apartments. This non-rent controlled, 16-unit complex is located on two adjacent parcels at 7630 & 7640 Church Street in Gilroy, California.
The unit-mix consists of 16 individually metered one-bedroom/one-bathroom units, 11 of which are fully renovated with quartz countertops, new appliances, faux wood-plank luxury vinyl flooring, new bedroom carpeting, a wall-mounted air conditioning unit and new interior doors. Community upgrades include 15 newly built carports with lighting, a new perimeter fence and (2) onsite laundry rooms with current WASH contracts. Investors will appreciate Ratio Utility Bills System (RUBS) in place, along with low operating expenses.
Gilroy is located 20 minutes south of San Jose and 30 minutes east of the California beaches in Santa Cruz and Capitola. The location provides multifamily investors with the rare combination of strong historical occupancy and rent increase levels, along with no new approved market-rent multifamily thru 2019. Additional economic growth will be generated by the recently approved Gilroy High-Speed rail station (also to be serviced by Caltrain) with a Planning Agreement in place, for completion 2029. There are two locations being assessed for the station: downtown Gilroy and on the East side of 101 near the shopping Outlets. With multiple dynamic development plans currently in process. There has never been a better time to add Evia Apartments to your investment portfolio.
