The Olive Square Apartments is a fantastic opportunity to invest in a stable, cashflowing asset in good physical condition in the affluent Sacramento suburb of Carmichael, CA The property features a diverse unit mix, including four premium single story cottages in the back of the property New monument signage is highly visible from Fair Oaks Blvd, the major arterial Boulevard through Carmichael. The strong amenity package includes a standalone leasing office overlooking a swimming pool, as well as covered parking, a gated entry and beautiful mature redwood trees. The opportunity and space exists to add a BBQ lounge area for residents as an additional amenity.
The property has received numerous capital upgrades over the past few years, including new paint, new windows, one new roof, new monument signage, new pool gate, ADA compliance work, dry rot repair and new backflow along with interior upgrades to 33 of the units of varying specs but generally including faux wood vinyl plank flooring, baseboards, paint and resurfaced countertops. The units offer some functional advantages that draw residents with features such as bathroom pocket door privacy, pantry closets, extra linen and hall closets and large walk in closets. Market feedback suggests an additional $100/mo to market rent could be achieved with higher grade finishes, including hard surface countertops, shaker style door replacement on cabinetry and appliance upgrades. Olive Square Apartments is running efficiently and profitably with strong operating history With attractive interest rates available and California's newly adopted Tenant Protection Act of 2019 limiting annual rent increases, it's to the investor's advantage to invest in an asset like Olive Square Apartments where loss to lease is relatively low Coupled with the Carmichael submarket boasting an effective vacancy rate
of 2.9% in 2019 and little to no new construction of apartments in the surrounding area, the savvy investor will recognize the relative advantage of this offering.
All tours must be scheduled through listing agents. Please do not disturb management
