1071 Goleta Way
Hanford, CA 93230

Marcus & Millichap has been selected to exclusively market for sale Lacey West Apartments, a 184-unit multifamily complex in Hanford, California. The desirable unit mix includes 18 one-bedroom/one-bathroom units, 62 two-bedroom/one-bathroom units, 56 two-bedroom/one-bathroom single-story units, and 48 two-bedroom/two bathroom single-story units. The two-bedroom/two bathroom units have washer/dryer hookups, and 28 units have attached garages. Lacey West is on the market for the first time in 20 years and is being offered free and clear of debt, enabling investors to take advantage of historically low interest rates and attractive financing options. This development is attractively priced at a 5.52 percent cap rate on current operations and a 6.86 percent pro forma cap rate. Rents at Lacey West are well below market, and investors will have the opportunity to increase rental income by 8 percent by the end of Year One. The property is the best located apartment complex in Hanford, and in fact the largest employer in the area, Lemoore Naval Air Station, is just a 25-minute drive from the property. The Lemoore base is expected to expand personnel by 25 percent during the next three years.