2219 P St 8 Unit Apartment Building $1,550,000 ($193,750/Unit) 5.03% Cap Rate Sacramento, CA 95816

The DeLoney Group at Marcus & Millichap is pleased to offer for sale 2219 P Street in Midtown, Sacramento, known as one of the most desirable rental submarkets in the entire California Central Valley. The eight-unit property exclusively consists of one bedroom / one-bathroom units totaling 700 rentable square feet per unit. Half of the units have been updated with new LVP flooring, new cabinetry front, new appliances, and sprayed countertops. Current ownership has spared no expense on the property exterior by having just painted the property and keeping the landscaping clean / maintained. Not only do residents enjoy a well-maintained property, but they also drawn to the central HVAC units on the roof, a rarity for both the unit mix and midtown market. The next savvy owner of 2219 P will continue the renovation of the remaining units upon turnover all while enjoying steady cash flow from the in-place rent roll. Competitive nearby comparables suggest that there is about 12% loss to lease on today's rent roll, allowing the next owner to add value by raising rents.
The property features off street parking via Carriage Path alley way, allowing residents the peace of mind that their cars are not exposed on the street. Onsite laundry is an additional revenue source to the owner in addition to the rental income.
As rents continue to climb in Sacramento, 2219 P Street further benefits from being a short walk away from many new urban developments such as the Golden 1 Center, DOCO, and the rail-yards project that will be the largest urban infill project in the entire country. Aside from the growing entertainment scene, the property lies in the heart of the regions job center with proximity to the State Capitol, Capitol Mall, and the many restaurants that Midtown/Downtown has to offer.
All tours must be scheduled through listing agent. Do not disturb management or residents.