Magnolia Garden Apartments | 2600 W Rumble Rd
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Magnolia Garden Apartments 2600 W Rumble Rd
35 Unit Apartment Building $8,495,000 ($242,714/Unit) 5.58% Cap Rate Modesto, CA 95350
Investment Highlights
- Brand new construction
- Priced below replacement cost
- Fenced and secure with covered parking
Executive Summary
** Second Major Price Improvement**
Discover the allure of this brand-new 35-unit apartment complex in North Modesto, situated in a tranquil residential enclave. With a mix of 29 1-bedroom, 1-bath units and 6 studios, each residence is equipped with top-of-the-line Samsung split air units, sleek hard surface flooring, luxurious granite countertops, stainless steel appliances, and the convenience of an in-unit washer/dryer.
Experience peace of mind with the subject property's fully secured access, abundant covered parking spaces, and inviting outdoor recreational areas.
Unlock the potential of this 55 and over market-rate apartment complex, offering a prime opportunity for a lucrative return on investment in a desirable location.
Inquire with agent regarding other properties for a potential portfolio sale:
https://www.loopnet.com/Listing/1406-Leonard-Ave-Modesto-CA/31600959/
https://www.loopnet.com/Listing/140-E-Orangeburg-Ave-Modesto-CA/31623532/
https://www.loopnet.com/Listing/243-Gilbert-Ave-Oakdale-CA/31623811/
Discover the allure of this brand-new 35-unit apartment complex in North Modesto, situated in a tranquil residential enclave. With a mix of 29 1-bedroom, 1-bath units and 6 studios, each residence is equipped with top-of-the-line Samsung split air units, sleek hard surface flooring, luxurious granite countertops, stainless steel appliances, and the convenience of an in-unit washer/dryer.
Experience peace of mind with the subject property's fully secured access, abundant covered parking spaces, and inviting outdoor recreational areas.
Unlock the potential of this 55 and over market-rate apartment complex, offering a prime opportunity for a lucrative return on investment in a desirable location.
Inquire with agent regarding other properties for a potential portfolio sale:
https://www.loopnet.com/Listing/1406-Leonard-Ave-Modesto-CA/31600959/
https://www.loopnet.com/Listing/140-E-Orangeburg-Ave-Modesto-CA/31623532/
https://www.loopnet.com/Listing/243-Gilbert-Ave-Oakdale-CA/31623811/
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$641,400
|
$18.33
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$19,242
|
$0.55
|
| Effective Gross Income |
$622,158
|
$17.78
|
| Taxes |
$91,746
|
$2.62
|
| Operating Expenses |
$56,448
|
$1.61
|
| Total Expenses |
$148,194
|
$4.23
|
| Net Operating Income |
$473,964
|
$13.54
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $641,400 |
| Annual Per SF | $18.33 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $19,242 |
| Annual Per SF | $0.55 |
| Effective Gross Income | |
|---|---|
| Annual | $622,158 |
| Annual Per SF | $17.78 |
| Taxes | |
|---|---|
| Annual | $91,746 |
| Annual Per SF | $2.62 |
| Operating Expenses | |
|---|---|
| Annual | $56,448 |
| Annual Per SF | $1.61 |
| Total Expenses | |
|---|---|
| Annual | $148,194 |
| Annual Per SF | $4.23 |
| Net Operating Income | |
|---|---|
| Annual | $473,964 |
| Annual Per SF | $13.54 |
Property Facts
| Price | $8,495,000 | Apartment Style | Low Rise |
| Price Per Unit | $242,714 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.33 AC |
| Cap Rate | 5.58% | Building Size | 23,476 SF |
| Gross Rent Multiplier | 14.02 | Average Occupancy | 100% |
| No. Units | 35 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 2023 |
| Property Subtype | Apartment | Parking Ratio | 1.58/1,000 SF |
| Price | $8,495,000 |
| Price Per Unit | $242,714 |
| Sale Type | Investment |
| Cap Rate | 5.58% |
| Gross Rent Multiplier | 14.02 |
| No. Units | 35 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 1.33 AC |
| Building Size | 23,476 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 2023 |
| Parking Ratio | 1.58/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | $1,400 | 565 - 650 |
| 1+1 | 29 | $1,575 | 700 - 750 |
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PROPERTY TAXES
| Parcel Number | 005-37-33 | Total Assessment | $385,019 |
| Land Assessment | $385,019 | Annual Taxes | $91,746 ($3.91/SF) |
| Improvements Assessment | $0 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
005-37-33
Land Assessment
$385,019
Improvements Assessment
$0
Total Assessment
$385,019
Annual Taxes
$91,746 ($3.91/SF)
Tax Year
2023
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Magnolia Garden Apartments | 2600 W Rumble Rd
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