308 N Washington St
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308 N Washington St
16 Unit Apartment Building $1,699,000 ($106,188/Unit) 6.53% Cap Rate Sonora, CA 95370
Executive Summary
Welcome to the Washington Square Apartments!This property
boasts a location that cannot be beat and a history of high
occupancy. The apartments consist of 16 units including a single
family home. The +/-0.4 acres is situated less than a quarter
mile from the charming, downtown Sonora. The property has
historically been operated as a 55+community given the smaller
unit mix and parking requirement,however there are no deed
restrictions or affordability requirements.
Ownership has conducted all the heavy lifting here. The property’s
exterior has received new siding and paint, and 7 interiors have
been updated. A new owner will have an opportunity to continue
remodeling unit interiors upon achieving a vacancyin order to
bring rents up to market. Rents on the property are over 15% below
market. Additionally, the property is zoned General Commercial
which allows for potential future development.
boasts a location that cannot be beat and a history of high
occupancy. The apartments consist of 16 units including a single
family home. The +/-0.4 acres is situated less than a quarter
mile from the charming, downtown Sonora. The property has
historically been operated as a 55+community given the smaller
unit mix and parking requirement,however there are no deed
restrictions or affordability requirements.
Ownership has conducted all the heavy lifting here. The property’s
exterior has received new siding and paint, and 7 interiors have
been updated. A new owner will have an opportunity to continue
remodeling unit interiors upon achieving a vacancyin order to
bring rents up to market. Rents on the property are over 15% below
market. Additionally, the property is zoned General Commercial
which allows for potential future development.
Property Facts
| Price | $1,699,000 | Apartment Style | Garden |
| Price Per Unit | $106,188 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.36 AC |
| Cap Rate | 6.53% | Building Size | 5,620 SF |
| Sale Conditions | Ground Lease (Leasehold) | No. Stories | 1 |
| No. Units | 16 | Year Built | 1949 |
| Property Type | Multifamily | Parking Ratio | 1.07/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,699,000 |
| Price Per Unit | $106,188 |
| Sale Type | Investment |
| Cap Rate | 6.53% |
| Sale Conditions | Ground Lease (Leasehold) |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.36 AC |
| Building Size | 5,620 SF |
| No. Stories | 1 |
| Year Built | 1949 |
| Parking Ratio | 1.07/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
| 2+1 | 2 | - | - |
1 of 1
zoning
| Zoning Code | C (Commercial) |
| C (Commercial) |
-
Jacob Friedrich -
CoSoL Commercial Real Estate
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