Price Reduced 4.12.19!
Marcus & Millichap is pleased to present Estates, an attractive well-maintained 32-unit apartment community located in the North Highlands submarket of Sacramento, California. The property features 31 one-bedroom/one-bathroom units with 625 square feet of living space, as well as one two-bedroom/onebathroom unit with 800 square feet of living space.
The next purchaser of Estates will walk in to smooth operations derived from a well-maintained property, as the current ownership group has spent the last 32 years caring for the building. Estates directly benefits from being walking distance to the massive job center of McClellan Park, which is home to thousands of jobs and is still on an upward growth trajectory. This offering has a clear path towards adding value through continuing the current strategy of raising rents to market level through appropriate interior renovations. In addition to the immediate employment opportunities adjacent to Estates, residents will enjoy the convenience of the easy access to Interstate 80, which serves as the major east-west transportation corridor in the Sacramento Region. This access provides residents an easy commute to Downtown Sacramento's employment and entertainment opportunities, as well as quick access to Arden Fair Mall, one of the regions largest shopping malls.
Proven rent levels at Estates, as well as the rents of competing properties, provide clear evidence that this offering is a value-add opportunity. Through continuing the current strategy of raising rents to market level through appropriate interior renovations, the next investor can expect near double-digit cash on cash returns. Industry research suggests that the Sacramento region will once again be among the nations leaders in rent growth due to employment growth and a lack of new apartment construction throughout the region. The more than $500 gap between the average rent and monthly mortgage payment bodes well for the multifamily sector in 2019.
All tours must be scheduled with the listing agents. Please be respectful and do not disturb management.
