Magnolia Court Apartments | 4841 Myrtle Ave
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Magnolia Court Apartments 4841 Myrtle Ave
64 Unit Apartment Building $11,800,000 ($184,375/Unit) 5.29% Cap Rate Sacramento, CA 95841
Investment Highlights
- 42 units recently remodeled including in-suite laundry retrofit, new flooring, countertops, lighting, etc.
- Convenient location nearby Interstate 80, near shopping and across the street from American River College
- New siding, paint, windows, sliders, signage and landscaping
Executive Summary
The DeLoney Group is pleased to offer for sale Magnolia Court Apartments in Sacramento, California. This 64-unit property was constructed in 1963 and has seen many upgrades in the past few years. 42 of the 64 units have been recently remodeled which includes in-suite laundry, upgraded countertops, hardware, lighting, flooring and appliances.
The average rent in place today at Magnolia Court is $1551/mo. Assuming the remainder of the unrenovated units get upgraded and the next owner collapses all embedded loss-to-lease, there's 7.6% upside in income pro forma. With most of the heavy lifting addressed by the current owner, the new purchaser will inherit a stable operation with continued operational upside and a product that will continue to remain in demand and functionally competitive with its large floor plans, central HVAC and in-suite laundry.
Do not disturb management. All tours must be coordinated with listing agent present.
The average rent in place today at Magnolia Court is $1551/mo. Assuming the remainder of the unrenovated units get upgraded and the next owner collapses all embedded loss-to-lease, there's 7.6% upside in income pro forma. With most of the heavy lifting addressed by the current owner, the new purchaser will inherit a stable operation with continued operational upside and a product that will continue to remain in demand and functionally competitive with its large floor plans, central HVAC and in-suite laundry.
Do not disturb management. All tours must be coordinated with listing agent present.
Property Facts
| Price | $11,800,000 | Apartment Style | Garden |
| Price Per Unit | $184,375 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.91 AC |
| Cap Rate | 5.29% | Building Size | 55,425 SF |
| Gross Rent Multiplier | 9.9 | No. Stories | 2 |
| No. Units | 64 | Year Built/Renovated | 1963/2023 |
| Property Type | Multifamily | Parking Ratio | 1.35/1,000 SF |
| Property Subtype | Apartment |
| Price | $11,800,000 |
| Price Per Unit | $184,375 |
| Sale Type | Investment |
| Cap Rate | 5.29% |
| Gross Rent Multiplier | 9.9 |
| No. Units | 64 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.91 AC |
| Building Size | 55,425 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2023 |
| Parking Ratio | 1.35/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Wheelchair Accessible (Rooms)
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 29 | - | 680 |
| 2+1 | 35 | - | 860 |
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Walk Score ®
Very Walkable (70)
Bike Score ®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 228-0292-032 | Improvements Assessment | $9,883,800 |
| Land Assessment | $1,144,440 | Total Assessment | $11,028,240 |
PROPERTY TAXES
Parcel Number
228-0292-032
Land Assessment
$1,144,440
Improvements Assessment
$9,883,800
Total Assessment
$11,028,240
zoning
| Zoning Code | RD30 |
| RD30 |
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Magnolia Court Apartments | 4841 Myrtle Ave
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