Marcus & Millichap is pleased to present 617 Maple Street in West Sacramento, California. This is a single story building comprising of eight (8) one-bedroom/one-bathroom units at approximately 477 square feet. Currently, the rents are well below market price with a 19.5% Loss-to-Lease opportunity. A new investor will be afforded the opportunity to raise rents to market post-closing, allowing an immediate increase of cash flow. This is a loss to lease opportunity as a new investor has the ability to capture rental upside and finishing the remodel of two units.
Located in Yolo County, West Sacramento has experienced rapid growth in population expanding from 17,129 residents in 2000, to an estimated population of 52,981 in 2016. in 2014, West Sacramento was named the Most Livable City in America with fewer than 100,000 residents by the United States Conference of Mayors. 617 Maple Street is near Business 80 and Highway 50 allowing immediate access to the freeway and minutes away from vibrant Downtown/Midtown Sacramento. The area is home to an abundance of predominant State and corporate employers including West Sacramento City Hall, California Highway Patrol Academy, CalSTRS headquarters, Raley's national headquarters, State of California Department of General Services, UPS regional Processing center, USPS Distribution Center, and FedEx Freight. Additionally, tenants have access to major retail centers including the Wal-Mart Super Center, Home Depot, and IKEA. Residents of West Sacramento enjoy an array of activities including Raley Field (affiliate team of SF Giants), The Barn indoor/outdoor venue, 188-acre Bridge District development, Riverwalk Park, hiking, and biking trails along the Sacramento river. Sacramento is leading the nation in rent growth, and as a result West Sacramento is experiencing the effects of rental growth. Project West near the West Sacramento riverfront, the New Golden 1 Center Arena, and the Railyards project which is one of the largest undeveloped urban sites in the United States will help continue to drive growth. This investment is well suited to provide investors with healthy cash flow returns and long term appreciation.
***CAP RATE IS PRO FORMA
