This attractively landscaped offering of a twenty-four-unit complex located at 619 to 629 Kate Hayes Street, Grass Valley, CA offers a commuter’s paradise with a location just 56 miles from Sacramento, 57 miles from Truckee, and 89 miles from Reno. The property offers a beautiful mountain town feel, with an affordable price point, and an easy commute via. Hwy 80 to the numerous nearby employment centers. Tenants benefit from abundant outdoor activities with nearby ski slopes, Lake Tahoe, or entertainment of Reno. The current owner is a long-term holder of over sixteen years, who lives out of state, and has not proactively pushed rents. Constructed circa 1965, the subject property is located on two large 0.41-acre parcels (0.82 acres combined) and has benefited from over $350,000 in major capital improvements including new retaining walls, new drainage systems, new landscaping, and four totally renovated unit interiors. There are two separate twelve-unit buildings each in an L-shaped configuration, with carport parking to the front of the parcels. The property is constructed of wood frame with stucco siding, over crawl space, and features pitched composite roofs on the apartment buildings. There is covered parking (with flat roofs) for each unit, and attractive, mature landscaping. The unit mix consists of eight two-bedroom/one bath units and sixteen one-bedroom/one bath units. Four of the unit interiors have recently been renovated with over $35,000 spent on each upgrade. Each building is separately metered for gas and electric and there are two laundry rooms for tenant convenience.
Long term out of state owner allows huge upside for the new buyer. This offering provides a new buyer with the opportunity to acquire a well-kept, highly improved building with major recent upgrades, in a market with extremely strong rental demand. The below market rents will allow a new proactive buyer the opportunity to experience an upward trend in rental income as they move rents more in line with market levels. This attractively landscaped offering of a twenty-four-unit complex located at 619 to 629 Kate Hayes Street, Grass Valley, CA offers a commuter’s paradise with a location just 56 miles from Sacramento, 57 miles from Truckee, and 89 miles from Reno. The property offers a beautiful mountain town feel, with an affordable price point, and an easy commute via. Hwy 80 to the numerous nearby employment centers. Tenants benefit from abundant outdoor activities with nearby ski slopes, Lake Tahoe, or entertainment of Reno. The current owner is a long-term holder of over sixteen years, who lives out of state, and has not proactively pushed rents. Constructed circa 1965, the subject property is located on two large 0.41-acre parcels (0.82 acres combined) and has benefited from over $350,000 in major capital improvements including new retaining walls, new drainage systems, new landscaping, and four totally renovated unit interiors. There are two separate twelve-unit buildings each in an L-shaped configuration, with carport parking to the front of the parcels. The property is constructed of wood frame with stucco siding, over crawl space, and features pitched composite roofs on the apartment buildings. There is covered parking (with flat roofs) for each unit, and attractive, mature landscaping. The unit mix consists of eight two-bedroom/one bath units and sixteen one-bedroom/one bath units. Four of the unit interiors have recently been renovated with over $35,000 spent on each upgrade. Each building is separately metered for gas and electric and there are two laundry rooms for tenant convenience. This offering provides a new buyer with the opportunity to acquire a well-kept, highly improved building with major recent upgrades, in a market with extremely strong rental demand. The below market rents will allow a new proactive buyer the opportunity to experience an upward trend in rental income as they move rents more in line with market levels.
