Marcus & Millichap is pleased to present Brookdale Gardens located in Merced, CA. The property was built in 1976, single-story construction and consists of 74 units totaling 40,346 square feet on a 148,104 square foot lot. The building has a very favorable unit mix of (30) studios that are are 429 square feet, (30) one-bedroom/one-bathroom units that are 529 square feet and (14) two-bedroom/one-bathroom units that are 829 square feet. There is one laundry room with (5) washers and dryers that the owner leases for additional income. The units are spacious units with large enclosed patios.
Brookdale Gardens is a single story building that attracts tenants because of its location and the lack of housing in Merced . The property has a sparkling pool in the middle of the property. There is plenty of parking: each tenant gets (1) covered parking spot and open parking. A total of 18 units have been renovated (vinyl plank flooring, resurfaced countertops, new fixtures, etc. with a premium rent for $100. The exterior paint was just completed.
Brookdale Gardens is located off G Street and Brookdale Avenue in Merced. The property is surrounded by residential homes in a quiet residential neighborhood. The property is across the street from Merced High School, 1.5 miles from Merced Junior College and 5 miles from UC Merced. There are many retail options that are walking distance to the property. College Green Shopping Center (SaveMart, Autozone, Staples), walking distance to Rite-Aid and DollarTree. El Portal (office complex) is 1/2 mile from the subject property.
Priced at a 5.64 cap rate and 9.19 GRM on current income, the subject property represents a position leverage opportunity to add value through interior upgrades and increasing rents.
