Claridge Haus - TRUE VALUE ADD!!! 809-813 F St

ProEquity is pleased to offer a TRUE VALUE ADD OPPORTUNITY WITH ACTIVE OWNERSHIP, 6.9% PROFORMA CAP. The property is a trophy 10 unit multifamily property in downtown Marysville, CA, just 30 minutes north of Sacramento. The +/- 12,000 SF offering consists of 2 buildings of 4 units and 6 units each with an advantageous mix of one, two, and three bedroom units. Current rents are 35% below market, providing an active owner to bring rents to market, significantly boosting the return. In 2018, the property was extensively remodeled inside and out with the previous owner investing over $1 million into the property to restore it to its art-deco best. The large units range from 900 SF to 1040 SF. Three of the three bedroom units have had kitchens remodeled in Q1 of 2023. The interiors have tile and bamboo flooring, pass through kitchens, custom cabinets and every unit is satellite and cable ready. The units also have verandas off the master bedrooms, sunlight UV dual pane reflective windows and central heat and air. There is also a +/- 300 SF office with a full bathroom, an income generating laundry room and 4 additional storage spaces of +/- 250 SF each that are within the building. Currently, the owners are not trying to generate income from these storage and office units. With an active owner, NOI can be significantly increased through storage rental, expense controls, and bringing all rents to market.
Located in the heart of downtown, walking distance to shopping, schools, restaurants, entertainment, Ellis Lake and parks, the subject provides tenants with an attractive, safe, convenient place to live. Built in 2017 and within convenient walking distance is the new Adventist Health-Rideout Memorial hospital, a 220,000 square foot world class healthcare complex with more than 300 physicians and 2,150 employees. Marysville is only five minutes to Yuba City, 30 minutes to Roseville and Sacramento, the major employment hub in the greater region. The spacious, well laid out interiors combined with desirable location and setting provide a new, more involved owner, the opportunity to command the highest rents in town, as demonstrated by recent leases.