7-Unit Multifamily Property in Downtown/Midtown Sacramento

2122 S Street, Sacramento, CA

$1,900,000

Price

4.36%

Cap Rate

$82,826

NOI

Overview
Cap Rate
4.36%
NOI
$82,826
Building Size
5,800 sqft
Lot Area
7,026 sqft
Occupancy
98%
Units
7
GRM
13.87
Year Built
1974
Price Per Sqft
$327.59
Price Per Unit
$271,429
Year Last Renovated
2018
Description

Commercial Realty Apartment Advisors is pleased to present the opportunity to purchase 2122 S Street, a 7-unit multifamily property in Downtown/Midtown Sacramento, CA. Most investors struggle with finding multifamily investment properties to purchase with high-quality interior upgrades and three and two bedroom units while having an opportunity to raise rents in what is known as the number one submarket for rent growth and upside in the entire Sacramento Region and recently the top national rent growth market in the nation. 2122 S Street is the rare find as it features meticulously fully renovated (1) three bedroom 1100 square foot unit, (4) two-bedroom 900 square foot units and (2) one-bedroom 550 square foot units with new flooring, fixtures, counter tops, cabinets, bathrooms in an excellent thriving Downtown/Midtown Sacramento location.

Built-in 1974, the property sits on a .15-acre parcel, 2122 S street is individually metered for electric, features a, "Payrange Cashless Laundry System" owner owned washer and dryer, 4 parking spaces and off-street non-metered parking, over $41,000 in exterior capital improvements including a new roof, new water heater ($9,388 Apr-18), HVAC unit, new fencing, new gate, new exterior paint and landscaping. The units feature over $80,000 in interior upgrades with new dishwashers, disposals, central air conditioning, refrigerators, ovens, ceiling fans, new appliances, new lighting, new laminate floors, new dual pane windows throughout the entire complex. Tenants are responsible for electric. The owner is responsible for gas, water, sewer and refuse.

Downtown/Midtown is booming with new construction, restaurants and nightlife and the property's micro-location is in the city’s coolest urban core walkable neighborhoods. This is evident by multiple developments including the recent development known as the “Ice Blocks” or R Street corridor redevelopment and it is located just 3 blocks from the subject property.

2122 S Street offers an investor the ability to own a well-located asset in one of the strongest rental job markets in Sacramento. The irreplaceable location of the property, high walkability score of 77/100, rental increased income through capturing loss to lease, charging for parking, and implementing a Ratio Utility Billing System makes this property an exceptional opportunity. A new investor has an excellent opportunity to create and persevere more wealth when they capitalize on income increases and appreciation as the area continues to flourish.

*Please DO NOT disturb tenants. Call for offers 10/24/19. All tours must be scheduled through the listing broker.

Highlights
  • Excellent Unit Mix of fully renovated (1) Three-Bed (4) Two-Bed (2) One-Bed units with rare central heat and air!
  • Irreplaceable, “place to be midtown location,!” with a high 77/100 walkability score and just steps away from commercial, cultural and social center of the city and within easy walking distance of 100 restaurants, 40 bars, 20 coffee shops.
  • 3 blocks from Safeway & "Ice Blocks"
  • Located in the largest employment downtown/midtown submarket in Sacramento!
  • Sacramento is one of the highest year over year rent growth markets in the Nation
  • Across the street from newer one-room loft condo's selling in the $400,000 range and renting for around $2,200 each
  • Turnkey Property - remodel + large capital expenditures
  • Purchase Below Replacement Cost at $327 per square foot
  • Over $41,000 in exterior capital improvements including a new roof, new water heater ($9,388 Apr-18), HVAC unit, new fencing, new gate, new exterior paint and landscaping.
  • Asset lends strong support for an add value story through increasing rents, charging for parking, and implementing a ratio utility billing system
  • Loss-To-Lease Upside
Documents
Title
Offering Memorandum
* Documents permissions are set by the listing owner, request information to access locked documents.

Location
Gallery