Skip to main content

Multifamily

Garfield Manor

950 S Garfield St, Lodi, CA 95240

Listing Price: $8,400,000

Cap Rate
4.51%
Number of Units
42
Occupancy
95.0%
Price/Unit
$200,000
Price/Gross SF
$334.26
Gross SF
25,130

Investment Overview

Marcus & Millichap is pleased to present Garfield Manor, a beautiful 42-unit apartment community located in Lodi. The community is comprised of 35 one-bedroom/one-bath units with 562 square feet, along with seven two-bedroom/one-bathroom units with 775 square feet. Nearly all of the units have received some renovation in recent years while management has continually pushed market rents. The utility expense at the property is unusual compared to most other apartments; the gas is master metered and the rest of the utilities, including water, sewer and garbage are billed directly to the residents from the City of Lodi. Comparatively this results in a lower expense burden to ownership than typically seen in other parts of the Central Valley. The next investor at Garfield Manor will have a great opportunity to collapse the loss-to-lease on a well-performing asset in a highly desirable town sandwiched between the major metros of Sacramento and Stockton. Please do not disturb management. All inquiries and tours must be scheduled with the listing agents.

Investment Highlights

  • Well-Performing Asset in Desirable Lodi, California
  • Over 10-Percent Loss-to-Lease Upside
  • Most Units Have Received Some Interior Renovation in Recent Years

Exclusively Listed By

Multifamily

Garfield Manor

Listing Price: $8,400,000

Cap Rate
4.51%
Number of Units
42
Occupancy
95.0%
Price/Unit
$200,000
Price/Gross SF
$334.26
Gross SF
25,130

Investment Highlights

  • Well-Performing Asset in Desirable Lodi, California
  • Over 10-Percent Loss-to-Lease Upside
  • Most Units Have Received Some Interior Renovation in Recent Years

Investment Overview

Marcus & Millichap is pleased to present Garfield Manor, a beautiful 42-unit apartment community located in Lodi. The community is comprised of 35 one-bedroom/one-bath units with 562 square feet, along with seven two-bedroom/one-bathroom units with 775 square feet. Nearly all of the units have received some renovation in recent years while management has continually pushed market rents. The utility expense at the property is unusual compared to most other apartments; the gas is master metered and the rest of the utilities, including water, sewer and garbage are billed directly to the residents from the City of Lodi. Comparatively this results in a lower expense burden to ownership than typically seen in other parts of the Central Valley. The next investor at Garfield Manor will have a great opportunity to collapse the loss-to-lease on a well-performing asset in a highly desirable town sandwiched between the major metros of Sacramento and Stockton. Please do not disturb management. All inquiries and tours must be scheduled with the listing agents.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower