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Multifamily

The Summit at Yuba City

1171 Kenny Dr, Yuba City, CA 95991

Listing Price: $3,500,000

Cap Rate
5.16%
Number of Units
22
Occupancy
97.0%
Price/Unit
$159,091
Price/Gross SF
$192.31
Gross SF
18,200

Investment Overview

Marcus & Millichap is pleased to present The Summit Apartments, a beautifully renovated garden-style apartment community located in Yuba City, California. The Summit was originally constructed in 1977 but has seen extensive upgrades since current ownership purchased the property almost three years ago. The property consists of 14 two-bedroom/one-bathroom units with approximately 880 rentable square-feet, seven one-bedroom/one-bathroom floor plans with approximately 650 rentable square feet, and one one-bedroom /one-bathroom floor plans with approximately 494 rentable square feet. The offering provides a unique opportunity to add value through interior renovations as units become available. Current ownership has renovated roughly half of the units with beautiful upgrades that didn’t spare any expense. Typical renovation spec includes brand new cabinetry, granite / quartz countertops, luxury vinyl plank flooring, new appliances, and new doors. In addition to interior renovations, current ownership has completely revamped the exterior of the property by relandscaping the property, brand new signage, new paint, creating of BBQ / sitting area, and a new parking lot. The property also has functional advantages such has central HVAC units, ample parking, and has some of the biggest units in the entire neighborhood. Despite the recent upgrades, the unrenovated units remain far under market, with competitive sets suggesting 25-percent loss to lease on the August 2022 rent roll. This represents an opportunity for a new savvy investor to follow the proven upside model and realize an almost 10 percent cash on cash return with current available debt. Residents enjoy easy access to Feather Downs Shopping Center and the Yuba Sutter Mall, which includes national retailers such as JC Penney, Sears, CVS, Starbucks, Raley’s Supermarket, along with several other shopping and entertainment venues. Yuba City has recently seen local employment growth due to the recently constructed Hard Rock Casino and Resort, Yuba City College, Beale Air Force Base as well as the expansion of Rideout Memorial Hospital. Yuba City is also a 45-minute drive from Sacramento on either Highway 65 or 70, and around two hours from the Greater Bay Area connecting to Interstate 80. All tours must be scheduled through the listing agents. Please do not disturb management or tenants.

Investment Highlights

  • Value-Add Opportunity
  • Property Exterior Completely Renovated
  • Roughly 50 Percent of Units Fully Renovated

Exclusively Listed By

Multifamily

The Summit at Yuba City

Listing Price: $3,500,000

Cap Rate
5.16%
Number of Units
22
Occupancy
97.0%
Price/Unit
$159,091
Price/Gross SF
$192.31
Gross SF
18,200

Investment Highlights

  • Value-Add Opportunity
  • Property Exterior Completely Renovated
  • Roughly 50 Percent of Units Fully Renovated

Investment Overview

Marcus & Millichap is pleased to present The Summit Apartments, a beautifully renovated garden-style apartment community located in Yuba City, California. The Summit was originally constructed in 1977 but has seen extensive upgrades since current ownership purchased the property almost three years ago. The property consists of 14 two-bedroom/one-bathroom units with approximately 880 rentable square-feet, seven one-bedroom/one-bathroom floor plans with approximately 650 rentable square feet, and one one-bedroom /one-bathroom floor plans with approximately 494 rentable square feet. The offering provides a unique opportunity to add value through interior renovations as units become available. Current ownership has renovated roughly half of the units with beautiful upgrades that didn’t spare any expense. Typical renovation spec includes brand new cabinetry, granite / quartz countertops, luxury vinyl plank flooring, new appliances, and new doors. In addition to interior renovations, current ownership has completely revamped the exterior of the property by relandscaping the property, brand new signage, new paint, creating of BBQ / sitting area, and a new parking lot. The property also has functional advantages such has central HVAC units, ample parking, and has some of the biggest units in the entire neighborhood. Despite the recent upgrades, the unrenovated units remain far under market, with competitive sets suggesting 25-percent loss to lease on the August 2022 rent roll. This represents an opportunity for a new savvy investor to follow the proven upside model and realize an almost 10 percent cash on cash return with current available debt. Residents enjoy easy access to Feather Downs Shopping Center and the Yuba Sutter Mall, which includes national retailers such as JC Penney, Sears, CVS, Starbucks, Raley’s Supermarket, along with several other shopping and entertainment venues. Yuba City has recently seen local employment growth due to the recently constructed Hard Rock Casino and Resort, Yuba City College, Beale Air Force Base as well as the expansion of Rideout Memorial Hospital. Yuba City is also a 45-minute drive from Sacramento on either Highway 65 or 70, and around two hours from the Greater Bay Area connecting to Interstate 80. All tours must be scheduled through the listing agents. Please do not disturb management or tenants.

Exclusively Listed By

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