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Multifamily

Rumble Road Apartments

2531 W Rumble Rd, Modesto, CA 95350

Listing Price: $17,950,000

Cap Rate
5.08%
Number of Units
50
Price/Unit
$359,000
Price/Gross SF
$304.18
Gross SF
59,012

Investment Overview

Marcus & Millichap is pleased to exclusively present the newly constructed Rumble Road Apartments located at 2531 West Rumble Road in Northwest Modesto, California. This unique, brand new 2023 construction consists of three, two-story buildings, along with one, one-story office/clubhouse for a total of 50 units. The property is comprised of a unit mix that includes 10 one-bedroom/one-bathroom units and 40 two-bedroom/two-bathroom units. The property offers a unit mix of one-bedroom units that are approximately 726 square feet and two-bedroom/two-bathroom units that vary in size which range from approximately 887 square feet to 891 square feet. The buildings feature ample covered and uncovered parking along with balconies and covered patios. Rumble Road Apartments is a fully amenitized modern property featuring 50 thoughtfully designed market-rate units complete with full-size washers and dryers, quartz countertops, stainless steel appliances, walk-in closets, luxury vinyl tiling, and a clubhouse which includes a leasing office, fitness center, and lounge area. Located just off Highway 99 and with quick access to R-120, Rumble Road Apartments in Modesto, California are the perfect place for anyone seeking upscale apartment living or an easy commute. Surrounded by a friendly community with landscaped pathways and a state-of-the-art fitness center, Rumble Road Apartments are an oasis where comfort is always a priority. With proximity to major employers like the Kaiser Permanente Memorial Medical Center as well as local favorites like Vintage Faire Mall, tenant expectations are always met with a surplus of recreational activities to take advantage of accompanied by some of the Central Valleys finest eateries, wineries, and shopping centers. Other major employers in Modesto are the county and city government. Local health care jobs are abundant, with Memorial Medical Center, Doctors Medical Center of Modesto and Kaiser Permanente all having facilities in the area. Modesto, California attracts those looking for the balance created by a culturally rich city center surrounded by quiet residential neighborhoods. Downtown offers lively entertainment from concerts to comedy showcases in both large and intimate venues. The region’s thriving agriculture industry and pleasant weather have influenced the landscaping everywhere. Neighborhoods are lined with towering old trees, and numerous parks provide peaceful settings for walks and jogs. Modesto is also encircled by farmland that’s focused on feeding the nation and the world with lettuce, grapes, almonds, and dairy products. Modesto’s central valley location puts residents in close proximity to the grandeur of Yosemite National Park, the snow sports of Lake Tahoe, and the cultural attractions of San Francisco. Much of Modesto’s economy is built around agriculture. Jobs are available with local dairy farms, vegetable patches, fruit tree farms, and nut tree ranches. Some of the largest employers in the area include E&J Gallo Winery, Amazon, Del Monte Foods, and a range of vegetable and fruit processing companies. The Central Valley has been experiencing steady and accelerated appreciation growth in the multifamily investment sector due to the strong fundamentals in the market. The multifamily sector has seen significant interest from real estate investors across the country. As a result, Central Valley owners have benefited tremendously over the past 10 years, enjoying an appreciation growth of 252 percent in that period. In addition, the real estate industry’s mantra of “location, location, location” perfectly describes a key attribute of California’s Central Valley and its desirable proximity to the state’s two powerhouse employment and business hubs, San Francisco to the west and Los Angeles to the south. In fact, the area’s affordable housing costs continue to attract residents from both of its larger, high-cost-of-living neighbors, making the Central Valley the state’s fastest-growing region. Investors are also taking note of a potential game changer ahead: The long-awaited arrival of high-speed rail could deliver greater connectivity to both Los Angeles and the Bay Area, and further accelerate economic growth across the region. The first operational segment of the rail line between the San Joaquin Valley and Silicon Valley is tentatively scheduled for 2025. The prospects of continuing population and job growth — as well as higher risk-adjusted returns — position the Central Valley as an interesting and attractive opportunity for real estate investors. Investors have the opportunity to acquire a brand-new investment with years of minimal maintenance, energy efficient features, and a 15-year exemption to AB-1482 rent control (Buyer to verify).

Investment Highlights

  • Brand New 2023 Construction Located in a Supply-Constrained Market
  • Unit Mix of One and Two-Bedroom Units
  • Top-of-the-Market Amenities and Finishes
  • AB1482 Not Applicable for 15 Years (Buyer to Verify)
  • Situated in the Thriving and Growing Central Valley Employment Market

Exclusively Listed By

Multifamily

Rumble Road Apartments

Listing Price: $17,950,000

Cap Rate
5.08%
Number of Units
50
Price/Unit
$359,000
Price/Gross SF
$304.18
Gross SF
59,012

Investment Highlights

  • Brand New 2023 Construction Located in a Supply-Constrained Market
  • Unit Mix of One and Two-Bedroom Units
  • Top-of-the-Market Amenities and Finishes
  • AB1482 Not Applicable for 15 Years (Buyer to Verify)
  • Situated in the Thriving and Growing Central Valley Employment Market

Investment Overview

Marcus & Millichap is pleased to exclusively present the newly constructed Rumble Road Apartments located at 2531 West Rumble Road in Northwest Modesto, California. This unique, brand new 2023 construction consists of three, two-story buildings, along with one, one-story office/clubhouse for a total of 50 units. The property is comprised of a unit mix that includes 10 one-bedroom/one-bathroom units and 40 two-bedroom/two-bathroom units. The property offers a unit mix of one-bedroom units that are approximately 726 square feet and two-bedroom/two-bathroom units that vary in size which range from approximately 887 square feet to 891 square feet. The buildings feature ample covered and uncovered parking along with balconies and covered patios. Rumble Road Apartments is a fully amenitized modern property featuring 50 thoughtfully designed market-rate units complete with full-size washers and dryers, quartz countertops, stainless steel appliances, walk-in closets, luxury vinyl tiling, and a clubhouse which includes a leasing office, fitness center, and lounge area. Located just off Highway 99 and with quick access to R-120, Rumble Road Apartments in Modesto, California are the perfect place for anyone seeking upscale apartment living or an easy commute. Surrounded by a friendly community with landscaped pathways and a state-of-the-art fitness center, Rumble Road Apartments are an oasis where comfort is always a priority. With proximity to major employers like the Kaiser Permanente Memorial Medical Center as well as local favorites like Vintage Faire Mall, tenant expectations are always met with a surplus of recreational activities to take advantage of accompanied by some of the Central Valleys finest eateries, wineries, and shopping centers. Other major employers in Modesto are the county and city government. Local health care jobs are abundant, with Memorial Medical Center, Doctors Medical Center of Modesto and Kaiser Permanente all having facilities in the area. Modesto, California attracts those looking for the balance created by a culturally rich city center surrounded by quiet residential neighborhoods. Downtown offers lively entertainment from concerts to comedy showcases in both large and intimate venues. The region’s thriving agriculture industry and pleasant weather have influenced the landscaping everywhere. Neighborhoods are lined with towering old trees, and numerous parks provide peaceful settings for walks and jogs. Modesto is also encircled by farmland that’s focused on feeding the nation and the world with lettuce, grapes, almonds, and dairy products. Modesto’s central valley location puts residents in close proximity to the grandeur of Yosemite National Park, the snow sports of Lake Tahoe, and the cultural attractions of San Francisco. Much of Modesto’s economy is built around agriculture. Jobs are available with local dairy farms, vegetable patches, fruit tree farms, and nut tree ranches. Some of the largest employers in the area include E&J Gallo Winery, Amazon, Del Monte Foods, and a range of vegetable and fruit processing companies. The Central Valley has been experiencing steady and accelerated appreciation growth in the multifamily investment sector due to the strong fundamentals in the market. The multifamily sector has seen significant interest from real estate investors across the country. As a result, Central Valley owners have benefited tremendously over the past 10 years, enjoying an appreciation growth of 252 percent in that period. In addition, the real estate industry’s mantra of “location, location, location” perfectly describes a key attribute of California’s Central Valley and its desirable proximity to the state’s two powerhouse employment and business hubs, San Francisco to the west and Los Angeles to the south. In fact, the area’s affordable housing costs continue to attract residents from both of its larger, high-cost-of-living neighbors, making the Central Valley the state’s fastest-growing region. Investors are also taking note of a potential game changer ahead: The long-awaited arrival of high-speed rail could deliver greater connectivity to both Los Angeles and the Bay Area, and further accelerate economic growth across the region. The first operational segment of the rail line between the San Joaquin Valley and Silicon Valley is tentatively scheduled for 2025. The prospects of continuing population and job growth — as well as higher risk-adjusted returns — position the Central Valley as an interesting and attractive opportunity for real estate investors. Investors have the opportunity to acquire a brand-new investment with years of minimal maintenance, energy efficient features, and a 15-year exemption to AB-1482 rent control (Buyer to verify).

Exclusively Listed By

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