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Multifamily

Crystal Manor

1100 West St, Suisun City, CA 94585

Listing Price: $5,680,000

Cap Rate
5.68%
Number of Units
30
Occupancy
100.0%
Price/Unit
$189,333
Price/Gross SF
$315.56
Gross SF
18,000

Investment Overview

This offering consists of a thirty-unit apartment community, situated in desirable Suisun City, California. Tenants benefit from easy access to Highway 80, Highway 4 and a nearly equidistant commute to either Sacramento or Bay Area job centers. As a result of the stellar location, the complex has benefited from strong historical occupancy. The property sits on a spacious 1.29-acre parcel with well-manicured landscaping. Per property records, the complex was built in 1973, of wood frame construction, a flat roof, interior hallways, elevator, and common area laundry room. All thirty units consist of one-bedroom/one-bath layouts with gas stoves, garbage disposals, gas wall furnaces, carpeted living areas, and linoleum in bathrooms and kitchens. . Each unit benefits from either a patio (for ground floor units) or balcony (for top floor units), and the units are accessed via. interior hallways, with a secured entryway. There is a large unwarranted unit, with plans to add a permitted two-bedroom/one bath apartment, which is plumbed, and has existing electric service. The two common area laundry rooms, one on each floor, are on lease with WASH, and there is a large, currently unutilized storage / office space to the front of the building. The subject property is separately metered for PG&E and owner pays for gas, common area electric, trash, and sewer water. The subject property provides in-demand workforce housing, in a rapidly growing area, with a prohibitive average housing cost of $515,000 as of 2021. The high housing costs of the immediately surrounding area, and rapid growth created by proposed nearby job centers such as the Hwy 12 Logistics Center with up to 1.28 million sq. ft. on 93-acres, and the Suisun City Logistics Center development, with up to 2.1 million square feet of industrial development on 120-acres*, puts this multifamily offering squarely in the path of job growth, with likely further upward pressure on rents. The one-bedroom unit layouts ensure optimal demand, with a low rental price-point that is among the most affordable in the area. Across the street from 1100 West is the Main Street West development of up to seventy-one new homes, which are currently under construction, and should further increase the desirability of the subject property. * https://www.dailyrepublic.com/all-dr-news/solano-news/suisun-city/logistics-center-proposal-goes-before-suisun-planning-commission

Investment Highlights

  • Surrounded by growth with nearby proposed Suisun City Logistics Center, Highway 12 Logistics Center, and Main Street West development of new homes (currently under construction).
  • Strong tenant demand with historical occupancy near 100%.
  • Interior hallways, two-on-site laundry rooms, and potential addition of a two-bedroom/one bath unit (currently unpermitted and unrented).

Exclusively Listed By

  • Jon A. Holmquist

    Senior Managing Director Investments

    (415) 625-2117

    Email Jon

    License(s): CA: 01257479

    San Francisco

Multifamily

Crystal Manor

Listing Price: $5,680,000

Cap Rate
5.68%
Number of Units
30
Occupancy
100.0%
Price/Unit
$189,333
Price/Gross SF
$315.56
Gross SF
18,000

Investment Highlights

  • Surrounded by growth with nearby proposed Suisun City Logistics Center, Highway 12 Logistics Center, and Main Street West development of new homes (currently under construction).
  • Strong tenant demand with historical occupancy near 100%.
  • Interior hallways, two-on-site laundry rooms, and potential addition of a two-bedroom/one bath unit (currently unpermitted and unrented).

Investment Overview

This offering consists of a thirty-unit apartment community, situated in desirable Suisun City, California. Tenants benefit from easy access to Highway 80, Highway 4 and a nearly equidistant commute to either Sacramento or Bay Area job centers. As a result of the stellar location, the complex has benefited from strong historical occupancy. The property sits on a spacious 1.29-acre parcel with well-manicured landscaping. Per property records, the complex was built in 1973, of wood frame construction, a flat roof, interior hallways, elevator, and common area laundry room. All thirty units consist of one-bedroom/one-bath layouts with gas stoves, garbage disposals, gas wall furnaces, carpeted living areas, and linoleum in bathrooms and kitchens. . Each unit benefits from either a patio (for ground floor units) or balcony (for top floor units), and the units are accessed via. interior hallways, with a secured entryway. There is a large unwarranted unit, with plans to add a permitted two-bedroom/one bath apartment, which is plumbed, and has existing electric service. The two common area laundry rooms, one on each floor, are on lease with WASH, and there is a large, currently unutilized storage / office space to the front of the building. The subject property is separately metered for PG&E and owner pays for gas, common area electric, trash, and sewer water. The subject property provides in-demand workforce housing, in a rapidly growing area, with a prohibitive average housing cost of $515,000 as of 2021. The high housing costs of the immediately surrounding area, and rapid growth created by proposed nearby job centers such as the Hwy 12 Logistics Center with up to 1.28 million sq. ft. on 93-acres, and the Suisun City Logistics Center development, with up to 2.1 million square feet of industrial development on 120-acres*, puts this multifamily offering squarely in the path of job growth, with likely further upward pressure on rents. The one-bedroom unit layouts ensure optimal demand, with a low rental price-point that is among the most affordable in the area. Across the street from 1100 West is the Main Street West development of up to seventy-one new homes, which are currently under construction, and should further increase the desirability of the subject property. * https://www.dailyrepublic.com/all-dr-news/solano-news/suisun-city/logistics-center-proposal-goes-before-suisun-planning-commission

Exclusively Listed By

  • Jon A. Holmquist

    Senior Managing Director Investments

    (415) 625-2117

    Email Jon

    License(s): CA: 01257479

    San Francisco

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