Multifamily

1221-1241 12th Pl

Listing Price: $1,395,000

Cap Rate
5.77%
Number of Units
15
GRM
10.33
Occupancy
97.00%
Price/Unit
$93,000
Price/Gross SF
$155.00
Gross SF
9,000

Investment Overview

Marcus & Millichap is pleased to present 1221-1241 12th Place in the vibrant agricultural community of Merced, California. The property exclusively consists of single-story one bedroom/one bathroom apartment units that contain approximately 600 rentable square feet.

The exterior of the property has recently gone under major renovation which includes a new roof, re-landscaping, and a fresh coat of paint. Nine of the 15 units have also been extensively renovated which include granite countertops, vinyl plank flooring, new appliances, new cabinet fronts, and new tile backsplash in the kitchen and bathrooms. The property also features functional advantages such as single-story units, central HVAC, and individual hot water heaters. The property is a short drive away from the University of California Merced campus, which is the newest campus in the University of California University system. In January 2015, UC Merced was nationally classified with the Carnegie Classification for community engagement, along with UC Davis and UCLA.

The renovations have paved a path for the new owner to capitalize on a market that has seen massive rent growth as Bay Area residents move east to escape the high cost of living. By simply following current ownership's renovation spec, eroding the loss the lease on the rent roll, and taking advantage of record low interest rates, the next investor can expect a proforma cash on cash return of 14.25 percent. As more coastal residents move east into the California central valley and UC Merced continues to grow, coupled with virtually no new construction pipeline of apartments in Merced County, the area is expected to continue a growth pattern which makes apartment ownership in the region valuable and safe assets for years to come.

Please do not disturb management or tenants. All tours must be scheduled with the listing agents.

Investment Highlights

  • All Single-Story Cottage Style Units
  • All Central HVAC - Individual Hot Water Heaters
  • Nine of 15 Units Fully Renovated
  • Brand New Comp Shingle Roof - Fresh Exterior Paint
  • Located in Low Density Single Family Neighborhood - Close to CA-99
  • Proven Upside in Rents - Value Add Opportunity

Exclusively Listed By

Listing Price: $1,395,000

Cap Rate
5.77%
Number of Units
15
GRM
10.33
Occupancy
97.00%
Price/Unit
$93,000
Price/Gross SF
$155.00
Gross SF
9,000

Investment Highlights

  • All Single-Story Cottage Style Units
  • All Central HVAC - Individual Hot Water Heaters
  • Nine of 15 Units Fully Renovated
  • Brand New Comp Shingle Roof - Fresh Exterior Paint
  • Located in Low Density Single Family Neighborhood - Close to CA-99
  • Proven Upside in Rents - Value Add Opportunity

Investment Overview

Marcus & Millichap is pleased to present 1221-1241 12th Place in the vibrant agricultural community of Merced, California. The property exclusively consists of single-story one bedroom/one bathroom apartment units that contain approximately 600 rentable square feet.

The exterior of the property has recently gone under major renovation which includes a new roof, re-landscaping, and a fresh coat of paint. Nine of the 15 units have also been extensively renovated which include granite countertops, vinyl plank flooring, new appliances, new cabinet fronts, and new tile backsplash in the kitchen and bathrooms. The property also features functional advantages such as single-story units, central HVAC, and individual hot water heaters. The property is a short drive away from the University of California Merced campus, which is the newest campus in the University of California University system. In January 2015, UC Merced was nationally classified with the Carnegie Classification for community engagement, along with UC Davis and UCLA.

The renovations have paved a path for the new owner to capitalize on a market that has seen massive rent growth as Bay Area residents move east to escape the high cost of living. By simply following current ownership's renovation spec, eroding the loss the lease on the rent roll, and taking advantage of record low interest rates, the next investor can expect a proforma cash on cash return of 14.25 percent. As more coastal residents move east into the California central valley and UC Merced continues to grow, coupled with virtually no new construction pipeline of apartments in Merced County, the area is expected to continue a growth pattern which makes apartment ownership in the region valuable and safe assets for years to come.

Please do not disturb management or tenants. All tours must be scheduled with the listing agents.

Exclusively Listed By

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