Investment Overview

Marcus & Millichap is pleased to bring to market for the first time ever, the Castillian Apartments. Built in 1965, the 17-unit apartment community is located at 2617 G Street in the Marshall School neighborhood of downtown/midtown Sacramento. The two-story single building sits on a 0.29-acre lot and is comprised of one studio, 12 one-bedroom/one-bath, and four two-bedroom/one-bath units ranging from approximately 450 to 753 square feet (Buyer is responsible for verifying the exact). The property features stucco exteriors, single-pane windows, wall heat and air, flat composite roof, fire alarm system, pool, two landlord storage rooms, security camera system, and individual electric water heaters. Additionally, the all-electric property has income generating tuck under reserved parking, an on-site laundry room with owner owned machines, BBQ/picnic area, patios/balconies in select units, and gated access. Currently, the rents are under market and will allow the next investor to take advantage of the loss to lease opportunity. The most obvious value-add opportunity is through the completion of interior renovations and increasing rents to market as units turnover. A new investor also has the opportunity to implement a RUBS program to further increase the property’s cash flow. Residents benefit from living in a prime location within walking distance to many employers including the State, restaurants, entertainment, shopping, Sutter General Hospital, Golden 1 Center, and the California State Capitol. The construction of the Sacramento Kings Golden 1 Center has created a swell of activity and has attracted the interest of many investors to this highly desirable submarket. The nearby Railyards project, one of the largest urban development sites in the United States, is planned to be a mixed-use hub for entertainment, retail, housing, office, theaters, parks, hotels, museums, and anchored by Kaiser Permanente’s new 400,000 square-foot hospital development. The property represents a rare opportunity for any investor to capture a well-located asset with the potential to provide investors with healthy cash flow returns and long-term appreciation. Under no circumstance shall a prospective Buyer, Agent, Vendor and or Broker visit the site without Seller's consent. Please do not disturb on-site management or tenants. All showings must be scheduled with the listing agent.