Investment Overview

Marcus & Millichap is pleased to present 19 units located at 1431 E 21st Street in Merced, CA. The property was built in 1981 and features (1) one-bedroom/one-bathroom that is approximately 775 square feet and (18) two-bedroom/one-bathroom units that are approximately 775 square feet each. The property has plenty of parking with open parking spots as well as street parking. The property has a laundry room for additional income. Property is separately metered for gas and electric. The Subject property is located off Yosemite Parkway and E 21st St. The property is very well maintained but mismanaged. Some of the units have been renovated with vinyl plank flooring and granite countertops. Currently the rents are 21% below the market. The property is located in a quiet residential neighborhood with easy access on and off of Freeway. The property is close to many schools: Charles Wright Elementary (0.4 miles), Herbert Hoover Intermediate (1 mile), Golden Valley High School (0.8 miles) and Merced College (3.7 miles). Priced at a 5.73% Cap Rate and 7.90 GRM on current operations, this property offers an investor a positive leverage opportunity to continue interior renovations and increase rents on turnover. This is a true value-add opportunity.