Investment Overview

Marcus & Millichap is pleased to present 2213 Peppermint Drive Apartments in Modesto, California. This single level community is comprised of three buildings that were built in approximately 1978 and sits on a .72 Acres lot. The desirable unit mix is made up of ten (10) two (2) bedroom one (1) bathroom units estimated at 830 square feet each. The buildings feature wood siding exteriors, dual pane windows, wall heat & air units, storage units, reserved covered on-site parking, and durable adobe tile pitched roofs. The landscaping has mature shrubs, trees, and is drought resistant which will help lower water costs. Unit features include spacious floor plans, washer and dryer hook ups, individual water heaters, and select units have backyards. This opportunity allows a Buyer the opportunity to increase rents on seven (7) units and consistently increase rents every year providing long-term healthy cash ?ow returns and appreciation being located in a constrained housing supply market. A standard year one nine point two percent (9.2%) rent increase across the board will yield a net operating income of approximately $118,046 increasing the CAP Rate by nearly 70 bps. 2213 Peppermint Drive Apartments is located within minutes of Highway 99, various shopping centers, schools, public parks, restaurants and downtown Modesto. Several California metropolitan areas like Modesto that are located on the outskirts of the Bay Area, have some of the nation’s highest share of “super commuters.” Central valley communities are leading the way with many residents traveling two or more hours to and from work each day. The rapid influx of residents seeking affordability has driven vacancies down to record lows and continues to drive rental growth. As housing supply struggles to keep pace with the influx of residents, apartment owners in Modesto are in a favorable position to maintain high occupancy rates and steady rental income. DRIVE BY ONLY. ALL PROPERTY SHOWINGS ARE SUBJECT TO SELLER ACCEPTED OFFER ONLY. PLEASE CONSULT MARCUS & MILLICHAP LISTING AGENT FOR MORE DETAILS. PLEASE DO NOT DISTURB TENANTS.