Investment Overview

Marcus & Millichap is pleased to present fee simple interest in 1818 P Street, a beautifully renovated apartment community located in the heart of midtown Sacramento. The property features a mix of one-bedroom / one-bathroom units and two-bedroom / one-bathroom townhouse units. The property was originally built in 1954 but has recently gone through an extensive renovation inside and out. The interior renovation spec includes vinyl plank flooring, new cabinetry, new stainless-steel appliances, quartz countertops, and a stackable washer-dryer unit. Current ownership also spared no expense on the exterior by replacing the roof, the property's gutter system, new double pane windows, renovated hallways, and have improved the building aesthetics with new fascia boards. The property also has gated off-street tuck-under parking, a rare amenity for the high-density midtown market. The large open floorplans also separate 1818 P from its nearby competition. The property is in one of the best rental locations in the entire California Central Valley. Nestled in the heart of Midtown, the property affords residents walking distance access to some of Sacramento’s best entertainment and employment opportunities. Assuming the lease up the remaining units at rates that have already been achieved elsewhere in the complex, the next savvy investor can expect a CAP rate in excess of 5.5%, a rate of return higher than most recent sale comps in midtown. All tours must be scheduled through the listing agent. Please do not disturb tenants or management.