Investment Overview

Marcus & Millichap is pleased to present Woolner Apartments, a welcoming apartment community located in the northeastern Bay Area community of Fairfield, California. The property consists of six total units across three separate parcels. Five of the units are true one-bedroom / one-bathroom apartments with attached or detached garages, and the sixth unit is a larger single-family home with an attached garage.   Current ownership has currently turned over / renovated three of the six units and has more than doubled the rents from the previous tenants. The next savvy investor could deploy the same proven value-add strategy on the remaining three units to yield a cap rate of nearly 7%. In addition to the three-unit renovations, current ownership has recently sealed and striped the parking lot creating three more spaces, overhauled the landscaping to be more drought resistant, and has replaced all electrical panels to 21st century standards. As mentioned previously, the property sits on three separate parcels: 1308 building (east building) is a triplex, 1306 (west building) is a duplex, and 1306A (northwest building) is a single family. The different parcels have a recorded easement with each other which allows them to qualify for 30-year fixed residential financing.   The Fairfield market continues to be a benefactor of coastal residents and general migrants eastward into more affordable communities. Fairfield’s strategic central location between San Francisco and Sacramento allows residents close proximity to the job market/entertainment options in both of Northern California’s metropolitan areas. California’s broader supply and demand imbalance is even more pronounced in Fairfield where there has been very little new construction over the last 20 years. Woolner apartments will continue to benefit from the macro-demographic trends in the changing employment/lifestyle landscape.   Please do not disturb management or tenants. All tours must be scheduled through the listing agent.