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Multifamily

Oxford Parkside Apartments

1424 Wake Forest Dr, Davis, CA 95616

Listing Price: $17,000,000

Cap Rate
4.17%
Number of Units
63
GRM
9.78
Occupancy
98.0%
Price/Unit
$269,841
Price/Gross SF
$424.28
Gross SF
40,068

Investment Overview

The DeLoney-Haeling Team of Marcus & Millichap is excited to offer Oxford Parkside Apartments in Davis, California for sale for the first time since the 1980s. The property is ideally located only about 2000ft from the entrance to UC Davis Campus at the intersection of Russell Boulevard and Sycamore Lane and is nestled amongst 2014 vintage and newer purpose-built graduate student housing. Residents can walk or bike to class. Residents also enjoy being adjacent to Oxford Circle Park, which has a beautiful redwood grove, shaded area with tables and BBQs and large grassy area complete with a frisbee golf course. A Trader Joe's is open at the Russell and Sycamore intersection even while The Davis Collection redevelopment project is underway with over 100,000sqft of retail and several anticipated outparcel restaurants and retail pads. The project is expected to open in 2025 with tenants like Nordstrom Rack, Ulta Beauty, PetSmart, etc. For those residents with vehicles, adequate off-street parking is provided and freeway access to Hwy113 is only a minute away providing access to I-80 a mile to the south.

After more than 35 years of continuous ownership, Oxford Parkside is perfectly suited for a value-add strategy by new ownership. The current scheduled rent averages just above $1700 per month while nearby competitors with similar offerings are leasing for $2300 per month for one-bedroom floorplans with similar finishes and floorplans. There are also two 19x17ft rooms on the second and third floors of the property that could be incorporated as an additional bedroom into an adjacent unit or converted into a Junior ADU additional unit for income. Ownership currently owns the laundry machines; a new owner could sign a new lease with newer point-of-sale machines and at a 50% split averaging $20/mo laundry usage per unit would see a fourfold increase in laundry income. Another avenue for adding value would be to expand downstairs patio spaces for those units facing the adjacent public park to private small backyards and charge a premium.

All tours must be conducted with listing agent present. Do not disturb management.

Investment Highlights

  • Approximately 30% upside in street rents in as-is condition
  • Walking distance to UC Davis campus & The Davis Collection Redevelopment
  • First time offered on market since the 1980's
  • Strong amenity offering for the size and vintage; onsite leasing office, study room, exercise room, swimming pool and laundry facilities

Exclusively Listed By

Multifamily

Oxford Parkside Apartments

Listing Price: $17,000,000

Cap Rate
4.17%
Number of Units
63
GRM
9.78
Occupancy
98.0%
Price/Unit
$269,841
Price/Gross SF
$424.28
Gross SF
40,068

Investment Highlights

  • Approximately 30% upside in street rents in as-is condition
  • Walking distance to UC Davis campus & The Davis Collection Redevelopment
  • First time offered on market since the 1980's
  • Strong amenity offering for the size and vintage; onsite leasing office, study room, exercise room, swimming pool and laundry facilities

Investment Overview

The DeLoney-Haeling Team of Marcus & Millichap is excited to offer Oxford Parkside Apartments in Davis, California for sale for the first time since the 1980s. The property is ideally located only about 2000ft from the entrance to UC Davis Campus at the intersection of Russell Boulevard and Sycamore Lane and is nestled amongst 2014 vintage and newer purpose-built graduate student housing. Residents can walk or bike to class. Residents also enjoy being adjacent to Oxford Circle Park, which has a beautiful redwood grove, shaded area with tables and BBQs and large grassy area complete with a frisbee golf course. A Trader Joe's is open at the Russell and Sycamore intersection even while The Davis Collection redevelopment project is underway with over 100,000sqft of retail and several anticipated outparcel restaurants and retail pads. The project is expected to open in 2025 with tenants like Nordstrom Rack, Ulta Beauty, PetSmart, etc. For those residents with vehicles, adequate off-street parking is provided and freeway access to Hwy113 is only a minute away providing access to I-80 a mile to the south. After more than 35 years of continuous ownership, Oxford Parkside is perfectly suited for a value-add strategy by new ownership. The current scheduled rent averages just above $1700 per month while nearby competitors with similar offerings are leasing for $2300 per month for one-bedroom floorplans with similar finishes and floorplans. There are also two 19x17ft rooms on the second and third floors of the property that could be incorporated as an additional bedroom into an adjacent unit or converted into a Junior ADU additional unit for income. Ownership currently owns the laundry machines; a new owner could sign a new lease with newer point-of-sale machines and at a 50% split averaging $20/mo laundry usage per unit would see a fourfold increase in laundry income. Another avenue for adding value would be to expand downstairs patio spaces for those units facing the adjacent public park to private small backyards and charge a premium. All tours must be conducted with listing agent present. Do not disturb management.

Exclusively Listed By

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