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Multifamily Tax Credit

Kings View Manor (Senior LIHTC)

949 E Annadale Ave, Fresno, CA 93706

Listing Price: $8,900,000

Cap Rate
5.76%
Number of Units
106
GRM
8.00
Occupancy
95.0%
Price/Unit
$83,962
Price/Gross SF
$115.62
Gross SF
76,974

Investment Overview

Marcus and Millichap is proud to present Kings View Manor, located at 949 E Annadale Ave in the Brookhaven neighborhood of Fresno, CA. This 106-unit senior community, catering to residents aged 55 and older, offers a blend of comfort and convenience. Built in 1991, Kings View Manor features 55 one-bedroom apartments, each approximately 400 square feet, and 51 two-bedroom apartments, each approximately 560 square feet. The property consists of a single, well-maintained two-story building, providing residents with a peaceful and supportive living environment.

Kings View Manor, located at 949 E Annadale Ave, Fresno, CA, is ideally situated to offer residents a convenient and vibrant lifestyle. As a senior community for ages 55 and older, it provides easy access to a variety of essential and recreational amenities. The property is just a short drive from the Annadale hopping Center and Fresno Fashion Fair Mall, where residents can enjoy a wide range of retail stores, dining options, nd entertainment venues.

Healthcare needs are well catered for with nearby facilities such as Community Regional Medical Center and Saint Agnes Medical Center, ensuring residents have peace of mind with quality medical care within reach. The community is also close to several parks, including Roosevelt Community Park, offering beautiful green spaces for relaxation and leisure activities. Convenient access to major highways, including Highway 99 and Highway 41, allows for easy travel to downtown Fresno and beyond. Public transportation options, such as local bus routes and the Fresno Amtrak station, further enhance the mobility of residents.

Kings View Manor's strategic location combines the tranquility of a senior community with the vibrancy of nearby retail, healthcare, and recreational facilities, making it an ideal place for seniors to enjoy their golden years.

Kings View Manor has achieved substantial housing assistance rents through Housing Choice Voucher Section 8 Tenants. Currently (August 2024) there are 46 Section 8 Tenants which makes up 44% of the complex, and the subsidization received by these vouchers makes up ~38% of the total rent.

Section 42 Program -
The property had a 9% allocation and was Placed in Service in 1995. The Tax Credit Period Ended in 2005. The Tax Credit Compliance Period Ended in 2010. The Land Use Regulatory Agreement expires in 2050. The complex is also located in a QCT designated area, so it would benefit from a basis boost in the case of a resyndication (assumes qualifying factors persist at the time of 4% or 9% application).

Investment Highlights

  • 106-Unit Senior 55+ LIHTC Community with 25 Year Remaining on LURA.
  • Attractive, Long-term Price-per-Unit of $84,000 in Fresno, CA.
  • Strong Unit Mix with 51 Two-Bedrooms Units and 55 One-Bedroom Units.
  • 46 HCV Section 8 Tenants Currently (44% of Complex / 38% of Rent is subsidized) Provides Rent Above CTCAC Max Rents and Secures Cash Flow Through Subsidization.

Exclusively Listed By

Multifamily Tax Credit

Kings View Manor (Senior LIHTC)

Listing Price: $8,900,000

Cap Rate
5.76%
Number of Units
106
GRM
8.00
Occupancy
95.0%
Price/Unit
$83,962
Price/Gross SF
$115.62
Gross SF
76,974

Investment Highlights

  • 106-Unit Senior 55+ LIHTC Community with 25 Year Remaining on LURA.
  • Attractive, Long-term Price-per-Unit of $84,000 in Fresno, CA.
  • Strong Unit Mix with 51 Two-Bedrooms Units and 55 One-Bedroom Units.
  • 46 HCV Section 8 Tenants Currently (44% of Complex / 38% of Rent is subsidized) Provides Rent Above CTCAC Max Rents and Secures Cash Flow Through Subsidization.

Investment Overview

Marcus and Millichap is proud to present Kings View Manor, located at 949 E Annadale Ave in the Brookhaven neighborhood of Fresno, CA. This 106-unit senior community, catering to residents aged 55 and older, offers a blend of comfort and convenience. Built in 1991, Kings View Manor features 55 one-bedroom apartments, each approximately 400 square feet, and 51 two-bedroom apartments, each approximately 560 square feet. The property consists of a single, well-maintained two-story building, providing residents with a peaceful and supportive living environment. Kings View Manor, located at 949 E Annadale Ave, Fresno, CA, is ideally situated to offer residents a convenient and vibrant lifestyle. As a senior community for ages 55 and older, it provides easy access to a variety of essential and recreational amenities. The property is just a short drive from the Annadale hopping Center and Fresno Fashion Fair Mall, where residents can enjoy a wide range of retail stores, dining options, nd entertainment venues. Healthcare needs are well catered for with nearby facilities such as Community Regional Medical Center and Saint Agnes Medical Center, ensuring residents have peace of mind with quality medical care within reach. The community is also close to several parks, including Roosevelt Community Park, offering beautiful green spaces for relaxation and leisure activities. Convenient access to major highways, including Highway 99 and Highway 41, allows for easy travel to downtown Fresno and beyond. Public transportation options, such as local bus routes and the Fresno Amtrak station, further enhance the mobility of residents. Kings View Manor's strategic location combines the tranquility of a senior community with the vibrancy of nearby retail, healthcare, and recreational facilities, making it an ideal place for seniors to enjoy their golden years. Kings View Manor has achieved substantial housing assistance rents through Housing Choice Voucher Section 8 Tenants. Currently (August 2024) there are 46 Section 8 Tenants which makes up 44% of the complex, and the subsidization received by these vouchers makes up ~38% of the total rent. Section 42 Program - The property had a 9% allocation and was Placed in Service in 1995. The Tax Credit Period Ended in 2005. The Tax Credit Compliance Period Ended in 2010. The Land Use Regulatory Agreement expires in 2050. The complex is also located in a QCT designated area, so it would benefit from a basis boost in the case of a resyndication (assumes qualifying factors persist at the time of 4% or 9% application).

Exclusively Listed By

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