Investment Overview

Marcus & Millichap is pleased to present 212 E 4th St, 210 N C St and 412 E 4th St in Central Madera. The properties were built in 1976 and consists of 48 units on 1.03 acre lot. The properties sit on (3) separate parcel numbers with a total rentable square footage of approximately 30,982 square feet. The property has a very favorable unit mix: (10) studios that are approximately 403 square feet, (23) one-bedroom/one-bathroom that are approximately 590 square feet, (2) one-bedroom/two-bathroom that are approximately 811 square feet, (5) two-bedroom/one-bathroom that are approximately 634 square feet and (8) two-bedroom/two-bathroom townhouse style units that are approximately 1,073 square feet. The units are separately metered for gas and electric. Approximately 10% of the units have been upgraded with vinyl plank flooring and granite countertops. The other units have been upgraded with newer carpet and tile countertops. There is on-site laundry for additional income. The subject property has easy access on and off Highway 99 and located off E 4th Street in Central Madera, CA. There is many restaurants and other retail walking distance to the property. We are very close to Downtown Madera as well. The property is close to many schools: Sierra Vista Elementary (1.4 miles), Martin Luther King Jr. Middle School (1.1 miles) and Madera South High School (2.4 miles). There are some major retailers nearby: El Toro Loco Supermarket (0.5 miles), Dollar General (0.4 miles) and Walmart (1.8 miles). Central Madera is a very strong rental market with a very low vacancy rate. Priced at a 5.61% cap rate and 8.37 GRM on current income, the subject property represents a value-add opportunity through a higher-end interior upgrade on turnover and continuing to increase rents per year.