Multifamily

243-245 E 23rd Street

243-245 E 23rd Street, Merced, CA 95340

Listing Price: $950,000

Cap Rate
6.71%
Number of Units
10
GRM
10.13
Occupancy
97.00%
Price/Unit
$95,000
Price/Gross SF
$158.33
Gross SF
6,000

Investment Overview

Marcus & Millichap is pleased to present 243-245 E 23rd Street in Merced, California. The ten-unit property has eight buildings consisting of two single-family homes and six cottage-style homes comprised of one studio unit at approximately 400 square feet, six one-bedroom/one-bathroom units at approximately 500 square feet, two two-bedroom/one-bathroom house units at approximately 700 square feet, and one four-bedroom/two-bathroom unit at approximately 1200 square feet which sits on two identical 0.4-acre lot parcels. All units have individual water heaters and are individually gas metered. The current ownership has upgraded four units with flooring, kitchens, baths, and paint. Select units have their private car port and private yards.

243-245 E 23rd Street is located right off Highway 99 in Merced, California. Merced and the surrounding Central Valley submarkets have experienced rent growth due to the outward pressures of the Bay Area and the Sacramento region. There has been a migration trend to the Central Valley which is causing a rapid growth of super commuters due to the rising cost of housing. A new buyer with the opportunity to acquire an apartment building in a low interest rate environment with 8.59-percent cash-on-cash return. This offering provides a new buyer with the opportunity to acquire a value-add property and with the continuation of the renovation program, an investor will surely benefit from the increased cash flows for many years to come.

Drive-by only. Please do not disturb tenants. All tours must be scheduled through the listing agents in advance.

Investment Highlights

  • 8.59-Percent Cash on Cash Return
  • SFHs and Cottage Style Homes
  • Individual Water Heaters and Gas Meters
  • 40 Percent of Units Upgraded
  • Select Units have Carports and Private Yards

Exclusively Listed By

Listing Price: $950,000

Cap Rate
6.71%
Number of Units
10
GRM
10.13
Occupancy
97.00%
Price/Unit
$95,000
Price/Gross SF
$158.33
Gross SF
6,000

Investment Highlights

  • 8.59-Percent Cash on Cash Return
  • SFHs and Cottage Style Homes
  • Individual Water Heaters and Gas Meters
  • 40 Percent of Units Upgraded
  • Select Units have Carports and Private Yards

Investment Overview

Marcus & Millichap is pleased to present 243-245 E 23rd Street in Merced, California. The ten-unit property has eight buildings consisting of two single-family homes and six cottage-style homes comprised of one studio unit at approximately 400 square feet, six one-bedroom/one-bathroom units at approximately 500 square feet, two two-bedroom/one-bathroom house units at approximately 700 square feet, and one four-bedroom/two-bathroom unit at approximately 1200 square feet which sits on two identical 0.4-acre lot parcels. All units have individual water heaters and are individually gas metered. The current ownership has upgraded four units with flooring, kitchens, baths, and paint. Select units have their private car port and private yards.

243-245 E 23rd Street is located right off Highway 99 in Merced, California. Merced and the surrounding Central Valley submarkets have experienced rent growth due to the outward pressures of the Bay Area and the Sacramento region. There has been a migration trend to the Central Valley which is causing a rapid growth of super commuters due to the rising cost of housing. A new buyer with the opportunity to acquire an apartment building in a low interest rate environment with 8.59-percent cash-on-cash return. This offering provides a new buyer with the opportunity to acquire a value-add property and with the continuation of the renovation program, an investor will surely benefit from the increased cash flows for many years to come.

Drive-by only. Please do not disturb tenants. All tours must be scheduled through the listing agents in advance.

Exclusively Listed By

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