Investment Overview

Marcus & Millichap is pleased to present 828 D Street Apartments (the "Davis Bungalows"), an 8-unit multifamily community located in the heart of Davis, California. Built in 1964 and comprehensively renovated in 2023-2024, this well-maintained asset offers investors the opportunity to acquire a stabilized, income-producing property in one of Northern California's most supply-constrained rental markets, anchored by the University of California, Davis. The Davis Bungalows consist of a diverse unit mix, including four 1-bedroom/1-bathroom units averaging 600 square feet, three 2-bedroom/1-bathroom units averaging 850 square feet, and one 3-bedroom/2-bathroom unit spanning 1,100 square feet, totaling 6,050 rentable square feet on a 12,632 square-foot lot. This range of unit types allows the property to serve a broad spectrum of renters — from single UC Davis graduate students and staff to small families — while supporting stable occupancy, currently running at 96.5%, and consistent demand. Davis and the greater Sacramento region continue to experience strong demand for rental housing near UC Davis, driven by consistent university enrollment, a walkable downtown core, and some of the most restrictive residential development entitlements in Northern California. The property sits less than 1.5 miles from the UC Davis campus and within walking distance of downtown Davis, with Sutter Davis Hospital, the Davis Amtrak/Capitol Corridor station, and five grocery options all within a two-mile radius. 828 D Street is well-positioned to continue serving this essential rental demand while offering a new owner a clear, low-risk path to rent growth through its existing loss-to-lease.