Multifamily

Condos on Pleasant Street

342 Pleasant St, Grass Valley, CA 95945

Listing Price: $1,685,000

Cap Rate
4.98%
Number of Units
7
GRM
13.63
Occupancy
97.00%
Price/Unit
$240,714
Price/Gross SF
$176.81
Gross SF
9,530

Investment Overview

Marcus & Millichap is pleased to present 342 Pleasant Street in Grass Valley, California. The property is a two-story garden-style building constructed to condominium specifications in 2011. The unit mix is comprised of 6 two-bedroom/two-and-one-half-bathrooms two-level townhouse units at approximately 1350 square feet each and one ADA compliant three-bedroom/three-bathroom two-level townhouse unit at approximately 1430 square feet. The building features a pitched roof, hardy board siding, dual pane windows, patios and balconies, and single car garages. Unit interiors provide tenants with a plethora of amenities including hardwood floors, recessed lighting, modern kitchen cabinets with granite counter tops, central heat and air, walk in closets, washer and dryer hook ups, wood burning stoves in every living room, and French doors opening to the rear patios. The property has an approved tentative condominium map, which affords a new buyer the opportunity to convert the units for individual sale. Additionally, unit seven is an ADA compliant unit with a downstairs bedroom and an ADA compliant bathroom and kitchen. As the property was constructed in 2011, this property is not subject to AB 1482 (prospective Buyers to verify).

Apartments on Pleasant Street is just a 10-minute walk from historic Main Street in downtown Grass Valley. Main Street offers a variety of eclectic shops where one can spend hours wandering in and out of the various restaurants, coffee shops, candy, clothing, home decor, art and spiritual healing stores. The location also offers tenants a commuters paradise due to its location which is just 56 miles from Sacramento, 57 miles from Truckee, and 89 miles from Reno. Additionally, tenants benefit from abundant outdoor activities with nearby, hiking trails, river activities, ski slopes, and Lake Tahoe.

This offering provides an investor with the opportunity to acquire an AB-1482 exempt (prospective Buyers to verify) well-kept newer building with a highly desirable unit mix, in a market with extremely strong rental demand. Due to the low interest rate environment, an investor has the ability to lock in a long-term low interest rate enhancing the buildings cash flow for years to come.

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

Investment Highlights

  • Fully Furnished Units on Short Term Leases Achieving Strong Rents
  • Highly Desirably Unit Mix of 2Bedroom and 3 Bedroom Units (1 ADA Compliant Unit)
  • Significantly Priced Below Replacement Value at $177.86 a Suare Foot
  • Pitched Roofs, Stucco Exteriors, Dual Pane Windows, and Garages
  • Ten-minute walk to historic downtown Grass Valley
  • 2011 Construction Exempt from AB1482 (Prospective Buyers to Verify)

Exclusively Listed By

Multifamily

Condos on Pleasant Street

Listing Price: $1,685,000

Cap Rate
4.98%
Number of Units
7
GRM
13.63
Occupancy
97.00%
Price/Unit
$240,714
Price/Gross SF
$176.81
Gross SF
9,530

Investment Highlights

  • Fully Furnished Units on Short Term Leases Achieving Strong Rents
  • Highly Desirably Unit Mix of 2Bedroom and 3 Bedroom Units (1 ADA Compliant Unit)
  • Significantly Priced Below Replacement Value at $177.86 a Suare Foot
  • Pitched Roofs, Stucco Exteriors, Dual Pane Windows, and Garages
  • Ten-minute walk to historic downtown Grass Valley
  • 2011 Construction Exempt from AB1482 (Prospective Buyers to Verify)

Investment Overview

Marcus & Millichap is pleased to present 342 Pleasant Street in Grass Valley, California. The property is a two-story garden-style building constructed to condominium specifications in 2011. The unit mix is comprised of 6 two-bedroom/two-and-one-half-bathrooms two-level townhouse units at approximately 1350 square feet each and one ADA compliant three-bedroom/three-bathroom two-level townhouse unit at approximately 1430 square feet. The building features a pitched roof, hardy board siding, dual pane windows, patios and balconies, and single car garages. Unit interiors provide tenants with a plethora of amenities including hardwood floors, recessed lighting, modern kitchen cabinets with granite counter tops, central heat and air, walk in closets, washer and dryer hook ups, wood burning stoves in every living room, and French doors opening to the rear patios. The property has an approved tentative condominium map, which affords a new buyer the opportunity to convert the units for individual sale. Additionally, unit seven is an ADA compliant unit with a downstairs bedroom and an ADA compliant bathroom and kitchen. As the property was constructed in 2011, this property is not subject to AB 1482 (prospective Buyers to verify).

Apartments on Pleasant Street is just a 10-minute walk from historic Main Street in downtown Grass Valley. Main Street offers a variety of eclectic shops where one can spend hours wandering in and out of the various restaurants, coffee shops, candy, clothing, home decor, art and spiritual healing stores. The location also offers tenants a commuters paradise due to its location which is just 56 miles from Sacramento, 57 miles from Truckee, and 89 miles from Reno. Additionally, tenants benefit from abundant outdoor activities with nearby, hiking trails, river activities, ski slopes, and Lake Tahoe.

This offering provides an investor with the opportunity to acquire an AB-1482 exempt (prospective Buyers to verify) well-kept newer building with a highly desirable unit mix, in a market with extremely strong rental demand. Due to the low interest rate environment, an investor has the ability to lock in a long-term low interest rate enhancing the buildings cash flow for 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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