Multifamily

Chief Kelly Cottages

101-181 Chief Kelly Dr, Nevada City, CA 95959

Listing Price: $2,800,000

Cap Rate
4.90%
Number of Units
12
GRM
13.13
Occupancy
95.0%
Price/Unit
$233,333
Price/Gross SF
$219.68
Gross SF
12,746

Investment Overview

Marcus & Millichap is pleased to present Chief Kelly Cottages in Nevada City, California, a 12-unit apartment community constructed in 2007. The unit mix is comprised of four one-bedroom/one bath units of approximately 540 square feet, one two-bedroom/1.5 bath unit of approximately 1,246 square feet, one three-bedroom/1.5 bath of approximately 1,087 square feet, three three-bedroom/two-bath units of approximately 1,184 square feet each, two three-bedroom/2.5 bath units of approximately 1,331 square feet each, and one three-bedroom/three-bath garage of approximately 2,038 square feet. The property features pitched roofs, hard board siding, custom three-tone paint, dual-pane windows, and ample open parking. Unit interiors provide tenants with a plethora of amenities including hardwood floors, recessed lighting, modern kitchen cabinets with granite countertops, central heat and air, walk-in closets, and washer and dryer hookups. As the property was constructed in 2007, this property is not subject to AB 1482 (prospective Buyers to verify).

Chief Kelly Cottages are just a 10-minute walk to downtown Nevada City. Broad Street is the main retail thoroughfare and 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. Ski resorts, Lake Tahoe, Reno, local lakes, rivers, stimulating hikes, and many of the other stunning attractions are within a two-hour drive from Chief Kelly Cottages. This offering provides an investor with the opportunity to acquire a 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 building's 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

  • 2007 Construction Exempt from AB1482 (Prospective Buyers to Verify)
  • Pitched Roofs, Stucco Exteriors, Dual Pane Windows
  • High Desirable Unit Mix

Exclusively Listed By

Listing Price: $2,800,000

Cap Rate
4.90%
Number of Units
12
GRM
13.13
Occupancy
95.0%
Price/Unit
$233,333
Price/Gross SF
$219.68
Gross SF
12,746

Investment Highlights

  • 2007 Construction Exempt from AB1482 (Prospective Buyers to Verify)
  • Pitched Roofs, Stucco Exteriors, Dual Pane Windows
  • High Desirable Unit Mix

Investment Overview

Marcus & Millichap is pleased to present Chief Kelly Cottages in Nevada City, California, a 12-unit apartment community constructed in 2007. The unit mix is comprised of four one-bedroom/one bath units of approximately 540 square feet, one two-bedroom/1.5 bath unit of approximately 1,246 square feet, one three-bedroom/1.5 bath of approximately 1,087 square feet, three three-bedroom/two-bath units of approximately 1,184 square feet each, two three-bedroom/2.5 bath units of approximately 1,331 square feet each, and one three-bedroom/three-bath garage of approximately 2,038 square feet. The property features pitched roofs, hard board siding, custom three-tone paint, dual-pane windows, and ample open parking. Unit interiors provide tenants with a plethora of amenities including hardwood floors, recessed lighting, modern kitchen cabinets with granite countertops, central heat and air, walk-in closets, and washer and dryer hookups. As the property was constructed in 2007, this property is not subject to AB 1482 (prospective Buyers to verify).

Chief Kelly Cottages are just a 10-minute walk to downtown Nevada City. Broad Street is the main retail thoroughfare and 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. Ski resorts, Lake Tahoe, Reno, local lakes, rivers, stimulating hikes, and many of the other stunning attractions are within a two-hour drive from Chief Kelly Cottages. This offering provides an investor with the opportunity to acquire a 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 building's 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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