Multifamily

3448 Orchard Hill Ct

3448 Orchard Hill Ct, Lafayette, CA 94549

Listing Price: $2,800,000

Cap Rate
4.23%
Number of Units
8
GRM
15.36
Occupancy
97.00%
Price/Unit
$350,000
Price/Gross SF
$476.68
Gross SF
5,874

Investment Overview

This rare offering of 3448 Orchard Hill Court, in Lafayette, CA presents the rare opportunity to acquire an asset with tremendous upside, in a highly desirable location. The property is situated in downtown Lafayette, with a short one block walk to Safeway and groceries, a three-block walk to Lafayette BART, and is surrounded by cafes, restaurants, retail shopping, and office services. The building is set back on a secluded peaceful street, offering a quiet environment, yet within one block proximity to all the benefits that make Lafayette such a wonderful city in which to live. The property provides the opportunity to invest in an A+ location, with a significant and easily obtainable add-value component, for investors who further improve the unit interiors upon turnover. The property and tenants benefit from being in a superior school district, with a highly ranked elementary, junior high, and high school, that will contribute to tenant demand. The barrier to entry is extremely high in the City of Lafayette, with the average home price being $1,426,074, and continued appreciation with a 4.6% increase in the trailing 12 months for single family home sales prices. With only 46 total complexes of 5+ units in the City of Lafayette, the constrained supply will ensure that rental demand remains strong, and the result will most likely be a continued upward trajectory in apartment rental rates and thus cash flow.

The property itself is of two-story wood frame and stucco construction, built circa 1955, with a flat roof, on a 0.26 Acre lot. The complex benefits from eight car covered, tuck-under parking, and five additional open spaces on a separate adjacent APN and parcel that are included in the sale. The unit mix consists of eight two-bedroom/one bath units, each with a private balcony or patio. The majority of the units have been renovated over the prior decade upon turnover, and units are individually metered for PG&E such that expenses should remain stable. There is an on-site laundry room for tenant convenience, and dedicated tenant storage closets to accompany the assigned parking. The landlord utilities include only PG&E, common water, and garbage.

In summary 3448 Orchard Hill Court, presents the opportunity to acquire in a terrific area, with a supply constrained market, a great school district, fantastic walkability, and significant rental upside for a proactive owner. The complex exteriors and interiors have undergone major improvements such as earthquake retrofit, and interior renovation, however a new owner will benefit from continued and higher end upgrading that behooves the market demand. There are currently two vacant units, which will allow a new buyer immediate upside through high-end interior renovation.

Investment Highlights

  • A+ Location Walking Distance to BART, Safeway, Restaurants, Cafs, and shopping.
  • 4.25% Current / 5.53% Market CAP Rate with 5.88% starting return.
  • Fantastic Lafayette schools with assigned Lafayette District Rated 10 of 10
  • Eight 2bed/1bath units with patios, balconies, and many recent interior upgrades.
  • Separately metered for PG&E, with onsite laundry.
  • 8 Car tuck under parking ($125k earthquake retrofit complete) & 5 car open parking

Exclusively Listed By

  • Jon A. Holmquist

    Senior Managing Director Investments

    (415) 625-2117

    Email Jon

    License(s): CA: 01257479

    San Francisco

Financing By

Listing Price: $2,800,000

Cap Rate
4.23%
Number of Units
8
GRM
15.36
Occupancy
97.00%
Price/Unit
$350,000
Price/Gross SF
$476.68
Gross SF
5,874

Investment Highlights

  • A+ Location Walking Distance to BART, Safeway, Restaurants, Cafs, and shopping.
  • 4.25% Current / 5.53% Market CAP Rate with 5.88% starting return.
  • Fantastic Lafayette schools with assigned Lafayette District Rated 10 of 10
  • Eight 2bed/1bath units with patios, balconies, and many recent interior upgrades.
  • Separately metered for PG&E, with onsite laundry.
  • 8 Car tuck under parking ($125k earthquake retrofit complete) & 5 car open parking

Investment Overview

This rare offering of 3448 Orchard Hill Court, in Lafayette, CA presents the rare opportunity to acquire an asset with tremendous upside, in a highly desirable location. The property is situated in downtown Lafayette, with a short one block walk to Safeway and groceries, a three-block walk to Lafayette BART, and is surrounded by cafes, restaurants, retail shopping, and office services. The building is set back on a secluded peaceful street, offering a quiet environment, yet within one block proximity to all the benefits that make Lafayette such a wonderful city in which to live. The property provides the opportunity to invest in an A+ location, with a significant and easily obtainable add-value component, for investors who further improve the unit interiors upon turnover. The property and tenants benefit from being in a superior school district, with a highly ranked elementary, junior high, and high school, that will contribute to tenant demand. The barrier to entry is extremely high in the City of Lafayette, with the average home price being $1,426,074, and continued appreciation with a 4.6% increase in the trailing 12 months for single family home sales prices. With only 46 total complexes of 5+ units in the City of Lafayette, the constrained supply will ensure that rental demand remains strong, and the result will most likely be a continued upward trajectory in apartment rental rates and thus cash flow.

The property itself is of two-story wood frame and stucco construction, built circa 1955, with a flat roof, on a 0.26 Acre lot. The complex benefits from eight car covered, tuck-under parking, and five additional open spaces on a separate adjacent APN and parcel that are included in the sale. The unit mix consists of eight two-bedroom/one bath units, each with a private balcony or patio. The majority of the units have been renovated over the prior decade upon turnover, and units are individually metered for PG&E such that expenses should remain stable. There is an on-site laundry room for tenant convenience, and dedicated tenant storage closets to accompany the assigned parking. The landlord utilities include only PG&E, common water, and garbage.

In summary 3448 Orchard Hill Court, presents the opportunity to acquire in a terrific area, with a supply constrained market, a great school district, fantastic walkability, and significant rental upside for a proactive owner. The complex exteriors and interiors have undergone major improvements such as earthquake retrofit, and interior renovation, however a new owner will benefit from continued and higher end upgrading that behooves the market demand. There are currently two vacant units, which will allow a new buyer immediate upside through high-end interior renovation.

Exclusively Listed By

  • Jon A. Holmquist

    Senior Managing Director Investments

    (415) 625-2117

    Email Jon

    License(s): CA: 01257479

    San Francisco

Financing By

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