Multifamily

517 16th St

517 16th St, Modesto, CA 95354

Listing Price: $850,000

Cap Rate
6.19%
Number of Units
6
GRM
10.46
Occupancy
95.00%
Price/Unit
$141,667
Price/Gross SF
$195.09
Gross SF
4,357

Investment Overview

517 16th Street Apartments is a charming six-unit apartment building built in 1960 and is located in the Central Valley submarket of Modesto. The single-story building has a pitched composition roof, stucco exteriors, and mature landscaping. The unit mix is made up of four one-bedroom/one-bathroom units at approximately 650 square feet, and two three-bedroom/one-bathroom units at approximately 879 square feet. The property features hard wood floors and central heat and air in select units, washer/dryer hook ups in all units, and ample off-street parking.

The property is centrally located having a walk score of 82 because of all the nearby shopping centers, schools, public parks, restaurants and Highway 99 is within a short five-minute drive. Modesto is among several California metropolitan areas, in the Central Valley that lie on the outskirts of the Bay Area and have some of the nations highest share of super commuters. Central valley communities are leading the way with many residents traveling two or more hours to and from work each day. The rapid influx of residents seeking affordability has driven vacancies down to record lows and continues to drive rents higher. Given the property's close proximity to Highway 99, the property is ideally suited to appeal to the growing pool of super-commuters to the Bay Area. This is an opportunity for an investor to acquire an asset in a growing Stanislaus County submarket with the ability to add value by increasing the existing rents to market over time. A new investor will have the opportunity to benefit from the increased cash flows and appreciation for years to come.

Investment Highlights

  • 82 Walk Score
  • 7.65-Percent Cash-on-Cash Return Day One
  • Upside in Existing Rents
  • Pitched Roof and Stucco Exteriors
  • Quiet Tree-Lined Street in Central Location

Exclusively Listed By

Listing Price: $850,000

Cap Rate
6.19%
Number of Units
6
GRM
10.46
Occupancy
95.00%
Price/Unit
$141,667
Price/Gross SF
$195.09
Gross SF
4,357

Investment Highlights

  • 82 Walk Score
  • 7.65-Percent Cash-on-Cash Return Day One
  • Upside in Existing Rents
  • Pitched Roof and Stucco Exteriors
  • Quiet Tree-Lined Street in Central Location

Investment Overview

517 16th Street Apartments is a charming six-unit apartment building built in 1960 and is located in the Central Valley submarket of Modesto. The single-story building has a pitched composition roof, stucco exteriors, and mature landscaping. The unit mix is made up of four one-bedroom/one-bathroom units at approximately 650 square feet, and two three-bedroom/one-bathroom units at approximately 879 square feet. The property features hard wood floors and central heat and air in select units, washer/dryer hook ups in all units, and ample off-street parking.

The property is centrally located having a walk score of 82 because of all the nearby shopping centers, schools, public parks, restaurants and Highway 99 is within a short five-minute drive. Modesto is among several California metropolitan areas, in the Central Valley that lie on the outskirts of the Bay Area and have some of the nations highest share of super commuters. Central valley communities are leading the way with many residents traveling two or more hours to and from work each day. The rapid influx of residents seeking affordability has driven vacancies down to record lows and continues to drive rents higher. Given the property's close proximity to Highway 99, the property is ideally suited to appeal to the growing pool of super-commuters to the Bay Area. This is an opportunity for an investor to acquire an asset in a growing Stanislaus County submarket with the ability to add value by increasing the existing rents to market over time. A new investor will have the opportunity to benefit from the increased cash flows and appreciation for years to come.

Exclusively Listed By

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