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Multifamily

1058 Grand Ave

Grand Ave, Linda, CA 95961

Listing Price: $1,720,000

Cap Rate
6.27%
Number of Units
16
Price/Unit
$107,500
Price/Gross SF
$123.30
Gross SF
13,950

Investment Overview

Marcus & Millichap is proud to present 1058 Grand Avenue, a 16-unit stable, value-add multifamily project on one parcel in West Linda, California. The property consists of six duplexes, and one fourplex. The fourplex has three one-bedroom units and one two-bedroom unit. The duplexes are all two-bedroom units, and two of the duplexes, four units, are larger and include a garage. The Seller has done extensive upgrades to the property in the last 12 months. All of the comp shingle roofs have been replaced. Six units have been remodeled down to the studs, and four units have received new kitchens, and only ?ve units have had no improvements of any kind. The Seller has also added a laundry room and painted the property. Most of the units also have some backyard space, an important desired attraction in today's COVID world to supply some exterior private space. The property sits in a quiet area off of Grand Avenue in West Linda. The units are surrounded by mostly single-family homes and backs up to a new multifamily property. The empty lot next door is also available should a buyer wish to add more units to the property. The majority of the rents are at least $200 below market value. Market rents should be between $1050-1400 depending on the unit type for the area. The current CAP percent offers a buyer a good rate of return, but strong upside remains. The current owner has taken care of all major exterior systems and major interior problems. The savvy buyer will see an opportunity to continue the rehab program already in place, and raise rent to market. The right buyer will see this a stable project that has strong upside that can be realized with management and continued interior upgrades on the untouched units. In today's marketplace, buyers are looking for stable assets with cash ?ow. The subject property provides that very dif?cult to ?nd property. West Linda is a growing area, and is part of the Yuba City/Marysville metro area. It is just 40 minutes on Highway 70 to Roseville, and 40 minutes down Highway 99 to Sacramento. It is also an easy drive to Beale Air-force Base. With easy access to major job centers, below market rents, and area growth, 1058 Grand Avenue is the right property for today's environment.

Investment Highlights

  • New Windows and Roofs on Most Units
  • The Units with a Garage Have Long Term Tenants with Substantially Below Market Rents
  • Great Unit Make Up with 3 One-Bedroom Units, and 13 Two-Bedroom Units
  • Turn Key Asset with New Exterior Paint
  • Seven Units Have been Fully Remodeled

Exclusively Listed By

Listing Price: $1,720,000

Cap Rate
6.27%
Number of Units
16
Price/Unit
$107,500
Price/Gross SF
$123.30
Gross SF
13,950

Investment Highlights

  • New Windows and Roofs on Most Units
  • The Units with a Garage Have Long Term Tenants with Substantially Below Market Rents
  • Great Unit Make Up with 3 One-Bedroom Units, and 13 Two-Bedroom Units
  • Turn Key Asset with New Exterior Paint
  • Seven Units Have been Fully Remodeled

Investment Overview

Marcus & Millichap is proud to present 1058 Grand Avenue, a 16-unit stable, value-add multifamily project on one parcel in West Linda, California. The property consists of six duplexes, and one fourplex. The fourplex has three one-bedroom units and one two-bedroom unit. The duplexes are all two-bedroom units, and two of the duplexes, four units, are larger and include a garage. The Seller has done extensive upgrades to the property in the last 12 months. All of the comp shingle roofs have been replaced. Six units have been remodeled down to the studs, and four units have received new kitchens, and only ?ve units have had no improvements of any kind. The Seller has also added a laundry room and painted the property. Most of the units also have some backyard space, an important desired attraction in today's COVID world to supply some exterior private space. The property sits in a quiet area off of Grand Avenue in West Linda. The units are surrounded by mostly single-family homes and backs up to a new multifamily property. The empty lot next door is also available should a buyer wish to add more units to the property. The majority of the rents are at least $200 below market value. Market rents should be between $1050-1400 depending on the unit type for the area. The current CAP percent offers a buyer a good rate of return, but strong upside remains. The current owner has taken care of all major exterior systems and major interior problems. The savvy buyer will see an opportunity to continue the rehab program already in place, and raise rent to market. The right buyer will see this a stable project that has strong upside that can be realized with management and continued interior upgrades on the untouched units. In today's marketplace, buyers are looking for stable assets with cash ?ow. The subject property provides that very dif?cult to ?nd property. West Linda is a growing area, and is part of the Yuba City/Marysville metro area. It is just 40 minutes on Highway 70 to Roseville, and 40 minutes down Highway 99 to Sacramento. It is also an easy drive to Beale Air-force Base. With easy access to major job centers, below market rents, and area growth, 1058 Grand Avenue is the right property for today's environment.

Exclusively Listed By

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