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Multifamily HUD

Gloria Drive Apartments

7201 Gloria Dr, Sacramento, CA 95831

Listing Price: Request For Offer

Number of Units
32
Occupancy
100.0%
Gross SF
32,476

Investment Overview

Marcus and Millichap is proud to present the Gloria Drive Apartments. Located at 7201 Gloria Drive in the pocket area of Sacramento, California, the subject property is a 32-unit single story apartment complex. Built in 1982, the property is made up of 16 one-bedroom apartments at approximately 593 square feet, and 16 two-bedroom apartments averaging 892 square feet. The property has had a HAP contract on in from the inception. The current contract expires in February 2024. The current owner has owned the property for over 30 years. Gloria Drive is in the "Pocket" area of Sacramento, historically one of the better parts of the city. The Pocket/Greenhaven area was built south Downtown Sacramento in an area where the Sacramento River makes a wide 6-mile bend. Developed originally in the 1960's the area was built out in the 1980/90's, and today is mostly made up of middle and upper middle-class families. The area has a reputation for good schools, and a low crime rate. Today, Gloria Drive will provide the buyer with a strong asset in one the best rental markets in the nation. The current HAP contract provides stable income, even in times of uncertainty, and its expiration in February of 2024 gives the new owner many attractive options. There are no restrictions on income to the owners, eliminating one of the downsides of Affordable Housing. Thus, the buyer will be purchasing a property with good fundamentals, in a great location in one of the fastest growing rental markets in the nation. HAP contracts today rarely see the open market, and the right buyer will see this as a unique opportunity to own a great piece of real estate in a great location.

Investment Highlights

  • Strong Unit Mix, with 16 Two Bedrooms, and 16 One-Bedroom Units
  • OFFERS DUE: Friday, May 21st. TOUR DATES - Wednesday, May 12th & Tuesday, May 18th.
  • 32-Unit One-Story Apartment in the Pocket, a Strong Location Close to Downtown Sacramento, Easy Access to Shopping, Schools and Transportation
  • HAP Contract Expiring in February 2024, Providing Virtually Guaranteed Income on the Property

Exclusively Listed By

Multifamily HUD

Gloria Drive Apartments

Listing Price: Request For Offer

Number of Units
32
Occupancy
100.0%
Gross SF
32,476

Investment Highlights

  • Strong Unit Mix, with 16 Two Bedrooms, and 16 One-Bedroom Units
  • OFFERS DUE: Friday, May 21st. TOUR DATES - Wednesday, May 12th & Tuesday, May 18th.
  • 32-Unit One-Story Apartment in the Pocket, a Strong Location Close to Downtown Sacramento, Easy Access to Shopping, Schools and Transportation
  • HAP Contract Expiring in February 2024, Providing Virtually Guaranteed Income on the Property

Investment Overview

Marcus and Millichap is proud to present the Gloria Drive Apartments. Located at 7201 Gloria Drive in the pocket area of Sacramento, California, the subject property is a 32-unit single story apartment complex. Built in 1982, the property is made up of 16 one-bedroom apartments at approximately 593 square feet, and 16 two-bedroom apartments averaging 892 square feet. The property has had a HAP contract on in from the inception. The current contract expires in February 2024. The current owner has owned the property for over 30 years. Gloria Drive is in the "Pocket" area of Sacramento, historically one of the better parts of the city. The Pocket/Greenhaven area was built south Downtown Sacramento in an area where the Sacramento River makes a wide 6-mile bend. Developed originally in the 1960's the area was built out in the 1980/90's, and today is mostly made up of middle and upper middle-class families. The area has a reputation for good schools, and a low crime rate. Today, Gloria Drive will provide the buyer with a strong asset in one the best rental markets in the nation. The current HAP contract provides stable income, even in times of uncertainty, and its expiration in February of 2024 gives the new owner many attractive options. There are no restrictions on income to the owners, eliminating one of the downsides of Affordable Housing. Thus, the buyer will be purchasing a property with good fundamentals, in a great location in one of the fastest growing rental markets in the nation. HAP contracts today rarely see the open market, and the right buyer will see this as a unique opportunity to own a great piece of real estate in a great location.

Exclusively Listed By

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