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Multifamily

Boris Gardens Apartments

7394 Boris Ct, Rohnert Park, CA 94928

Listing Price: $6,600,000

Cap Rate
4.42%
Number of Units
22
Occupancy
97.0%
Price/Unit
$300,000

Investment Overview

This meticulously maintained property in an up and coming section of Rohnert Park has proven appeal to tenants and strong potential for increased revenue. It’s perfect for investors who want good returns without making any improvements as well as those who want a clear path to increase revenue with pre-planned asset enhancement strategies. Extensive investment - to the tune of approximately $200,000 - was made in recent years to renovate interiors, replace appliances, upgrade flooring and ventilation, replace a roof, and improve common areas. This work clears the way for increasing rents that are currently below market and could also save time and money on future unit turns. For more ambitious buyers, greater upside potential is available by converting six garages and underutilized space into Accessory Dwelling Units. Plans for the new units are available for review on request. Further, ownership has maintained an option to charge fees for use of the property's 22 garages and has recently begun to roll out these charges - a new owner can continue this program to increase revenue even more going forward. Boris Gardens is well located within a short walk to shops, dining, Technology High and Middle School, Benecia Park and a church. It enjoys a very good reputation as a family-friendly community with excellent amenities. Current tenants have been personally and carefully screened by the owner. The property offers investors a highly compelling opportunity to acquire an asset with a sound physical plant, highly desirable tenant amenities, and significant value enhancement potential.

Investment Highlights

  • Low rents compared to the market offer significant upside potential.
  • Well maintained with recent upgrades in approximately 70% of units.
  • Lush garden courtyard with swimming pool and BBQ area.
  • Large units with uniform floorplans and lots of natural light.
  • Brand new roof on rear building and newer windows in most units.
  • Ratio Utility Billing in place, significantly reducing water expense.
  • Garages available for each unit offering additional revenue stream.
  • Great family friendly location next to school and park; close to Hwy 101.

Exclusively Listed By

Multifamily

Boris Gardens Apartments

Listing Price: $6,600,000

Cap Rate
4.42%
Number of Units
22
Occupancy
97.0%
Price/Unit
$300,000

Investment Highlights

  • Low rents compared to the market offer significant upside potential.
  • Well maintained with recent upgrades in approximately 70% of units.
  • Lush garden courtyard with swimming pool and BBQ area.
  • Large units with uniform floorplans and lots of natural light.
  • Brand new roof on rear building and newer windows in most units.
  • Ratio Utility Billing in place, significantly reducing water expense.
  • Garages available for each unit offering additional revenue stream.
  • Great family friendly location next to school and park; close to Hwy 101.

Investment Overview

This meticulously maintained property in an up and coming section of Rohnert Park has proven appeal to tenants and strong potential for increased revenue. It’s perfect for investors who want good returns without making any improvements as well as those who want a clear path to increase revenue with pre-planned asset enhancement strategies. Extensive investment - to the tune of approximately $200,000 - was made in recent years to renovate interiors, replace appliances, upgrade flooring and ventilation, replace a roof, and improve common areas. This work clears the way for increasing rents that are currently below market and could also save time and money on future unit turns. For more ambitious buyers, greater upside potential is available by converting six garages and underutilized space into Accessory Dwelling Units. Plans for the new units are available for review on request. Further, ownership has maintained an option to charge fees for use of the property's 22 garages and has recently begun to roll out these charges - a new owner can continue this program to increase revenue even more going forward. Boris Gardens is well located within a short walk to shops, dining, Technology High and Middle School, Benecia Park and a church. It enjoys a very good reputation as a family-friendly community with excellent amenities. Current tenants have been personally and carefully screened by the owner. The property offers investors a highly compelling opportunity to acquire an asset with a sound physical plant, highly desirable tenant amenities, and significant value enhancement potential.

Exclusively Listed By

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