Skip to main content

Multifamily

Alpine Apartments

668 Cooper Ave, Yuba City, CA 95991

Listing Price: $2,200,000

Cap Rate
5.75%
Number of Units
20
Occupancy
97.0%
Price/Unit
$110,000
Price/Gross SF
$139.68
Gross SF
15,750

Investment Overview

Marcus & Millichap is proud to present the Alpine Apartments. Built in two phases, the last one completed in 1987, The Alpine Apartments is a 20-unit Apartment Building in Yuba City, California. The property has 17 one-bedroom/one-bath units and three two-bedroom/one-bath units. The subject is located in the heart of Yuba City and within walking distance to shopping and restaurants. The property has undergone extensive work under the current owner. 17 of the 20 units have been remodeled. Furthermore, the current owner has added exterior backyards to units on the ground floor upon turn, and totally rearranged the kitchens to account for the new doors. The result is that the new owner will inherit a property that needs very little maintenance, and units that are in great condition. Due to its location and careful management, the property also performed very well during the last year despite the global COVID Pandemic. No residents missed rent payments in 2020 and vacancy stayed flat. The result is an apartment that has performed even under the difficulties of the past year. Yuba City is one of the best small multifamily markets in Northern California. For the past few years, rents have continued to increase across the city, and vacancy has stayed below three percent. The result is that even while raising rents, the Alpine Apartments is still under market, and has a 12.5-percent Loss to Lease. In todays market with all time low interest rates, CAP rates have compressed across the nation. It is very difficult to find stable product at a decent CAP rate. The subject property provides that with a 5.75-percent CAP rate on current numbers, with a highly achievable Proforma of 7.76 percent. Yuba City as a whole has continued to benefit from its geographic location. Located along the 99 Corridor, only 40 minutes from Downtown Sacramento, and 25 minutes from Natomas, residents continue to move north in search of affordable housing that is still within reach of good jobs. Furthermore, Yuba City itself has been voted one of the best 10 cities in America to do business several years in a row. The results the past few years have spoken for themselves in the local real estate market. The right buyer will see a unique opportunity to purchase well-placed real estate with actual upside and current cash flow.

Investment Highlights

  • 20 Units, 17 of which have been Heavily Renovated
  • Located in a Market with Very Little Vacancy
  • Rent Collection Remained Strong throughout 2021
  • Big Upside in Rent
  • Strong Location

Exclusively Listed By

Listing Price: $2,200,000

Cap Rate
5.75%
Number of Units
20
Occupancy
97.0%
Price/Unit
$110,000
Price/Gross SF
$139.68
Gross SF
15,750

Investment Highlights

  • 20 Units, 17 of which have been Heavily Renovated
  • Located in a Market with Very Little Vacancy
  • Rent Collection Remained Strong throughout 2021
  • Big Upside in Rent
  • Strong Location

Investment Overview

Marcus & Millichap is proud to present the Alpine Apartments. Built in two phases, the last one completed in 1987, The Alpine Apartments is a 20-unit Apartment Building in Yuba City, California. The property has 17 one-bedroom/one-bath units and three two-bedroom/one-bath units. The subject is located in the heart of Yuba City and within walking distance to shopping and restaurants. The property has undergone extensive work under the current owner. 17 of the 20 units have been remodeled. Furthermore, the current owner has added exterior backyards to units on the ground floor upon turn, and totally rearranged the kitchens to account for the new doors. The result is that the new owner will inherit a property that needs very little maintenance, and units that are in great condition. Due to its location and careful management, the property also performed very well during the last year despite the global COVID Pandemic. No residents missed rent payments in 2020 and vacancy stayed flat. The result is an apartment that has performed even under the difficulties of the past year. Yuba City is one of the best small multifamily markets in Northern California. For the past few years, rents have continued to increase across the city, and vacancy has stayed below three percent. The result is that even while raising rents, the Alpine Apartments is still under market, and has a 12.5-percent Loss to Lease. In todays market with all time low interest rates, CAP rates have compressed across the nation. It is very difficult to find stable product at a decent CAP rate. The subject property provides that with a 5.75-percent CAP rate on current numbers, with a highly achievable Proforma of 7.76 percent. Yuba City as a whole has continued to benefit from its geographic location. Located along the 99 Corridor, only 40 minutes from Downtown Sacramento, and 25 minutes from Natomas, residents continue to move north in search of affordable housing that is still within reach of good jobs. Furthermore, Yuba City itself has been voted one of the best 10 cities in America to do business several years in a row. The results the past few years have spoken for themselves in the local real estate market. The right buyer will see a unique opportunity to purchase well-placed real estate with actual upside and current cash flow.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower