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Multifamily

905 Sutter Ave

905 Sutter Ave, Modesto, CA 95351

Listing Price: $1,999,000

Cap Rate
5.95%
Number of Units
14
Occupancy
100.0%
Price/Unit
$142,786
Price/Gross SF
$234.07
Gross SF
8,540

Investment Overview

Marcus & Millichap is pleased to present 905 Sutter Avenue Apartments in Modesto, California. This gated community has three single-level buildings that were built in approximately 1986 and sits on a .60 Acres corner lot. The unit mix is comprised of 10 one-bedroom/one-bathroom units estimated at 550 square feet each and 4 two-bedroom/one-bathroom units estimated at 760 square feet each. The buildings feature stucco exteriors, dual pane windows, window solar screens, wall heat and air units, and flat composition roofs. Each unit has its own reserved on-site parking space along with additional on-site open parking spaces. The apartment community has an on-site laundry facility and tenants have access to a large private backyard and a potential community BBQ area. This upgraded and stabilized asset allows a Buyer the opportunity to consistently increase rents every year that will provide long-term healthy cash flow returns and appreciation being located in a constrained housing supply market. A buyer can take advantage of historically low interest rates and lock in a long term low interest rate allowing an increase in cash flow returns for years to come. An investor has the opportunity to purchase an investment with a 5.42 percent day one cash-on-cash return and over 11 percent overall return on investment. A modest year one six percent rent increase across the board will yield a net operating income of approximately $129,370, cap rate to 6.47 percent, and over all return of over 13 percent. 905 Sutter Avenue Apartments is located within minutes of Highway 99, various shopping centers, schools, public parks, restaurants and downtown Modesto. Several California metropolitan areas like Modesto that are located on the outskirts of the Bay Area, have some of the nation’s 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 rental growth.

Investment Highlights

  • Over 11 Percent Return and Over 13 Percent Return n Year One
  • Favorable Unit Mix of One And Two-Bedroom Units
  • Gated Community with Single-Story Buildings
  • Buildings Feature Stucco Exteriors and Dual Pane Windows
  • Reserved and Open On-Site Parking

Exclusively Listed By

Listing Price: $1,999,000

Cap Rate
5.95%
Number of Units
14
Occupancy
100.0%
Price/Unit
$142,786
Price/Gross SF
$234.07
Gross SF
8,540

Investment Highlights

  • Over 11 Percent Return and Over 13 Percent Return n Year One
  • Favorable Unit Mix of One And Two-Bedroom Units
  • Gated Community with Single-Story Buildings
  • Buildings Feature Stucco Exteriors and Dual Pane Windows
  • Reserved and Open On-Site Parking

Investment Overview

Marcus & Millichap is pleased to present 905 Sutter Avenue Apartments in Modesto, California. This gated community has three single-level buildings that were built in approximately 1986 and sits on a .60 Acres corner lot. The unit mix is comprised of 10 one-bedroom/one-bathroom units estimated at 550 square feet each and 4 two-bedroom/one-bathroom units estimated at 760 square feet each. The buildings feature stucco exteriors, dual pane windows, window solar screens, wall heat and air units, and flat composition roofs. Each unit has its own reserved on-site parking space along with additional on-site open parking spaces. The apartment community has an on-site laundry facility and tenants have access to a large private backyard and a potential community BBQ area. This upgraded and stabilized asset allows a Buyer the opportunity to consistently increase rents every year that will provide long-term healthy cash flow returns and appreciation being located in a constrained housing supply market. A buyer can take advantage of historically low interest rates and lock in a long term low interest rate allowing an increase in cash flow returns for years to come. An investor has the opportunity to purchase an investment with a 5.42 percent day one cash-on-cash return and over 11 percent overall return on investment. A modest year one six percent rent increase across the board will yield a net operating income of approximately $129,370, cap rate to 6.47 percent, and over all return of over 13 percent. 905 Sutter Avenue Apartments is located within minutes of Highway 99, various shopping centers, schools, public parks, restaurants and downtown Modesto. Several California metropolitan areas like Modesto that are located on the outskirts of the Bay Area, have some of the nation’s 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 rental growth.

Exclusively Listed By

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