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Multifamily

Monterey Avenue

1327 Monterey Ave, Modesto, CA 95354

Listing Price: $1,089,999

Cap Rate
6.14%
Number of Units
8
Occupancy
97.0%
Price/Unit
$136,250
Price/Gross SF
$200.00
Gross SF
5,450

Investment Overview

Marcus & Millichap is pleased present 1327 Monterey Avenue Apartment in Modesto, California. This gated community is comprised of 4 studio/one-bathroom units estimated at 200 square feet each, 2 one- bedroom/one-bathroom units estimated at 250 square feet, 2 two-bedroom/one-bathroom units estimated at 936 square feet, and a non-conforming unit containing 4 four-bedroom/two-bathroom units. The property is made up of three separate buildings that feature wood siding, 12-inch overhangs, pitched composite roofs, single hung windows, and a large private back yard. An investor has the opportunity to take advantage of a growing rental market where current rents boast a 13 percent YOY increase. Consistent yearly rent increases will serve as steady cash flow returns and appreciation as the property is located in a constrained housing market. An investor also has the opportunity to take advantage of historically low interest rates to allow for stable performance for years to come. With day one capitalization rate of 6.02 percent, 5.75 percent cash-on-cash returns and 10.32 percent overall return on investment, this property offers a fantastic opportunity for any investor to capitalize on. Dubbed “Tree City USA,” the city of Modesto is the seat of Stanislaus County and is located along the Tuolumne River in Central California’s northern San Joaquin Valley region, 80 miles southeast of Sacramento and 70 miles east of Bay Area. Modesto is gaining recognition as a land of opportunity within the greater California economy and offers high quality of life with excellent affordability and easy access to all Central and Northern California markets via Highway 99 and 132. Modesto boasts modern amenities while retaining its historic charm, and the city is home to plentiful outdoor recreation, retail, and entertainment. The city’s vibrant cultural and performing arts scene is centered around the Gallo Center, a world-class venue that draws both national and international programs to the Central Valley region. Modesto is a primary economic hub for the region with the industries of retail, manufacturing, health care, education, and agriculture being the prominent economic drivers. The city also has a strong culture of entrepreneurship and innovation and is the headquarters for emerging businesses like Datapath, a technology management company recognized by Inc. Magazine as one of the fastest-growing private companies in America.

Investment Highlights

  • Opportunity Zone
  • Gated Community with Covered Off-Street Parking
  • Ability to Lock in Historically Low Interest Rates
  • Rent Growth Potential
  • Diverse Unit Mix

Exclusively Listed By

Listing Price: $1,089,999

Cap Rate
6.14%
Number of Units
8
Occupancy
97.0%
Price/Unit
$136,250
Price/Gross SF
$200.00
Gross SF
5,450

Investment Highlights

  • Opportunity Zone
  • Gated Community with Covered Off-Street Parking
  • Ability to Lock in Historically Low Interest Rates
  • Rent Growth Potential
  • Diverse Unit Mix

Investment Overview

Marcus & Millichap is pleased present 1327 Monterey Avenue Apartment in Modesto, California. This gated community is comprised of 4 studio/one-bathroom units estimated at 200 square feet each, 2 one- bedroom/one-bathroom units estimated at 250 square feet, 2 two-bedroom/one-bathroom units estimated at 936 square feet, and a non-conforming unit containing 4 four-bedroom/two-bathroom units. The property is made up of three separate buildings that feature wood siding, 12-inch overhangs, pitched composite roofs, single hung windows, and a large private back yard. An investor has the opportunity to take advantage of a growing rental market where current rents boast a 13 percent YOY increase. Consistent yearly rent increases will serve as steady cash flow returns and appreciation as the property is located in a constrained housing market. An investor also has the opportunity to take advantage of historically low interest rates to allow for stable performance for years to come. With day one capitalization rate of 6.02 percent, 5.75 percent cash-on-cash returns and 10.32 percent overall return on investment, this property offers a fantastic opportunity for any investor to capitalize on. Dubbed “Tree City USA,” the city of Modesto is the seat of Stanislaus County and is located along the Tuolumne River in Central California’s northern San Joaquin Valley region, 80 miles southeast of Sacramento and 70 miles east of Bay Area. Modesto is gaining recognition as a land of opportunity within the greater California economy and offers high quality of life with excellent affordability and easy access to all Central and Northern California markets via Highway 99 and 132. Modesto boasts modern amenities while retaining its historic charm, and the city is home to plentiful outdoor recreation, retail, and entertainment. The city’s vibrant cultural and performing arts scene is centered around the Gallo Center, a world-class venue that draws both national and international programs to the Central Valley region. Modesto is a primary economic hub for the region with the industries of retail, manufacturing, health care, education, and agriculture being the prominent economic drivers. The city also has a strong culture of entrepreneurship and innovation and is the headquarters for emerging businesses like Datapath, a technology management company recognized by Inc. Magazine as one of the fastest-growing private companies in America.

Exclusively Listed By

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