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Multifamily

855 - 915 Lakeside Drive, Red Bluff

855, 905 and 915 Lakeside Dr, Red Bluff, CA 96080

Listing Price: $2,988,000

Cap Rate
4.21%
Number of Units
24
Occupancy
100.0%
Price/Unit
$124,500
Price/Gross SF
$118.57
Gross SF
25,200

Investment Overview

Marcus & Millichap is pleased to present 855-915 Lakeside Drive, a charming waterfront property located in Red Bluff, California. The property exclusively features two-bedroom/two-bathroom units totaling 1050 rentable square feet. The next savvy investor will be attracted to Lakeside Drive because of the unique value-add opportunity the property presents. Current ownership has been proactive in the maintenance of the property but has been aggressive with capital improvements that neighboring properties have in order to achieve market rents. Through interior renovation and more aggressive management, the buyer will realize the almost 38 percent of upside in rents in order to achieve a market CAP rate of nearly 9 percent, Residents will continue to be attracted to the functional advantages of Lakeside Drive such as it's proximity to shopping, nature amenities, and it's large units. The property uniquely sits right on the Sacramento River, which allows residents to be on the shore of the river within seconds of stepping out their apartment door. This allows for an array of recreation and exercise activities without having to get in their car. All major retailers are a short drive away while Interstate 5 runs through town only about a mile away from the property, giving residents quick freeway access if they commute for work. As more tertiary towns and cities like Red Bluff continue to benefit from the suburbanization trends of the last two years coupled with very little construction pipeline anywhere in California central valley, Lakeside Drive is positioned well to see continued rent growth and asset appreciation as demand far outpaces supply of housing. Please do not disturb management or tenants. All tours must be scheduled with a listing agent.

Investment Highlights

  • Value-Add Opportunity - Current Rents 38 Percent Below Market
  • Great Unit Mix - All Two-Bedroom/Two-Bathroom Units Totaling 1050 Square Feet
  • Three Separate Parcels - Flexible Exit Strategy

Exclusively Listed By

Multifamily

855 - 915 Lakeside Drive, Red Bluff

Listing Price: $2,988,000

Cap Rate
4.21%
Number of Units
24
Occupancy
100.0%
Price/Unit
$124,500
Price/Gross SF
$118.57
Gross SF
25,200

Investment Highlights

  • Value-Add Opportunity - Current Rents 38 Percent Below Market
  • Great Unit Mix - All Two-Bedroom/Two-Bathroom Units Totaling 1050 Square Feet
  • Three Separate Parcels - Flexible Exit Strategy

Investment Overview

Marcus & Millichap is pleased to present 855-915 Lakeside Drive, a charming waterfront property located in Red Bluff, California. The property exclusively features two-bedroom/two-bathroom units totaling 1050 rentable square feet. The next savvy investor will be attracted to Lakeside Drive because of the unique value-add opportunity the property presents. Current ownership has been proactive in the maintenance of the property but has been aggressive with capital improvements that neighboring properties have in order to achieve market rents. Through interior renovation and more aggressive management, the buyer will realize the almost 38 percent of upside in rents in order to achieve a market CAP rate of nearly 9 percent, Residents will continue to be attracted to the functional advantages of Lakeside Drive such as it's proximity to shopping, nature amenities, and it's large units. The property uniquely sits right on the Sacramento River, which allows residents to be on the shore of the river within seconds of stepping out their apartment door. This allows for an array of recreation and exercise activities without having to get in their car. All major retailers are a short drive away while Interstate 5 runs through town only about a mile away from the property, giving residents quick freeway access if they commute for work. As more tertiary towns and cities like Red Bluff continue to benefit from the suburbanization trends of the last two years coupled with very little construction pipeline anywhere in California central valley, Lakeside Drive is positioned well to see continued rent growth and asset appreciation as demand far outpaces supply of housing. Please do not disturb management or tenants. All tours must be scheduled with a listing agent.

Exclusively Listed By

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