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Multifamily

Executive Court

6500 23rd St, Sacramento, CA 95822

Listing Price: $1,100,000

Cap Rate
3.91%
Number of Units
5
Price/Unit
$220,000
Price/Gross SF
$222.22
Gross SF
4,950

Investment Overview

Marcus & Millichap is pleased to present Executive Court, an all single-level garden-style apartment community located in Sacramento, California on .629 acres. This five-unit property was constructed in 1989 and consists of three individual cottages which feature two-bedroom/one-bathrooms of approximately 900 square feet and a duplex that features two, two-bedroom/one-bathroom units of approximately 900 square feet. The units feature spacious floor plans with Formica countertops, carpet and linoleum flooring, ceiling fans, dishwashers, garbage disposals, and washer and dryer hookups. The low-density property features new 30-year comp shingle roofs, stucco siding, central heat and air, private patios, and ample open space and parking. The low in-place rents, which are currently about 40 percent under market, offer a new investor has the opportunity to embark on an aggressive renovation program updating the kitchens, baths and flooring to achieve substantially higher rents post renovation. Additionally, there may be a development opportunity to add additional units on the excess land in the adjacent parking area, giving the investor an additional exit strategy in addition to increasing the rental income. According to Zillow.com the median home price in 95822 is $431,190 and is projected to rise 17.1 percent in the next year giving the savvy investor an opportunity to buy three cottages, a duplex, and extra land for a fraction of the cost of homes of similar square footage on the open market. The property is conveniently located in South Sacramento across from the Sacramento Executive Airport in a quiet residential neighborhood, and is within 10 minutes to Midtown/Downtown Sacramento, five minutes to Land Park, and within minutes of shopping, schools, and employment centers.

Investment Highlights

  • Large, Single-Level Two-Bedroom, One-Bathroom Floorplans
  • Central Heat and Air, Stucco Exteriors, Washer and Dryer Hook-ups
  • Value-Add Opportunity - Huge Upside in the Existing Rents
  • Large Private Lot - Potential Development Opportunity

Exclusively Listed By

Multifamily

Executive Court

Listing Price: $1,100,000

Cap Rate
3.91%
Number of Units
5
Price/Unit
$220,000
Price/Gross SF
$222.22
Gross SF
4,950

Investment Highlights

  • Large, Single-Level Two-Bedroom, One-Bathroom Floorplans
  • Central Heat and Air, Stucco Exteriors, Washer and Dryer Hook-ups
  • Value-Add Opportunity - Huge Upside in the Existing Rents
  • Large Private Lot - Potential Development Opportunity

Investment Overview

Marcus & Millichap is pleased to present Executive Court, an all single-level garden-style apartment community located in Sacramento, California on .629 acres. This five-unit property was constructed in 1989 and consists of three individual cottages which feature two-bedroom/one-bathrooms of approximately 900 square feet and a duplex that features two, two-bedroom/one-bathroom units of approximately 900 square feet. The units feature spacious floor plans with Formica countertops, carpet and linoleum flooring, ceiling fans, dishwashers, garbage disposals, and washer and dryer hookups. The low-density property features new 30-year comp shingle roofs, stucco siding, central heat and air, private patios, and ample open space and parking. The low in-place rents, which are currently about 40 percent under market, offer a new investor has the opportunity to embark on an aggressive renovation program updating the kitchens, baths and flooring to achieve substantially higher rents post renovation. Additionally, there may be a development opportunity to add additional units on the excess land in the adjacent parking area, giving the investor an additional exit strategy in addition to increasing the rental income. According to Zillow.com the median home price in 95822 is $431,190 and is projected to rise 17.1 percent in the next year giving the savvy investor an opportunity to buy three cottages, a duplex, and extra land for a fraction of the cost of homes of similar square footage on the open market. The property is conveniently located in South Sacramento across from the Sacramento Executive Airport in a quiet residential neighborhood, and is within 10 minutes to Midtown/Downtown Sacramento, five minutes to Land Park, and within minutes of shopping, schools, and employment centers.

Exclusively Listed By

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