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Multifamily

Rivergate Apartments

900 Simon Terrace, West Sacramento, CA 95605

Listing Price: Request For Offer

Number of Units
126
Occupancy
97.0%
Gross SF
79,200

Investment Overview

Marcus & Millichap is pleased to offer Rivergate Apartments, a value-add investment opportunity in West Sacramento, less than three miles from California's State Capitol building. The property was built in 1975 and offers 72 one-bedroom units and 54 two-bedroom units. Current ownership has owned and managed the property since 1993. Currently all units are on month-to-month agreements, giving the value-add minded investor an immediate opportunity to increase revenue. The submarket supports upside in addition to the existing loss-to-lease through interior upgrades and possible addition of in-suite laundry to the 62 units that have their own water heaters. One unit is currently being used for storage and could be a test case to establish new market rents after interior renovation. There are currently two offices on the property; the first is located by the pool in a standalone structure and the other is located on the second floor of one of the buildings above a laundry room. The second office does not have plumbing currently, but it does have electrical and HVAC. The savvy investor will see the second office as an opportunity for additional revenue either through rented storage, the expansion of a neighboring unit or the building out of a studio apartment. The Sacramento MSA is expected to see another 9.2-percent increase in effective rent, bolstered by an estimated 3.7 percent in employment growth and one of the nation's lowest vacancy rates at around 2.3 percent. Rivergate Apartments is ideally located just minutes away from Downtown and offering workforce housing to a supply-constrained marketplace. All tours must be conducted with the listing agent. Please do not disturb management or residents.

Investment Highlights

  • Value-Add Opportunity Located Less than Three Miles from California's State Capitol Building. The Property Last Sold in 1993.
  • All Units are on Month-to-Month Agreements. Existing Loss to Lease is Approximately 27 Percent and Comps Support an Additional 14-Percent Increase in Market Rents After Interior Upgrades
  • Sale Includes a 0.19-Acre Parcel Adjacent to Property; Possible Addition of an Amenity, Additional Units or Parking, Etc.

Exclusively Listed By

Multifamily

Rivergate Apartments

Listing Price: Request For Offer

Number of Units
126
Occupancy
97.0%
Gross SF
79,200

Investment Highlights

  • Value-Add Opportunity Located Less than Three Miles from California's State Capitol Building. The Property Last Sold in 1993.
  • All Units are on Month-to-Month Agreements. Existing Loss to Lease is Approximately 27 Percent and Comps Support an Additional 14-Percent Increase in Market Rents After Interior Upgrades
  • Sale Includes a 0.19-Acre Parcel Adjacent to Property; Possible Addition of an Amenity, Additional Units or Parking, Etc.

Investment Overview

Marcus & Millichap is pleased to offer Rivergate Apartments, a value-add investment opportunity in West Sacramento, less than three miles from California's State Capitol building. The property was built in 1975 and offers 72 one-bedroom units and 54 two-bedroom units. Current ownership has owned and managed the property since 1993. Currently all units are on month-to-month agreements, giving the value-add minded investor an immediate opportunity to increase revenue. The submarket supports upside in addition to the existing loss-to-lease through interior upgrades and possible addition of in-suite laundry to the 62 units that have their own water heaters. One unit is currently being used for storage and could be a test case to establish new market rents after interior renovation. There are currently two offices on the property; the first is located by the pool in a standalone structure and the other is located on the second floor of one of the buildings above a laundry room. The second office does not have plumbing currently, but it does have electrical and HVAC. The savvy investor will see the second office as an opportunity for additional revenue either through rented storage, the expansion of a neighboring unit or the building out of a studio apartment. The Sacramento MSA is expected to see another 9.2-percent increase in effective rent, bolstered by an estimated 3.7 percent in employment growth and one of the nation's lowest vacancy rates at around 2.3 percent. Rivergate Apartments is ideally located just minutes away from Downtown and offering workforce housing to a supply-constrained marketplace. All tours must be conducted with the listing agent. Please do not disturb management or residents.

Exclusively Listed By

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