Multifamily

Park Forest Apartments

Listing Price: $2,380,000

Cap Rate
6.46%
Number of Units
20
GRM
9.03
Occupancy
90.86%
Price/Unit
$119,000
Price/Gross SF
$137.97
Gross SF
17,250

Investment Overview

Marcus & Millichap is pleased to present Park Forest Apartments, a charming 20 unit apartment community nestled under the trees in Pollock Pines, California. The property consists of 6 one-bedroom/one-bathroom units with 675 rentable square feet, 12 two-bedroom/two-bathroom units with 900 rentable square feet, and a 2 three-bedroom/two-bathroom floor plans with 1200 rentable square feet.

Pollock Pines is a quiet community along US Hwy 50, roughly half way between Downtown Sacramento and South Lake Tahoe. Residents are attracted to the area for the lumber industry, and also serves as gateway to vast recreational activities as the town is adjacent to the south fork of the American River, numerous lakes, and countless hiking/biking trails. Highway 50 provides residents with quick access to larger communities such as Placerville and Sacramento, while also providing a short drive to the world class tourist destination of Lake Tahoe. Residents also enjoy the low density, tree covered lot.

The property presents a value-add opportunity for a savvy investor to follow a proven model to erode the existing loss-to-lease. Simply eroding the loss-to-lease on the rent roll equals a 15.59 percent cash on cash return for the purchaser. The property also offers a unique opportunity to build out 42 more units on an existing building pad on 3.59 acres. As coastal Californians continue push east in search of affordability, which has been widely documented by national publications such as The New York Times and The Los Angeles Times, properties like Park Forest are poised to capitalize on the increased demand and provides a stable investment asset for years to come.

Please do not disturb residents or management. Tours must be scheduled with the listing agent.

Investment Highlights

  • 1990 Construction - Functional and Spacious Floor Plans
  • Strong Unit Mix - Primarily Two and Three Bedrooms
  • Value-Add Opportunity - Proven Upside
  • Opportunity to Build 42 Additional Units on Existing Building Pad
  • 3 Percent Vacancy Rate in El Dorado County
  • Income Producing Garage Space

Exclusively Listed By

  • Tony DeLoney

    Senior Managing Director Investments

    (916) 724-1363

    Email Tony

    License(s): CA: 01920427

    Sacramento

  • David DeLoney

    Senior Associate

    Email David

    License(s): CA: 02045150

    Sacramento

Listing Price: $2,380,000

Cap Rate
6.46%
Number of Units
20
GRM
9.03
Occupancy
90.86%
Price/Unit
$119,000
Price/Gross SF
$137.97
Gross SF
17,250

Investment Highlights

  • 1990 Construction - Functional and Spacious Floor Plans
  • Strong Unit Mix - Primarily Two and Three Bedrooms
  • Value-Add Opportunity - Proven Upside
  • Opportunity to Build 42 Additional Units on Existing Building Pad
  • 3 Percent Vacancy Rate in El Dorado County
  • Income Producing Garage Space

Investment Overview

Marcus & Millichap is pleased to present Park Forest Apartments, a charming 20 unit apartment community nestled under the trees in Pollock Pines, California. The property consists of 6 one-bedroom/one-bathroom units with 675 rentable square feet, 12 two-bedroom/two-bathroom units with 900 rentable square feet, and a 2 three-bedroom/two-bathroom floor plans with 1200 rentable square feet.

Pollock Pines is a quiet community along US Hwy 50, roughly half way between Downtown Sacramento and South Lake Tahoe. Residents are attracted to the area for the lumber industry, and also serves as gateway to vast recreational activities as the town is adjacent to the south fork of the American River, numerous lakes, and countless hiking/biking trails. Highway 50 provides residents with quick access to larger communities such as Placerville and Sacramento, while also providing a short drive to the world class tourist destination of Lake Tahoe. Residents also enjoy the low density, tree covered lot.

The property presents a value-add opportunity for a savvy investor to follow a proven model to erode the existing loss-to-lease. Simply eroding the loss-to-lease on the rent roll equals a 15.59 percent cash on cash return for the purchaser. The property also offers a unique opportunity to build out 42 more units on an existing building pad on 3.59 acres. As coastal Californians continue push east in search of affordability, which has been widely documented by national publications such as The New York Times and The Los Angeles Times, properties like Park Forest are poised to capitalize on the increased demand and provides a stable investment asset for years to come.

Please do not disturb residents or management. Tours must be scheduled with the listing agent.

Exclusively Listed By

  • Tony DeLoney

    Senior Managing Director Investments

    (916) 724-1363

    Email Tony

    License(s): CA: 01920427

    Sacramento

  • David DeLoney

    Senior Associate

    Email David

    License(s): CA: 02045150

    Sacramento

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