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3100 Denver Avenue - Buena Vista Apartments, Merced, CA

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3100 Denver Avenue - Buena Vista Apartments

Merced, CA 95348 - Merced County MF Submarket

Property Type:Multi-Family Number of Units:64 Status:Existing Year Built:1982
Stories:2 Building Size:38,533 SF Land Area:2.9 AC (126,324 SF)
For Sale Price:$3,840,000 Price/Unit:$60,000.00 Cap Rate:- GRM:-

Parking:5 Parking Spaces / 1,000 SF

Sale Notes:
12 studios (current rents between $400 & $450 all being raised to $450) + 24 one bedroom apts. (current rents between $420 & $550 all being raised to $550) + 28 two bedrooms apts. (current rents between $525 & $675 all being raised to $650). Has pool (fenced), laundry room, storage room, covered parking and possibly adequate room to build additional units? The cost to build new units (including land, soft costs etc) runs between $100,000 to $120,000. These units are available at $60,000 and with less than $20,000 / unit in renovation costs you'll have 'like new' units in one of the best geographic locations in the community. Property is within 2 blocks of a regional mall and across the street form two of Merced's newest and largest commercial neighborhood centers (Olivewood and Merced Marketplace). Ideal location for college students as property is within close walking distance to shopping, dining and adjacent to student bus route. UC Merced has just begun a 4-year 1.1 billion dollar expansion and student body to grow from 6,600+/- to over 10,000 students by 2020. Eventually at full build out UC will have 25,000 to 30,000 students. Area is just recovering from real estate collapse

Tinetti Realty Group
Steve G Tinetti
(209) 354-3838

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