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615 Nebraska Street - Nebraska Apartments, Vallejo, CA
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615 Nebraska Street - Nebraska Apartments
Vallejo, CA 94590 - Vallejo Heights MF Submarket
Number of Units:
.14 AC (5,998 SF)
For Sale Price:
The Vallejo Multi-Family Portfolio is a rare opportunity in today’s market. Many properties are being offered at “2005” pricing when real estate like this was trading at its peak. The ownership of these properties understands the market and has priced them according to today’s market. It’s extremely unusual to find such low GRMs, low prices per unit, and high Cap rates. Additionally, these properties each have significant upside potential, both in additional income and rent upside. The Vallejo rental market is quite strong and has depth. Vacancy rates around town are widely reported to be 5% or less in most apartment classes and there has been very little new apartment construction in Vallejo for many years.
This property consists of one (1) 3 BR / 1 BA unit, four (4) 2 BR / 1 BA units and one (1) 1 BR / 1 BA unit sitting on approximately 6,098 square feet of land. The approximate square footage of improvements is 4,232. Again, the floor plans vary, but the units are clean and show well. The curb appeal of the property is good, but would also benefit greatly by an experienced owner with an eye for detail. There are separate electric meters, but gas and water supply are paid by the landlord as is the trash removal. There’s a laundry room on site as well as a gazebo in the rear yard. There is some off-street parking, but most parking is on the street.
615 Nebraska Street represents an excellent opportunity for an investor to acquire a well-maintained 6 unit building with upside in the existing rent structure. Rents are below market, which will allow the next owner to raise rents immediately. Rents in Solano County are low relative to the East Bay, Marin and San Francisco and thus a new owner will benefit from significant upward pressure in the Vallejo rental market as more people are pushed out of neighboring high rent markets into Vallejo due to the lack of affordability. The property is composed of (2) two story buildings on a 6,000 square foot lot, and features stucco exteriors, Spanish tile roofs, dual pane windows, and concrete stairs and landings. The units are individually metered for electric and gas, and feature gas furnaces, refrigerators, electric stoves, ceiling fans, built in cabinets in select units, tile floors in the bathrooms, and Pergo flooring and carpeting. The property was recently painted and has great curb appeal. There is also a common area laundry facility for tenant' s convenience.
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Marcus & Millichap Inc
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