1144 Pioneer Ave - Apartments FOR SALE


Turlock, CA 95380- Chemurgic
$3,750,000 USD
415-625-2117
1144 Pioneer Ave, Turlock, CA for Sale
$3,750,000 USD
Apartments - FOR SALE
1/13
null | 6.25% Cap Rate

1144 Pioneer Ave
Turlock, CA 95380
Chemurgic


HIGHLIGHTS

  • *Long-term owner of several decade with low rents and intrinsic rental upside.
  • *Superior Unit Mix of All 2bed/1bath units.
  • *Dedicated Office / Laundry / & Pool / Maintenance Room.
  • *Attractive grounds with units configured around courtyard and central swimming pool.
  • *Spacious parcel of 1.45 Acres with Ample Parking.

OVERVIEW

Jon Holmquist of the Holmquist Group is pleased to present the Exclusive Listing of The Pinetree Garden Apartments at 1144 Pioneer Avenue, Turlock, CA is exclusively listed by Jon Holmquist of the Holmquist team, and available for sale for the first time in several decades. The subject property is constructed on a well landscaped 1.45 acre-lot (per public records) and configured around a central courtyard with ample open space, and a sparkling pool for tenant enjoyment. The property benefits from a dedicated managers office near the front entrance, covered parking for each tenant, and a spacious maintenance/pool/laundry facility to the rear of the parcel. The ownership has been proactively managing the property with many interior and exterior improvements including a newer roof which was replaced circa 2019, new exterior paint circa 2020, new parking lot slurry 2024, and units upgraded upon turnover. The subject property was constructed circa. 1963 of wood frame, with stucco siding, and pitched composite roofs. The complex features thirty-two spacious two-bedroom/one-bath units, each of approximately 800 square feet. Units feature gas wall heaters, individual hot water heaters, electric stoves, and double-paned windows. Approximately 50% of the units have been further renovated with luxury vinyl plank flooring, ceiling fans, updated bathrooms, updated kitchens with new appliances, new cabinetry, and new countertops. Tenants benefit from a spacious central courtyard, laundry facility (on lease which just expired) and one covered parking space for each unit, with an additional eighteen open parking spaces. The pitched composite roof, double paned windows, individual hot water heaters, and each unit being separately metered for gas and electricity should ensure stable expenses and minimal maintenance for a new owner. The great location in the center of Turlock, CA affords tenants an easy walk to Emanuel Medical Center, Crane Park, and restaurants and commerce of Geer Rd., as well as proximity to Cal State Stanislaus. Investors will benefit from the trifecta of a well-maintained property, stable long-term tenants with rental upside, and a very strong location in a high growth market. New owners should benefit from the historical and current high occupancy and superior condition of the investment, with stable expenses. The in-place rents are significantly below market with 16.8% conservative rental upside.

FOR SALE DETAILS

PRICE

$3,750,000 USD

PRICE/SF

$97 USD /SF

# OF UNITS

32

PRICE/UNIT

$117,188

CAP RATE

6.25%

% LEASED

97%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Pinetree Garden Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

50

LAND DETAILS

LAND ACRES

1.45 AC

LAND SF

63,162 SF

ZONING

-

APN/PARCEL ID

042-18-15

ASK ABOUT THIS PROPERTY

Jon HolmquistJon HolmquistMore Info
415-625-2117

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Jon HolmquistJon HolmquistMore Info
415-625-2117

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.