The Winchester Apartments are a 38-unit multifamily portfolio situated on four (4) separate parcels located at 2424 Winchester Dr, 2510 Winchester Dr, 2516 Winchester Dr and 722 McCoy Ct in Lodi, CA. The properties are situated on approximately ±1.93 acres totaling approximately ±32,704 square feet of rentable building area. Unit sizes range from ±600 to ±1,000 square feet, catering to strong workforce housing demand in a market characterized by steady population, growth and relative affordability. The property is strategically located near the Reynolds Ranch master-planned retail development, one of Lodi’s most significant commercial hubs. Reynolds Ranch is anchored by national retailers including Costco Wholesale, The Home Depot, Sprouts Farmers Market, Dick’s Sporting Goods, and a growing mix of dining and service tenants. This concentration of retail and employment amenities enhances daily convenience for residents, drives traffic to the area, and supports long-term rental demand. Winchester Apartments presents a compelling value-add opportunity driven by aging multifamily inventory and measurable mark-to-market rent upside. Many comparable properties in Lodi remain under-renovated and leased below current market levels, with renovated units in similar Central Valley markets achieving rent premiums of approximately $150 to $350 per unit per month. Targeted interior upgrades, exterior enhancements, and efficiency improvements offer a clear path to increased rental revenue, improved tenant retention, and long-term value creation.