2928 Watt Ave - Apartments FOR SALE


Sacramento, CA 95821- Outer Arden-Arcade
$10,100,000 USD
916-724-1359
2928 Watt Ave, Sacramento, CA for Sale
$10,100,000 USD
Apartments - FOR SALE
1/20
null | 5.54% Cap Rate

2928 Watt Ave
Sacramento, CA 95821
Outer Arden-Arcade


HIGHLIGHTS

  • Attractive pricing for value-add opportunity
  • Compelling, proven rent upside
  • Capex recently completed: roofs, windows, paint, electrical panels
  • Value-add possibilities, underutilized space on property
  • Primed for robust rent growth, stability through affordability

OVERVIEW

The DeLoney Group at Marcus & Millichap at Marcus & Millichap has been hired to list for sale fee simple interest in Sacramento, CA. The asset was built in 1954 and is comprised entirely of 1BD 1BA units and is situated on two separate parcels. In the past 36 months ownership has put on a brand-new roof, painted the exterior of the property, upgraded electrical panels and installed double pane windows. With tasteful interior upgrades the new owner could significantly push NOI into above average returns for suburban Sacramento. Each parcel has its own swimming pool, and the new owner may conclude that abandoning one in favor of adding more parking. There are also two large grassy areas at the back of the property that could also be improved to include things like a dog park, even more parking and shaded BBQ areas. This will help improve leasing and tenant retention. Do not disturb management. A listing agent must be present in order to tour the property

FOR SALE DETAILS

PRICE

$10,100,000 USD

PRICE/SF

$153 USD /SF

# OF UNITS

96

PRICE/UNIT

$105,208

CAP RATE

5.54%

% LEASED

98%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Country Club

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1954

PARKING SPACES

20

LAND DETAILS

LAND ACRES

2.41 AC

LAND SF

104,980 SF

ZONING

RD30

APN/PARCEL ID

269-0051-031,269-0051-032

ASK ABOUT THIS PROPERTY

Dusty HaelingMarcus & MillichapMore Info
916-724-1359

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Dusty HaelingMarcus & MillichapMore Info
916-724-1359

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