311 Fairview Ln - Apartments FOR SALE


Sonora, CA 95370
$4,100,000 USD
209-481-5438
311 Fairview Ln, Sonora, CA for Sale
$4,100,000 USD
Apartments - FOR SALE
1/12
null | 7.9% Cap Rate

311 Fairview Ln
Sonora, CA 95370


OVERVIEW

311 Fairview Ln is a 44-unit multifamily investment property located in Sonora, California. Built in 7980, the asset consists of 31,095 square feet situated on a 7.49-acre parcel totaling approximately 64,904 square feet. The property serves the Downtown Sonora submarket and benefits from steady rental demand driven by the area's workforce housing needs. The property offers a balanced unit mix with 50% one-bedroom units and 50% two- bedroom units, providing flexibility to accommodate a broad tenant base. Current market rents in the surrounding area average approximately $950-$1,750 for one-bedroom units and $7,350-$7,500 for two-bedroom units, presenting upside potential through future rent adjustments and operational improvements. 311 Fairview Ln is conveniently located near downtown Sonora with easy access to major transportation corridors, shopping centers, schools, employment hubs, and neighborhood amenities. The surrounding market has continued to demonstrate stable multifamily occupancy and consistent investor demand for well-positioned workforce housing assets. The new owner will have an opportunity to implement rent increases and operational efficiencies to drive the NOI. Rents are 20-30% below market, with the average rental rate at $910 per month. An investment in solar panels will reduce Landlord's electricity burden caused by a common water heater.

FOR SALE DETAILS

PRICE

$4,100,000 USD

PRICE/SF

$132 USD /SF

# OF UNITS

44

PRICE/UNIT

$93,182

CAP RATE

7.9%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Mark Twain Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1980

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.94 AC

LAND SF

40,978 SF

ZONING

CO

APN/PARCEL ID

002-210-030-000,002-210-031-000

ASK ABOUT THIS PROPERTY

Jacob FriedrichCoSoL Commercial Real EstateMore Info
209-481-5438

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Jacob FriedrichCoSoL Commercial Real EstateMore Info
209-481-5438

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