This is a three building complex with seven apartment units consisting of two (2) 2-bedroom apartments, four (4) 1-bedroom apartments and one (1) studio apartment. Building totally reconstructed in 1981 of wood frame and stucco construction on a cement slab foundation. New roof completed 2013 for units 8, 10 & 12; new thermal pane windows for all units; new landscaping for the rear of the property.
22 Unit Income Property built in 1987. This is a one of a kind apartment complex with large floor plans, individual water heaters, 2 parking spots per unit and mature shade trees throughout. Located next door to Bayer Neighborhood Park and Gardens and very close to Sheppard Elementary school, this property benefits from a waiting list for tenants and an excellent living environment. Full Marketing Package Available.
7 pride of ownership homes off Sonoma Hwy in, east Santa Rosa. Separate fenced yards, established landscaping, trees everywhere, near shopping and restaurants. Some of the homes have views of the hills, some have large back yards. Extra: Billboard lease w/CBS Outdoor. Extra: parking area (for owner or workers) just past the houses. Factoring in these two assets, the price comes in at about $215,000 per single-family home.
Priced at $2,300,000 or $109,524 per unit and $212.84 per square foot the current cap rate at 5.82% offers a higher return than other recent sales of clean properties. The current NOI of $133,889 should grow with some units moving to already established higher rents. The current 6.06% return grows to over 8.44% at market rents with market occupancy of at or above 98%. A buyer must independently verify all operating figures.
Perfect opportunity for a general contractor that wants to add value by fixing the subject property or a developer that wants a smaller infill project for the construction of a medium to high density multi family developent in the Wikiup/ Larkfield area of Santa Rosa. Property has two single family dwellings. One dwelling is currently occupied and the other is vacant and ready for renovation. See marketing package for full description of each building.
The subject property is comprised of 18 units and is located in Santa Rosa. The location provides easy access to transportation, schools, shopping and other city amenities. This investment is perfect for the patient investor looking to acquire an underperforming asset with upside potential in one of the fastest appreciating markets in the Country.
Priced at $4,900,000 or $141,016 per unit and $198.94 per square foot the current cap rate at 5.83% offers a higher return than other recent sales of clean properties. The current NOI of $285,886 should grow with some units moving to already established higher rents. The current 6.60% return grows to over 8.72% at market rents with market occupancy of at or above 98%. A buyer must independently verify all operating figures.
The property consists of one 7 unit, 2 story building with five 1 bedroom flats and two 2 story townhomes plus a 1000 Sf, 2 bedroom 1 bath Single family home. All of the 1 bedroom units have 550 square foot floor plans. The two 2 bedroom 1.5 bath townhomes have attractive 865 square foot floor plans. The single family home is 1000 sf with an electric kitchen, copper plumbing, gas wall heat, and an individual water heater. The seven units at 620 Hendley Street have electric kitchens, copper plumbing, gas wall heat, electric circuit breakers, central hot water and tenant storage lockers. These buildings have building owned and coin-op laundry equipment.
The two buildings at 462 Hendley are two story walk up style wood frame buildings with flat roofs. The units are all 2 bedrooms with 725 square foot floor plans, electric kitchens, copper plumbing, gas wall heat and central hot water. These buildings have a laundry room and 2 building storage rooms. The three unit building with units 492,494 and 496 Hendley contains 3 single story 1 bedroom units with cozy 562 square foot floor plans featuring wall gas heat, gas kitchens and individual 30 gallon hot water heaters. Based on it' s age, this building may have galvanized plumbing. All units have circuit breakers. Overall, the property has not been updated under present ownership and is in poor condition.