Size Upon Req.$2,790,000
Owner has improved this charming park in many ways such as mostly newer homes, streets and storm drains. Park is full. Tenant is being evicted from space 23 and park owner will rehab home. Park is on city services, sub-metered gas, electric and water. There is rent control but most tenants are on long term leases which provide property tax pass-thru. Excellent opportunity to acquire this park in a great area. Please contact listing agent regarding the existing loan terms.
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.
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.
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.
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.
Commercial and/or Residential with Development Potential For Sale 4,343± sf Total in 3 Buildings on 32,234± sf (3/4± acre) Lot with 18± Parking Stalls. 2,941± sf 2-Story Commercial/Residential Building - Currently Demised into 3 Units. Three 22' x 15' 1/3' Storage Units/Garages = 1,012± sf. A 26' x 15' Storage Building = 390± sf. Circa Late 1800's Aesthetically Charming High Quality & Stately Architecture - New Roof, Redwood Siding & Construction with Stylish Old-Time Front Porch & Rear Deck - Surrounded by Mature Landscaping & Trees (Oaks & Redwood) - Stylish Wrought Iron/Stone Fence & Electric Gate Entry. DEVELOPMENT POTENTIAL: Zoning Development Standards for Commercial/Office (CO) Zoning Includes: 65% Maximum Lot Coverage - subject to 5' - 15' setbacks, parking & height. 35' maximum height - 3 stories. 30 units per acre maximum residential density. CO Zoning Allows for Office, Medical, Retail, Restaurant, Residential or Multi-Family.
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.
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.