3100 Jersey Way

Arden-Arcade CA 95821

0.69 ac.

Multi-Family

Currently for sale - view listing

Overview

3100 Jersey Way is a 23 unit value-add multifamily investment opportunity in the Del Paso Manor neighborhood of Sacramento. The property is comprised of 6 two-bedroom and one-bathroom units, 16 one-bedroom and one-bathroom units, and one studio unit with an average size of approx. 720 square feet. Six of the units have been renovated within the last year and are now leased at an average rent of $1, 525 per month. The remaining 17 units are original and leased at a below-market average rent of $925 per month, which is approx. $600 per month less than the identical renovated units. Realize significant upside by renovating and leasing original units as they become vacant; continue with the in progress and validated value-add plan to push cap rate close to 7%. New electrical subpanels in every unit, dual-pane windows throughout, newer membrane roof, new exterior wood siding, and recent exterior paint. Building has a beautiful common pool and adjacent clubhouse with workout equipment and coin-operated laundry room. Plenty of on-site parking, including an unused two-car garage, and additional leased storage on-site. The Property is being offered at $4, 300, 000 ($187, 000 per door) which represents a 4.48% capitalization rate on existing income and expenses.