Listed by Turton Commercial Real Estate
$1,350,000
2229 24th St
Details
APN 001-0171-021-0000
Property Type Multifamily
Sub Type Apartment Building
Square Footage 3,100
Units 3
Occupancy 100%
Year Built 1938
Year Renovated 2018
Acreage 0.070
Zoning R-3-SPD Multifamily Residential
Parking Spaces 3 spaces
Parking per 1,000 SqFt 0.97
Multifamily | 3 Units
Marketing description
Turton Commercial Real Estate is pleased to present the opportunity to purchase 100% fee simple interest in 2229 24thStreet, a premiere triplex investment on the cusp of Midtown, Sacramento, and Land Park. The Property is being offered for $1,350,000.
The Property has been substantially renovated over the last three years, including upgrades to all kitchens, bathrooms, flooring, paint, windows, and exterior landscaping. The Property presents a unique stabilized and renovated multifamily asset in the urban core.
That said, the average existing rent at the Property is only $2.11 PSF, which according to CoStar data, is approximately $.50 PSF less than the average rent for comparable residential units in the urban core. Further, none of the three tenants are paying a utility reimbursement or garage rent. As such, an owner can still realize upside by increasing the average rent over time or by including a utility reimbursement and/or
Investment highlights
- New roof in 2022
- Central HVAC in upstairs unit
- Mini-split HVAC units in both downstairs units
- New dual-pane windows throughout building
- New electrical wiring throughout building
- New plumbing in kitchens and bathrooms in all 3 units
- Renovated kitchens and bathrooms in all 3 units
- New lighting and ceiling fans in all 3 units
- Washer and dryer in all 3 units
- Custom wood cabinetry, countertops, fixtures, and tile in kitchens and bathrooms
- New insulation throughout building
- New electric garage doors
- Refinished original hardwood floors in all 3 units
- New window coverings in all 3 units
- Custom iron security fence and new mailbox
- Exterior and interior paint
- New security screen doors at front entrance
- Professional landscaping and irrigation in front and back courtyard
- Plant arbor and seating area in backyard
- 3 luxury residential units
- Units and infrastructure renovated within last three years
- Long-term, Low-Risk Investment Opportunity
- Professional and Stable Tenants
- Great location on the border of
- Midtown and Land Park
Listing Contacts
Listed by Turton Commercial Real Estate
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