The Palms Apartments, Coalinga, CA
Multifamily | 16 Units Complex | $101,563/unit
Marketing description
The Palms Apartments is a 16-unit multifamily opportunity located at 201 Walnut Avenue in Coalinga, CA. Comprised of four single-story buildings, the property features all 2-bed/1-bath units with approximately 813 SF each—ideal for tenants seeking accessibility and privacy.
Built in 1970 and situated on nearly an acre, the complex benefits from its strategic location directly across from Coalinga College, formerly known as West Hills College. This high-visibility site offers seamless access to Highway 198 and Coalinga's growing retail corridor, enhancing tenant convenience and long-term demand.
In-place rents are approximately 10% below market, presenting a value-add opportunity through organic rent growth. With current operations producing over $103K in annual NOI and a cap rate of 6.37%, The Palms is a strong cash-flowing asset with upside potential in a supply-constrained rental market.
Investment highlights
16-Unit Complex — 100% 2BD/1BA layout with ±813 SF per unit across 4 single-story buildings
Strong In-Place Cash Flow — Current NOI: $103,151 | 6.37% Cap Rate
Value-Add Upside — In-place rents are ~10% below market with near-term growth potential
Prime Location — Across from West Hills College and near major highways, retail centers, and schools
Tenant-Friendly Design — Single-story layout enhances accessibility and reduces turnover
Desirable Submarket — Coalinga has a 47.6% renter population and average household income of $94,627
Stabilized Asset — Well-maintained with predictable expenses and smooth operations
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