240 2nd Street
Multifamily | 4.88% CAP | 8 Units
Marketing description
This offering presents the opportunity to acquire a well-located 8-unit apartment complex in the desirable University Rice neighborhood, ideally positioned between Downtown Davis (one block) and UC Davis (two blocks). Opportunities to acquire apartment properties in this immediate area are extremely limited, with very few comparable sales over the past decade. The location benefits from strong tenant demand driven by the university, excellent walkability, and limited housing supply.
The property provides additional upside through continued rent growth. Two units are currently below market due to long-term tenancy, offering a clear path to increased income over time. Additional value-add potential exists through implementation of a utility reimbursement program (RUBS) for water, sewer, and garbage, as well as income from on-site laundry and parking, further enhancing overall returns.
Investment highlights
- University Rice neighborhood location, positioned between Downtown Davis (1 block) and UC Davis (2 blocks)
- Walkable to Downtown, UC Davis, restaurants, shopping, and Amtrak
- Fully leased with strong occupancy history
- Eight 2 bedroom, 1 bath units (16 bedrooms total)
- Rental upside to $2,350 per unit; two units currently especially below market
- Value-add opportunity through RUBS (water, sewer, garbage), laundry, and parking
- Efficient operating expenses at approximately 37% of income
- Individually metered for gas and electricity
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