311 Mark Twain Apartments
Sonora Apartments | 7.65% Market Cap Rate | 44 Units
Marketing description
311 Fairview Ln is a 44-unit multifamily investment property located in Sonora, California. Built in 1980, the asset consists of 31,095 square feet situated on a 1.49-acre parcel totaling approximately 64,904 square feet. The property serves the Downtown Sonora submarket and benefits from steady rental demand driven by the area's workforce housing needs.
The property offers a balanced unit mix with 50% one-bedroom units and 50% two-bedroom units, providing flexibility to accommodate a broad tenant base. Current market rents in the surrounding area average approximately $950-$1,150 for one-bedroom units and $1,350-$1,500 for two-bedroom units, presenting upside potential through future rent adjustments and operational improvements.
311 Fairview Ln is conveniently located near downtown Sonora with easy access to major transportation corridors, shopping centers, schools, employment hubs, and neighborhood amenities. The surrounding market has continued to demonstrate stable multifamily occupancy and consistent investor demand for well-positioned workforce housing assets.
The new owner will have an opportunity to implement rent increases and operational efficiencies to drive the NOI. Rents are 20-30% below market, with the average rental rate at $910 per month. An investment in solar panels will reduce Landlord's electricity burden caused by a common water heater.
Investment highlights
- Strong Downtown Sonora Location: Well-positioned multifamily asset located near downtown Sonora with convenient access to schools, shopping, employment centers, and major commuter routes.
- Attractive Price Per Unit: Offered at approximately $93,182 per unit, providing competitive pricing relative to comparable multifamily assets throughout the region.
- Balanced Unit Mix: Approximately 50% one-bedroom units and 50% two-bedroom units designed to accommodate a broad range of tenants and support occupancy stability.
- Stable Workforce Housing Demand: The property benefits from continued rental demand within the Sonora market supported by local employment and limited multifamily inventory.
- Operational Upside Potential: Opportunity to increase long-term cash flow through future rental adjustments, expense optimization, and implementation of operational efficiencies.
- Income-Producing Asset with Immediate Upside: Current underwriting reflects approximately $484,000 in annual gross income, which equates to an average of $910 in monthly rent per unit. The market rates indicate 25% of upside.
- Scale Within Local Market: 44-unit apartment community consisting of approximately 31,095 square feet situated on approximately 1.49 acres, offering meaningful scale within the Sonora multifamily market.
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