AUTUMN OAKS APARTMENTS
Prime location in the path of growth - close to California Forever/ Silicon Valley East
Marketing description
Price improvement with $1,090,000 price reduction.
Autumn Oaks Apartments offers well-located, comfortable living with convenient access to key employment, healthcare, and retail destinations throughout Solano County. The property features spacious one, two, and three-bedroom apartment homes and townhomes and is ideally situated near NorthBay Health Medical Center with immediate access to Interstate 80 and State Route 12. Residents benefit from proximity to Travis Air Force Base, the new California Forever project, Vacaville Outlets, and a wide range of shopping, dining, and entertainment options, making everyday commuting and lifestyle needs easily accessible.
The subject property boasts a large 3.12-acre site on two parcels with well-manicured landscaping and great curb appeal. Per property records, the complex is of 1978 construction, with twelve two-story buildings that benefit from all new pitched composite roofs, a renovated pool area, and unit upgrades upon turnover The complex is configured with open parking to the sides, a sparkling central pool with vast lawn area to the center, two onsite laundry rooms, and a dedicated rental office towards the front entrance. Unit interiors are in superior condition with turnovers benefiting from full kitchen remodel which includes new cabinets, countertops, new stainless-steel appliances. Unit amenities include garbage disposals, dishwashers, electric stoves, gas wall heaters, individual a/c units, and ceiling fans in most units. The complex is separately metered for PG&E, with RUBS reimbursement in place. The property is professionally managed with long term onsite and off-site management in place. Offered for sale, for the first time in several decades, this asset provides a compelling value add opportunity for a new investor.
Investment highlights
- Superior unit mix of eleven-1bed/1bath, one-2bed/1bath, twenty-eight-2bed/1.5bath, and twenty-two-3bed/1.5bath floorplans. Oversized units averaging 983 square feet across the complex, with patios for select ground floor units.
- Pricing Metrics: 6.49% Current / 7.33% Market CAP Rate / $258.19 per square foot / 9.82 Current / 9.06 Market GRM.
- Tremendous rental and economic market drivers, as property is located just minutes from the massive planned “California Forever Project” a private development project backed by Silicon Valley billionaires to construct a massive new city and industrial hub from the ground up in Solano County. The proposed project will contain the Solano Foundry, a 2,100-acre advanced manufacturing and technology hub along with a plan for 170,000 new homes over next 40-years which will provide tremendous demand during buildout for housing needed by contractors, sub-contractors, and vendors.
- Strong commuter location equidistant to Sacramento and San Francisco Bay Area job centers provides robust access to California’s top employment ensuring tenant demand.
- Easy commute to Travis Air Force Base, 4.5 miles away, provides over 10,000 jobs in immediate vicinity to subject property. Attractive garden style community built circa 1978 on two parcels with approximately 3.12 combined acres. Property benefits from ample parking, sparkling pool, two laundry facilities, and a dedicated leasing office.
- Extensive recent capital improvements including new pitched composite roofs on all buildings, recently resurfaced pool, and extensive unit remodels upon turnover.
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