Las Palmas Apartments
NEW PRICE | Renovated 32-Unit Multifamily | 7.68% CAP | Tight Rental Submarket
Marketing description
First Commercial is pleased to exclusively offer Las Palmas Apartments, two 16-unit apartment communities at 133 and 233 West I Street in Los Banos, operated together as a single 32-unit community under one ownership. All units are two-bedroom, across eight buildings on roughly 1.16 acres. An extensive, multi-year capital improvement program has addressed most major building systems, and most of the units have been renovated or turned. Priced at $5,295,000 ($165,469 per unit, roughly $201 per square foot), the community produces stabilized in-place income supported by tenant utility reimbursements and on-site laundry. Los Banos is a tight rental submarket with limited new market-rate deliveries, so a new owner can step into stabilized day-one cash flow.
Investment highlights
- 32 units acquired in a single transaction.
- $165,469 per unit, roughly $201 per square foot.
- Two communities operated together under one owner.
- Extensive capital program largely complete across the buildings.
- Step into stabilized in-place cash flow at closing.
- Renovated community in a supply-constrained West Los Banos submarket.
- Residents pay their own electricity directly.
- Residents reimburse a portion of water, sewer, and garbage.
- Reimbursements support net operating income.
- Tight Los Banos rental market with limited new market-rate supply.
- Supports durable occupancy and gradual rent growth over time.
- All two-bedroom / one-bath, roughly 825 SF each.
- Extensive, multi-year capital improvement program.
- Most of the units renovated or turned.
- Major building systems addressed across the eight buildings.
- 133 & 233 West I Street on the same street.
- Run together as a single 32-unit community.
- APNs 027-072-005 and 027-072-003 · Merced County.
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