The Grove Apartment Homes
Multifamily | 38 Units | $225,000/unit
Marketing description
Marcus & Millichap, as exclusive listing agent, is pleased to present The Grove Apartment Homes, a stabilized 38-unit garden-style multifamily community located in southeast Rohnert Park, California. As home to Sonoma State University and served by the Sonoma-Marin Area Rail Transit system, Rohnert Park has established itself as one of the most resilient and supply-constrained rental markets in the San Francisco North Bay.
The Grove Apartment Homes is situated on four contiguous parcels totaling 1.07 acres and consists of four two-story residential buildings and one on-site laundry facility. The property offers a swimming pool, grassy picnic area, and mature landscaping. Thirty-five of 38 units are one-bedroom configurations, the submarket's most in-demand product type, and the property is currently 97% occupied.
Rents have grown under current ownership, with the weighted average scheduled rent now at $1,869, up 46% from $1,280 at the time of the prior sale. A utility reimbursement program is in place, contributing over $24,000 annually in additional income. Estimated market rents of $2,007 represent achievable upside through natural turnover and allowable annual rent increases, with no capital investment required.
The Grove Apartment Homes offers investors a stabilized, income-producing asset with meaningful upside potential in one of Northern California's most supply-constrained submarkets.
Investment highlights
- Offered at a 6.25% current cap rate with $534,743 in net operating income and 97% occupancy, cash flow from day one
- 35 of 38 units are one-bedroom configurations, the submarket's most in-demand product type, supporting consistent occupancy and minimal turnover risk
- Over $24,000 in annual utility reimbursements are already built into operations, reducing owner expense exposure at no additional cost to a new owner
- Average scheduled rents have grown from $1,280 to $1,869 under current ownership, reflecting the submarket's sustained rental demand
- Unencumbered offering provides maximum financing flexibility across a range of capital structures and hold strategies
- Limited new supply, high entitlement costs, and strong university-driven renter demand have kept Rohnert Park vacancy at approximately 3%
- Current weighted average rents of $1,869 trail estimated market rents of $2,007, representing approximately $138 per unit in monthly upside achievable through natural turnover and allowable annual rent increases
- Walking distance to schools, parks, and neighborhood retail, with the SMART Train Station, Rancho Cotate Shopping Center, Sonoma State University, and Graton Resort and Casino all within three miles
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