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$4,600,000
Est. payment /mo
20,525 SqFt
UPDATED:
11/15/2024 07:09 AM
Key Details
Property Type Multi-Family
Sub Type 5 or More Units
Listing Status Pending
Purchase Type For Sale
Square Footage 20,525 sqft
Price per Sqft $224
MLS Listing ID 324021278
HOA Y/N No
Originating Board MLS Metrolist
Year Built 1972
Lot Size 0.915 Acres
Acres 0.9153
Property Sub-Type 5 or More Units
Property Description
35 units located at 1321 Santa Clara Street in Vallejo, commonly known as Pointe 38. The subject property consists of approximately 22,925 square feet and a unit mix of twenty-five (25) 1x1 units and ten (10) 2x1 units. The improvements were reportedly built in 1972. The going-in cap rate with 11 vacant units is 4.98%. Upon lease-up of the currently vacant units at $1,525 for the 1x1's and $1,700 for the 2x1's, the cap rate ascends to over 9%. Additionally, the vacant units are fully rehabbed and rent ready creating significant equity growth almost immediately after purchase and lease-up. The subject property as a whole has been renovated with new exterior paint, all new vinyl windows, new laundry machines and all new interiors. The Pointe 38 Apartments presents investors a unique equity growth opportunity with minimal capital outlay.
Location
State CA
County Solano
Area Vallejo 5
Direction tennessee to santa clara
Interior
Heating Other
Cooling Other
Laundry In Common Area
Exterior
Parking Features Other
Water Access Desc Other
Building
Lot Description Other
Story 2
Sewer Other
Water Other
Others
Senior Community No
Tax ID 0055-062-160
Special Listing Condition None
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Listed by Gravitas Commercial Real Estate