Morris Apartments is a 40-unit apartment complex built in 1953 with a mix of one- and two-bedrooms units. The apartment community has assigned parking, two on-site laundry facilities, and an on-site swimming pool. The subject property is an excellent opportunity to acquire a well-kept true value-add apartment complex in the thriving submarket of Arden-Arcade. A new owner can reposition the complex with some minor or extensive updates to maximize the rental income at the property. Average rents at the complex for one-bedroom units are $1,110 while new leases in the area are renting for $1,395 per month with $35 RUBs included. The two-bedroom units are also under rented at an average of $1315 where other similar units, in less desirable areas, of Sacramento are renting for upward of $1,600 per month. Please contact listing agent for a full marketing package with income and expense information.
- Price:
- $6,500,000
- Acreage:
- 1.26
- Year Built:
- 1953
- Listing ID #:
- 223002959
- Street Address:
- 2900 Marconi Avenue
- City:
- Sacramento
- State:
- California
- Postal Code:
- 95821
- County:
- Sacramento
- Listing Status:
- Pending
- Listing Type:
- Residential Income
School District: Sacramento Unified
- Architecture Style:
- Traditional
- Construction Type:
- Concrete, Stucco, Wood Siding, Masonry
- Dwelling Type:
- Apartments, Garden Apartments
- Flooring:
- Carpet, Laminate, Vinyl, Linoleum
- Foundation:
- Concrete
- Number Of 1 Bedroom Units:
- 24
- Number Of 2 Bedroom Units:
- 16
- Total # Of Buildings:
- 2
- Unit 1 - Square Footage Available:
- 500
- Unit1 Bedrooms:
- 1
- Unit1 Full Bathrooms:
- 1
- Year Built:
- 1953
- Year Built Source:
- Assessor Agent-Fill
- Approximate Lot Size Range Source:
- Not Verified
- Conforms To Zoning:
- Rd-30
- Lot Square Footage:
- 54886.00
- Originating Mls:
- Mls Metrolist
- Unit 1 Monthly Rent:
- 1350
- Parking Description:
- Off Street
- Parking Spaces:
- 40.00
- Cooling System:
- Ceiling Fan(s), Wall Unit(s)
- Existing Water:
- Public
- Heating:
- Wall Furnace
- Laundry:
- Washer/Dryer Leased, In Common Area
- Utilities:
- Natural Gas Connected, Electric
|
$
|
|
|
$
|
|
|
%
|
|
|
$
|
|
|
$
|
|
|
$
|
|
The amounts for the Tax, Insurance, and HOA are estimates and not actual amounts.
Your Payment
$1,400/mo
Source: CINC
- Listing Provided by Matthew S. Sarro of Collier's International Ca (: 01942991)
Similar Properties
$6,272,000
0 N Courtland Rd, Clarksburg, CA 95612
-- SqFt
-- Beds | -- Baths
Listing Provided by Joseph P. Petersen of Petersen & Company (: 01489372) ACTIVE
