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1450 S State St
Ukiah, CA 95482
Alderwood Apartments · Multifamily Property For Sale
·
53 Units
Investment Highlights
- 121 Units in California's #1 Rent Growth Market
Executive Summary
SIGNIFICANT UPSIDE POTENTIAL
• Current rents sit materially below recently achieved and market-supported levels.
• Two-bedroom units average $1,664; recent leases have reached $1,825 with comps suggesting $1,850 is achievable.
• Three-bedroom units average $1,900; recent leases have reached $2,150.
• This represents roughly 12% / $200 per unit rental upside and $125,000+ in incremental annual revenue.
• Additional operational upside through utility reimbursements: current RUBS recovery at roughly 49%, while market peers achieve 90%+. Ownership recently upped utility charges on 2BD units from $85 to $125, and 3BD units from $95 to $150. 90% recovery would equate to $43,605 in potential NOI growth.
• Underutilized parking revenue: 33 garage spaces (roughly 200 SF each) collected only $11/mo on average; market rates are $50/mo for garages and $200+ for similar sized self-storage spaces.
SIGNIFICANT CAPITAL INVESTMENT
• Ownership invested over $2,260,000 across major interior and exterior upgrades.
• 81% (43 of 53) units renovated, featuring:
• New kitchen and bath cabinetry
• Hard-surface counters
• Stainless steel appliance package
• Dual-pane windows (2BR units)
• Plank-style flooring, 5” baseboards, upgraded lighting
• Exterior improvements include:
• Full exterior paint
• Siding upgrades
• New leasing office
• Upgraded Landscaping
• Renovations position Alderwood competitively in the Ukiah market with limited near-term capex needs.
RARE & DESIRABLE UNIT MIX
• Highly attractive blend of one-, two-, and three-bedroom homes.
• 60% (32 units) are spacious two-bedroom flats; 38% (20 units) are three-bedroom town homes.
• Larger-than-average floor plans compared to nearby communities drive
stronger demand, retention, and long-term rent growth.
STRONG RENTAL MARKET FUNDAMENTALS
• Ukiah/Mendocino market demonstrates robust performance with 9.08%+ YoY rent growth and 97%+ occupancy (RealPage).
• Rent comparable effective rent for 2-Bedroom units is $1,863
• Alderwood trails the market with 2-Bedroom units averaging $1,664. 3-Bedroom units in-place avg. at Alderwood is $1,900, recent leases have been executed at $2,150. This highlights a clear runway for continued rent growth.
• Strong fundamentals paired with a renovated asset and family-oriented unit mix provide a compelling value-add story.
Notes:
• 1/2 OF PORTFOLIO
• *SOLD INDIVIDUALLY OR AS A PORTFOLIO
• Current rents sit materially below recently achieved and market-supported levels.
• Two-bedroom units average $1,664; recent leases have reached $1,825 with comps suggesting $1,850 is achievable.
• Three-bedroom units average $1,900; recent leases have reached $2,150.
• This represents roughly 12% / $200 per unit rental upside and $125,000+ in incremental annual revenue.
• Additional operational upside through utility reimbursements: current RUBS recovery at roughly 49%, while market peers achieve 90%+. Ownership recently upped utility charges on 2BD units from $85 to $125, and 3BD units from $95 to $150. 90% recovery would equate to $43,605 in potential NOI growth.
• Underutilized parking revenue: 33 garage spaces (roughly 200 SF each) collected only $11/mo on average; market rates are $50/mo for garages and $200+ for similar sized self-storage spaces.
SIGNIFICANT CAPITAL INVESTMENT
• Ownership invested over $2,260,000 across major interior and exterior upgrades.
• 81% (43 of 53) units renovated, featuring:
• New kitchen and bath cabinetry
• Hard-surface counters
• Stainless steel appliance package
• Dual-pane windows (2BR units)
• Plank-style flooring, 5” baseboards, upgraded lighting
• Exterior improvements include:
• Full exterior paint
• Siding upgrades
• New leasing office
• Upgraded Landscaping
• Renovations position Alderwood competitively in the Ukiah market with limited near-term capex needs.
RARE & DESIRABLE UNIT MIX
• Highly attractive blend of one-, two-, and three-bedroom homes.
• 60% (32 units) are spacious two-bedroom flats; 38% (20 units) are three-bedroom town homes.
• Larger-than-average floor plans compared to nearby communities drive
stronger demand, retention, and long-term rent growth.
STRONG RENTAL MARKET FUNDAMENTALS
• Ukiah/Mendocino market demonstrates robust performance with 9.08%+ YoY rent growth and 97%+ occupancy (RealPage).
• Rent comparable effective rent for 2-Bedroom units is $1,863
• Alderwood trails the market with 2-Bedroom units averaging $1,664. 3-Bedroom units in-place avg. at Alderwood is $1,900, recent leases have been executed at $2,150. This highlights a clear runway for continued rent growth.
• Strong fundamentals paired with a renovated asset and family-oriented unit mix provide a compelling value-add story.
Notes:
• 1/2 OF PORTFOLIO
• *SOLD INDIVIDUALLY OR AS A PORTFOLIO
Property Facts
| Price Per Unit | $277,620 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.73 AC |
| Cap Rate | 6.08% | Building Size | 37,302 SF |
| Gross Rent Multiplier | 8.92 | Average Occupancy | 94% |
| No. Units | 53 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1978 |
| Property Subtype | Apartment | Parking Ratio | 1.29/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Zoning | SR | ||
| Price Per Unit | $277,620 CAD |
| Sale Type | Investment |
| Cap Rate | 6.08% |
| Gross Rent Multiplier | 8.92 |
| No. Units | 53 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.73 AC |
| Building Size | 37,302 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built | 1978 |
| Parking Ratio | 1.29/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | SR |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Carpet
- Patio
Site Amenities
- Laundry Facilities
- Pool
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $1,882 CAD | 718 |
| 2+1 | 32 | $2,278 CAD | 838 |
| 3+2 | 20 | $2,601 CAD | 1,146 |
Property Taxes
| Parcel Number | 003-420-55-00 | Improvements Assessment | $4,454,059 CAD |
| Land Assessment | $896,091 CAD | Total Assessment | $5,350,150 CAD |
Property Taxes
Parcel Number
003-420-55-00
Land Assessment
$896,091 CAD
Improvements Assessment
$4,454,059 CAD
Total Assessment
$5,350,150 CAD
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