Orange Garden Apartments 150 E Orangeburg Ave 52 Unit Apartment Building $7,746,984 CAD ($148,980 CAD/Unit) 7.02% Cap Rate Modesto, CA 95350

150 E Orangeburg Avenue presents a compelling opportunity to acquire a 52-unit apartment complex in the heart of Modesto—offering scale, strong in-place cash flow, and long-term upside through a clear value-add strategy. Built in 1960 and situated on a 1.43-acre parcel (per public records), the property consists of 41 one-bedroom/one-bath units and 11 two-bedroom/one-bath units, with recently vacated units having undergone interior renovations upon turnover.
Tenants enjoy desirable on-site amenities, including a central courtyard swimming pool, two laundry facilities, and ample covered parking with carport spaces on both sides of the building. The property is currently 98% occupied, and its working-class tenant profile reflects Modesto’s strong demand for well-located, quality workforce housing.
The units are individually metered for gas and electricity, simplifying operational management. Most existing rents remain below market, providing immediate upside potential through interior upgrades and gradual mark-to-market rent increases in compliance with California’s AB 1482 rent control framework (5% + CPI annually).
Given the asset’s size, efficient layout, and highly leasable unit mix, 150 E Orangeburg is well-positioned for a new investor to increase NOI through capital improvements while benefiting from stable, demand-driven occupancy in a high-growth Central Valley submarket. With limited competing inventory at this scale and location, this asset presents a rare possibility to acquire a high-performing value-add investment in Modesto’s maturing multifamily market.