The Marion | 69 Unit Community in Sacramento 2228 Edison Ave 69 Unit Apartment Building $16,254,080 CAD ($235,566 CAD/Unit) 5.40% Cap Rate Sacramento, CA 95821

The Cushman & Wakefield Northern California Multifamily Team is pleased to present the opportunity to acquire The Marion Apartments, a well-maintained, 69-unit multifamily investment property located in the heart of Sacramento, California, one of the fastest growing metropolitan areas in the state. The property, located at 2228 Edison Avenue, offers investors a rare combination of substantial in-place income, meaningful operational upside, and exposure to one of Northern California’s most dynamic rental markets.
The community features a balanced and desirable unit mix of 55% one-bedroom and 45% two-bedroom floor plans, catering to a wide range of tenant demand profiles. To date, 53 units have been fully renovated with modern interiors, while 16 classic units remain, providing immediate potential for rent increases through a proven renovation program. Additionally, there are 16 units currently occupied by tenants with Section 8 Vouchers that provide potential to increase annual gross rents by ~$93,000 by utilizing the SHRA Housing Choice Voucher Program payment standards. The property’s quality, combined with strong tenant retention and consistent occupancy, positions it as a stable yet growth oriented investment.
The location offers exceptional connectivity and lifestyle appeal. Residents enjoy proximity to major retail destinations such as Arden Fair Mall, Howe ’Bout Arden, Downtown Commons (DOCO), and Midtown Sacramento. The property also benefits from convenient access to everyday amenities, including Safeway, Raley’s, Trader Joe’s, and Sprouts Farmers Market. Excellent regional accessibility is provided by nearby I-80 east and west on-ramps and the Marconi/Arcade Light Rail Station, making commutes throughout the Sacramento region seamless.
The property is ideally situated near several of Sacramento County’s largest employment centers, including Downtown and Midtown Sacramento, McClellan Industrial Park, Aggie Square, and Natomas. This central location continues to attract a diverse renter base, drawn by the city’s expanding job market, rising wages, and high quality of life. The surrounding Bellview/Howe-Edison submarket has demonstrated exceptional rent growth —up 146% since 2015—with rents forecast to increase an additional 34% over the next decade, underscoring the area’s long-term investment appeal.
In addition to strong fundamentals, the property offers a potential opportunity to execute Naturally Occurring Affordable Housing (NOAH). With in-place rents below 80% of Area Median Income (AMI), investors may be able to pursue a NOAH conversion that could qualify the property for up to a 100% ad valorem property tax exemption—substantially enhancing long-term returns. Together, these factors position The Marion as a compelling opportunity to acquire a stabilized, income-producing property with immediate upside and multiple paths to value creation in a thriving Sacramento submarket.