Mark Twain Apartments 311 Fairview Ln 44 Unit Apartment Building $5,780,344 CAD ($131,371 CAD/Unit) 7.90% Cap Rate Sonora, CA 95370

311 Fairview Ln is a 44-unit multifamily investment property located in Sonora, California. Built in 7980, the asset consists of 31,095 square feet situated on a 7.49-acre parcel totaling approximately 64,904 square feet. The property serves the Downtown Sonora submarket and benefits from steady rental demand driven by the area's workforce housing needs.
The property offers a balanced unit mix with 50% one-bedroom units and 50% two- bedroom units, providing flexibility to accommodate a broad tenant base. Current market rents in the surrounding area average approximately
$950-$1,750 for one-bedroom units and $7,350-$7,500 for two-bedroom units, presenting upside potential through future rent adjustments and operational improvements.
311 Fairview Ln is conveniently located near downtown Sonora with easy access to major transportation corridors, shopping centers, schools, employment hubs, and neighborhood amenities. The surrounding market has continued to demonstrate stable multifamily occupancy and consistent investor demand for well-positioned workforce housing assets.
The new owner will have an opportunity to implement rent increases and operational efficiencies to drive the NOI. Rents are 20-30% below market, with the average rental rate at $910 per month. An investment in solar panels will reduce Landlord's electricity burden caused by a common water heater.