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Sierra Sunset Village 505-531 Capps Ln 68 Unit Apartment Building $19,091,240 CAD ($280,754 CAD/Unit) 5.83% Cap Rate Ukiah, CA 95482
Investment Highlights
- 121 Units in California's #1 Rent Growth Market
Executive Summary
SIGNIFICANT UPSIDE POTENTIAL
• Current rents at Sierra Sunset Village sit materially below recently achieved and market-supported levels.
• Two-bedroom units average $1,632, with recent leases reaching $1,895
• This represents roughly 16% / $263 per unit of rental upside and $210,000+ in incremental annual revenue.
• Additional operational upside through utility reimbursements: current RUBS recovery at roughly 59%, while market peers achieve 90%+. Ownership recently upped utility charges on 2BD units from $85 to $125. 90% recovery would equate to $34,160 in potential NOI growth.
SIGNIFICANT CAPITAL INVESTMENT
• Ownership invested nearly $1,500,000 across major interior and exterior upgrades.
• 70% (47 of 68) units have been renovated, featuring:
• New kitchen and bath cabinetry
• Hard-surface counters
• Stainless steel appliance package including modern hood vent
• Plank-style flooring
• 5” baseboards
• Upgraded lighting
• New Interior Doors and hardware
• Exterior improvements include:
• Full exterior paint
• Monument Sign
• Updated leasing office
• Landscaping Upgrades
• The renovations at Sierra Sunset Village position the community competitively in the Ukiah market with limited near-term capex needs.
RARE & DESIRABLE UNIT MIX
• Highly attractive unit mix of 99% 2-bedroom units
• Larger floor plans drive stronger demand, retention, and long-term rent growth.
• Large patios in downstairs units
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.
• Sierra Sunset Village trails the market at $1,632 average rent, highlighting 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 at Sierra Sunset Village sit materially below recently achieved and market-supported levels.
• Two-bedroom units average $1,632, with recent leases reaching $1,895
• This represents roughly 16% / $263 per unit of rental upside and $210,000+ in incremental annual revenue.
• Additional operational upside through utility reimbursements: current RUBS recovery at roughly 59%, while market peers achieve 90%+. Ownership recently upped utility charges on 2BD units from $85 to $125. 90% recovery would equate to $34,160 in potential NOI growth.
SIGNIFICANT CAPITAL INVESTMENT
• Ownership invested nearly $1,500,000 across major interior and exterior upgrades.
• 70% (47 of 68) units have been renovated, featuring:
• New kitchen and bath cabinetry
• Hard-surface counters
• Stainless steel appliance package including modern hood vent
• Plank-style flooring
• 5” baseboards
• Upgraded lighting
• New Interior Doors and hardware
• Exterior improvements include:
• Full exterior paint
• Monument Sign
• Updated leasing office
• Landscaping Upgrades
• The renovations at Sierra Sunset Village position the community competitively in the Ukiah market with limited near-term capex needs.
RARE & DESIRABLE UNIT MIX
• Highly attractive unit mix of 99% 2-bedroom units
• Larger floor plans drive stronger demand, retention, and long-term rent growth.
• Large patios in downstairs units
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.
• Sierra Sunset Village trails the market at $1,632 average rent, highlighting 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
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $19,091,240 CAD | Building Class | B |
| Price Per Unit | $280,754 CAD | Lot Size | 3.83 AC |
| Sale Type | Investment | Building Size | 68,626 SF |
| Cap Rate | 5.83% | Average Occupancy | 97% |
| Gross Rent Multiplier | 9.69 | No. Stories | 2 |
| No. Units | 68 | Year Built | 1985 |
| Property Type | Multifamily | Parking Ratio | 0.99/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden | ||
| Zoning | R3 - residential | ||
| Price | $19,091,240 CAD |
| Price Per Unit | $280,754 CAD |
| Sale Type | Investment |
| Cap Rate | 5.83% |
| Gross Rent Multiplier | 9.69 |
| No. Units | 68 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 3.83 AC |
| Building Size | 68,626 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1985 |
| Parking Ratio | 0.99/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R3 - residential |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Ceiling Fans
- Kitchen
- Granite Countertops
- Stainless Steel Appliances
- Tub/Shower
- Carpet
- Patio
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Fenced Lot
- Laundry Facilities
- Picnic Area
- Pool
- Property Manager on Site
- Grill
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $1,507 CAD | 833 |
| 2+1 | 67 | $2,223 CAD | 805 - 833 |
Fairly walkable
40/100
Very drivable
80/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 001-470-55-00 | Total Assessment | $11,371,036 CAD (2025) |
| Land Assessment | $768,309 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $10,602,727 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
001-470-55-00
Land Assessment
$768,309 CAD (2025)
Improvements Assessment
$10,602,727 CAD (2025)
Total Assessment
$11,371,036 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2026
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Sierra Sunset Village | 505-531 Capps Ln
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