Townhouse Gardens 6221-6225 39th St 18 Unit Apartment Building $3,123,400 CAD ($173,522 CAD/Unit) 7.76% Cap Rate Sacramento, CA 95824

Colliers is pleased to present 6221 39th Street, a well-kept 18-unit apartment complex in a thriving submarket just South of Sacramento. This is a rare opportunity to own 100% townhouse style units that are two-stories. Each unit has a kitchen, half bathroom and living room downstairs with two bedrooms and a full bathroom upstairs. The subject property provides nearly 15,800 square feet of rentable living space located on a 0.65 acre lot. The apartment complex consists of 3 two-story buildings built in 1963 with a beautiful stucco exterior and two toned paint job. The property has been outfitted with new dual-paned windows that provide a finished look while helping to reduce the residents’ utility costs.
The unit mix consists of eighteen 2-bedroom/1.5-bathroom apartment units that mirror each other in size and layout. Each apartment is 875 square feet with central heat and air conditioning, large closets and some interior upgrades. The subject property has a parking lot in the front, secured gate surrounding the property and three private on-site laundry facilities (equipment owned). Each unit is metered separately for gas and electricity which is paid by the resident, while the owner pays for sewer, water, garbage, and common area lighting costs. A portion of these costs could be billed to the residents through a Ratio Utility Billing System (RUBS) which is becoming more common in California. These charges are around $50-125 per unit in addition to the residents’ standard monthly rental payment depending on the amount of people in each unit.
Convenience, affordability, access to existing businesses and employment opportunities in the surrounding region make this corridor desirable to residents. The area continues to attract a wide range of national, regional, and local employers due to the proximity to major highways and the liveliness. As residents are priced out of the single family housing market, many residents in the community are realizing without significant wage growth they will be long term renters.