Standiford Terrance Apartments 701 Standiford Ave 28 Unit Apartment Building $6,359,500 CAD ($227,125 CAD/Unit) 5.72% Cap Rate Modesto, CA 95350

Contact Listing Agent: Jon Holmquist / 415-625-2117 For Complete Offering Memorandum or to set up a property tour.
The Standiford Terrace Apartments at 701 Standiford, Modesto, CA is a twenty-eight-unit multifamily complex spread across a spacious 1.8-acre parcel (per county records). The property features attractive lush landscaping, with a central grassy courtyard, and covered parking with extra guest spaces at each end of the parcel. Ownership benefits from great frontage and signage facilitating leasing on busy Standiford Avenue (the property is operating near full occupancy). The property is being offered for sale for the first time in several decades, and benefits from professional management and stable long-term tenants with ten of the twenty-eight tenants having resided at the property for over a decade evidencing the desirability of the asset and location.
The property consist of seven easy to maintain, single story buildings of wood frame construction, with wood T-1 eleven siding, and flat roofs, with tile siding. All twenty-eight units feature superior two-bedroom/two-bath floorplans, with LVP and carpeted flooring, gas range stoves, refrigerators, garbage disposals, and dishwashers. Nineteen of the twenty-eight units have been recently renovated, with many of the remaining nine units undergoing partial renovation on the most recent turnover. Units feature large outdoor patios and are separately metered for gas and electricity with individual hot water heaters.
The property is currently 100% occupied, and the superior Northwest Modesto location, combined with the lush landscaping, convenient parking, and ample outdoor common area make this property a rare opportunity. The single-story construction makes maintenance a breeze and the larger unit size ensures minimal turnovers. With many long-term tenants a new owner should benefit from significant rental 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).