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1450 S State St
Ukiah, CA 95482
Alderwood Apartments · Immeuble residentiel Propriété À vendre
·
53 Unités
Certaines informations ont été traduites automatiquement.
Faits saillants de l'investissement
- 121 Units in California's #1 Rent Growth Market
Résumé de l'annonce
SIGNIFICANT UPSIDE POTENTIAL
• Current rents sit materially below recently achieved and market-supported levels.
• Two-bedroom units average $1,664; recent leases have reached $1,825 with comps suggesting $1,850 is achievable.
• Three-bedroom units average $1,900; recent leases have reached $2,150.
• This represents roughly 12% / $200 per unit rental upside and $125,000+ in incremental annual revenue.
• Additional operational upside through utility reimbursements: current RUBS recovery at roughly 49%, while market peers achieve 90%+. Ownership recently upped utility charges on 2BD units from $85 to $125, and 3BD units from $95 to $150. 90% recovery would equate to $43,605 in potential NOI growth.
• Underutilized parking revenue: 33 garage spaces (roughly 200 SF each) collected only $11/mo on average; market rates are $50/mo for garages and $200+ for similar sized self-storage spaces.
SIGNIFICANT CAPITAL INVESTMENT
• Ownership invested over $2,260,000 across major interior and exterior upgrades.
• 81% (43 of 53) units renovated, featuring:
• New kitchen and bath cabinetry
• Hard-surface counters
• Stainless steel appliance package
• Dual-pane windows (2BR units)
• Plank-style flooring, 5” baseboards, upgraded lighting
• Exterior improvements include:
• Full exterior paint
• Siding upgrades
• New leasing office
• Upgraded Landscaping
• Renovations position Alderwood competitively in the Ukiah market with limited near-term capex needs.
RARE & DESIRABLE UNIT MIX
• Highly attractive blend of one-, two-, and three-bedroom homes.
• 60% (32 units) are spacious two-bedroom flats; 38% (20 units) are three-bedroom town homes.
• Larger-than-average floor plans compared to nearby communities drive
stronger demand, retention, and long-term rent growth.
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
• Alderwood trails the market with 2-Bedroom units averaging $1,664. 3-Bedroom units in-place avg. at Alderwood is $1,900, recent leases have been executed at $2,150. This highlights 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 sit materially below recently achieved and market-supported levels.
• Two-bedroom units average $1,664; recent leases have reached $1,825 with comps suggesting $1,850 is achievable.
• Three-bedroom units average $1,900; recent leases have reached $2,150.
• This represents roughly 12% / $200 per unit rental upside and $125,000+ in incremental annual revenue.
• Additional operational upside through utility reimbursements: current RUBS recovery at roughly 49%, while market peers achieve 90%+. Ownership recently upped utility charges on 2BD units from $85 to $125, and 3BD units from $95 to $150. 90% recovery would equate to $43,605 in potential NOI growth.
• Underutilized parking revenue: 33 garage spaces (roughly 200 SF each) collected only $11/mo on average; market rates are $50/mo for garages and $200+ for similar sized self-storage spaces.
SIGNIFICANT CAPITAL INVESTMENT
• Ownership invested over $2,260,000 across major interior and exterior upgrades.
• 81% (43 of 53) units renovated, featuring:
• New kitchen and bath cabinetry
• Hard-surface counters
• Stainless steel appliance package
• Dual-pane windows (2BR units)
• Plank-style flooring, 5” baseboards, upgraded lighting
• Exterior improvements include:
• Full exterior paint
• Siding upgrades
• New leasing office
• Upgraded Landscaping
• Renovations position Alderwood competitively in the Ukiah market with limited near-term capex needs.
RARE & DESIRABLE UNIT MIX
• Highly attractive blend of one-, two-, and three-bedroom homes.
• 60% (32 units) are spacious two-bedroom flats; 38% (20 units) are three-bedroom town homes.
• Larger-than-average floor plans compared to nearby communities drive
stronger demand, retention, and long-term rent growth.
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
• Alderwood trails the market with 2-Bedroom units averaging $1,664. 3-Bedroom units in-place avg. at Alderwood is $1,900, recent leases have been executed at $2,150. This highlights 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
Faits sur la propriété
| Prix par unité | 280 149 $ CAD | Classe d’immeuble | C |
| Type de vente | Investissement | Taille du lot | 1,73 AC |
| Taux de capitalisation | 6,08% | Taille du bâtiment | 37 302 pi² |
| Multiplicateur du loyer brut | 8.92 | Occupation moyenne | 94% |
| Nombre d’unités | 53 | Nombre d’étages | 2 |
| Type de propriété | Immeuble residentiel | Année de construction | 1978 |
| Sous-type de propriété | Appartement | Ratio de stationnement | 1,29/1 000 pi² |
| Style d’appartement | Jardin | Zone de développement économique |
Oui
|
| Zonage | SR | ||
| Prix par unité | 280 149 $ CAD |
| Type de vente | Investissement |
| Taux de capitalisation | 6,08% |
| Multiplicateur du loyer brut | 8.92 |
| Nombre d’unités | 53 |
| Type de propriété | Immeuble residentiel |
| Sous-type de propriété | Appartement |
| Style d’appartement | Jardin |
| Classe d’immeuble | C |
| Taille du lot | 1,73 AC |
| Taille du bâtiment | 37 302 pi² |
| Occupation moyenne | 94% |
| Nombre d’étages | 2 |
| Année de construction | 1978 |
| Ratio de stationnement | 1,29/1 000 pi² |
| Zone de développement économique |
Oui |
| Zonage | SR |
Commodités
Commodités des unités
- Climatisation
- Balcon
- Lave-vaisselle
- Chauffage
- Cuisine
- Réfrigérateur
- Four
- Fourchette
- Bain/Douche
- Tapis
- Patio
Commodités du site
- Installations de lessive
- Piscine
Unité renseignements sur le mélange
| Description | Nombre d’unités | Loyer moyen/mois | pi² |
|---|---|---|---|
| 1+1 | 1 | 1 899 $ CAD | 718 |
| 2+1 | 32 | 2 298 $ CAD | 838 |
| 3+2 | 20 | 2 624 $ CAD | 1 146 |
Impôts fonciers
| Numéro de lot | 003-420-55-00 | Évaluation des bâtiments | 4 454 059 $ CAD |
| Évaluation du terrain | 896 091 $ CAD | Évaluation totale | 5 350 150 $ CAD |
Impôts fonciers
Numéro de lot
003-420-55-00
Évaluation du terrain
896 091 $ CAD
Évaluation des bâtiments
4 454 059 $ CAD
Évaluation totale
5 350 150 $ CAD
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