TOUR WEDS 6/24: The Grove Apartments 7400 Bridgit Dr 38 Unité Immeuble d’appartements 12 104 491 $ CAD (318 539 $ CAD/Unité) 6,25% Taux de capitalisation Rohnert Park, CA 94928

*** TOUR WEDS 6/24 ***
*** Appointment Only - Email John Garrett to reserve a time: ?john.garrett@marcusmillichap.com ***
John Garrett of Marcus & Millichap, as exclusive listing agent, is pleased to present The Grove Apartment Homes, a stabilized 38-unit garden-style multifamily community located in southeast Rohnert Park, California. As home to Sonoma State University and served by the Sonoma-Marin Area Rail Transit system, Rohnert Park has established itself as one of the most resilient and supply-constrained rental markets in the San Francisco North Bay.
The Grove Apartment Homes is situated on four contiguous parcels totaling 1.07 acres and consists of four two-story residential buildings and one on-site laundry facility. The property offers a swimming pool, grassy picnic area, and mature landscaping. Thirty-five of 38 units are one-bedroom configurations, the submarket’s most in-demand product type, and the property is currently 97% occupied.
Rents have grown under current ownership, with the weighted average scheduled rent now at $1,869, up 46% from $1,280 at the time of the prior sale. A utility reimbursement program is in place, contributing over $24,000 annually in additional income. Estimated market rents of $2,007 represent achievable upside through natural turnover and allowable annual rent increases, with no capital investment required.
The Grove Apartment Homes offers investors a stabilized, income-producing asset with meaningful upside potential in one of Northern California’s most supply-constrained submarkets.