2216 Palisade Ave
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2216 Palisade Ave
4 Unit Apartment Building $1,079,234 CAD ($269,809 CAD/Unit) 6.15% Cap Rate Modesto, CA 95350
Investment Highlights
- All Units have been updated in the past 5 Years
- Each unit has a separate APN number so it could possibly be sold as a condo
Executive Summary
Fantastic 4plex/ (Actually 4 Condo’s with 4 Separate APN’s) . This could be a very easy Value add since the 4 Individual condo’s should be worth considerably more than the fourplex. These units boast a great current gross rental income of $69,060 with a current GRM of 10.84! There is still plenty of upside potential using the Rentometer 50% rent in the area the rent should be closer to $76,992 (Report Attached). At marker rents the GRM would be 9.72. All these units were updated about 4 years ago. Our pictures are from 4 years ago. We will be getting updated pictures soon. located in the professionally managed HOA (Whispering Woods). All units are 2 bedrooms and 1 bath, central heat and air, shared garage spaces, Onsite Laundry, & courtesy patrol. All Units have access to the community pool. HOA covers landscaping, security, pool, common areas, and wall-out insurance. All must be purchased as a package with a concurrent close.
Data Room Click Here to Access
- Operating and Financials
- Title and Insurance
- Miscellaneous
Financial Summary (Actual - 2023) 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
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2023) 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 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $1,079,234 CAD | Property Subtype | Apartment |
| Price Per Unit | $269,809 CAD | Apartment Style | Low Rise |
| Sale Type | Investment | Building Size | 3,514 SF |
| Cap Rate | 6.15% | Average Occupancy | 100% |
| Sale Conditions | 1031 Exchange | No. Stories | 2 |
| Gross Rent Multiplier | 10.84 | Year Built/Renovated | 1970/2020 |
| No. Units | 4 | Parking Ratio | 2.28/1,000 SF |
| Property Type | Multifamily |
| Price | $1,079,234 CAD |
| Price Per Unit | $269,809 CAD |
| Sale Type | Investment |
| Cap Rate | 6.15% |
| Sale Conditions | 1031 Exchange |
| Gross Rent Multiplier | 10.84 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Size | 3,514 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1970/2020 |
| Parking Ratio | 2.28/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Tub/Shower
Site Amenities
- Pool
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | $1,945 CAD | 810 |
| 2+1 | 1 | $2,284 CAD | 840 |
| 2+1 | 1 | $2,039 CAD | 840 |
| 2+1 | 1 | $2,024 CAD | 924 |
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2216 Palisade Ave
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