326 E Pine St
Lodi, CA 95240

Marcus & Millichap is pleased to present 326 E Pine St in Lodi, CA. The subject property sits on a 0.22-acre lot and is comprised of six units: five one-bedroom/one-bathroom units at approximately 630 sq ft each and one two-bedroom/one-bathroom unit at approximately 730 sq ft. Approximately half the units have new received modest interior upgrades including laminate flooring, new countertops, and upgraded fixtures. The complex features off-street parking for tenants and a coin op laundry room which provides additional income. The opportunity presents itself for the next investor to add-value through additional interior renovations and minimal exterior touch ups to achieve substantially higher rents. Based on market rents in the immediate area, there is nearly 20% loss to lease to erode. The low operating costs and true value add potential creates the rare opportunity for a first time or seasoned investor to attain double digit cash-on-cash yields year one. The city of Lodi is located within San Joaquin County in central proximity to Stockton (15 minutes South), Sacramento (45 minutes North), and Eastern Contra Costa (45 minutes East). The surrounding areas have experienced torrid rental growth in previous years, putting upward pressure on surrounding secondary markets such as Lodi. Due to lack of rental supply and ever-increasing demand, this trend is poised to continue well into the coming years. Lodi is best known for being a center of winegrape production, there are over 100 different grape varieties planted in the Lodi AVA in over 113,000 acres of vineyards. In 2015, Lodi was named Wine Region of the Year by Wine Enthusiast magazine. With the replacement by other varietals, primarily Zinfandel, Lodi is widely recognized as the old vine Zinfandel capital of the world. Lodi's downtown includes a multiplex cinema, restaurants, specialty shops, and several wine tasting rooms. Prospects for a quality hotel and more white linen restaurants look promising as the City of Lodi refocuses its business attraction efforts to support this charming and historic downtown. ***CAP RATE IS PRO FORMA ***YEAR BUILT IS UNKNOWN