Magnolia Court Apartments 4841 Myrtle Ave 64 Unit Apartment Building $16,884,738 CAD ($263,824 CAD/Unit) 5.29% Cap Rate Sacramento, CA 95841
INVESTMENT HIGHLIGHTS
- 42 units recently remodeled including in-suite laundry retrofit, new flooring, countertops, lighting, etc.
- Convenient location nearby Interstate 80, near shopping and across the street from American River College
- New siding, paint, windows, sliders, signage and landscaping
EXECUTIVE SUMMARY
The DeLoney Group is pleased to offer for sale Magnolia Court Apartments in Sacramento, California. This 64-unit property was constructed in 1963 and has seen many upgrades in the past few years. 42 of the 64 units have been recently remodeled which includes in-suite laundry, upgraded countertops, hardware, lighting, flooring and appliances.
The average rent in place today at Magnolia Court is $1551/mo. Assuming the remainder of the unrenovated units get upgraded and the next owner collapses all embedded loss-to-lease, there's 7.6% upside in income pro forma. With most of the heavy lifting addressed by the current owner, the new purchaser will inherit a stable operation with continued operational upside and a product that will continue to remain in demand and functionally competitive with its large floor plans, central HVAC and in-suite laundry.
Do not disturb management. All tours must be coordinated with listing agent present.
The average rent in place today at Magnolia Court is $1551/mo. Assuming the remainder of the unrenovated units get upgraded and the next owner collapses all embedded loss-to-lease, there's 7.6% upside in income pro forma. With most of the heavy lifting addressed by the current owner, the new purchaser will inherit a stable operation with continued operational upside and a product that will continue to remain in demand and functionally competitive with its large floor plans, central HVAC and in-suite laundry.
Do not disturb management. All tours must be coordinated with listing agent present.
PROPERTY FACTS
| Price | $16,884,738 CAD |
| Price Per Unit | $263,824 CAD |
| Sale Type | Investment |
| Cap Rate | 5.29% |
| Gross Rent Multiplier | 9.9 |
| No. Units | 64 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.91 AC |
| Building Size | 55,425 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2023 |
| Parking Ratio | 1.35/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Balcony
- Washer/Dryer
- Heating
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
- Patio
- Vinyl Flooring
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Pool
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 29 | - | 680 |
| 2+1 | 35 | - | 860 |
1 of 1
Walk Score®
Very Walkable (70)
Bike Score®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 228-0292-032 | Improvements Assessment | $14,106,753 CAD |
| Land Assessment | $1,633,413 CAD | Total Assessment | $15,740,166 CAD |
ZONING
| Zoning Code | RD30 |
