Sierra Sunset Village 505-531 Capps Ln

Supply constrained market with near zero vacancy, Jon Holmquist & John Garrett of Marcus & Millichap are pleased to present Sierra Sunset Village, a 68-unit multifamily community located in the City of Ukiah, the largest city and county seat of Mendocino County. The property boasts near 100% occupancy, built in 1985, the complex consists of 67 two-bedroom/one-bath units, and 1 one-bedroom/one-bath unit. The thriving community of Ukiah is located in the North Coast region, 100 miles north of San Francisco along US Highway 101, the main transportation arterial between the Bay Area and the Oregon border. Sierra Sunset Village benefits from being the premier apartment community in Ukiah and achieves superior rents due to the stellar location, unique positioning in the marketplace, and finer accommodations relative to other competing communities. The complex consists of seven two story buildings, all in excellent condition, which are constructed of wood frame with wood siding, over crawl spaces. All seven buildings have newer pitched composite roofs and the exteriors of all buildings were painted circa 2021. The current owner has implemented an extensive renovation program upon turnover, which has successfully demonstrated a significant boost in rents. To date 46 of the 68 total units have been renovated, and a new owner will benefit from further rental lift through continued renovation of the remaining 22 non-renovated units.
Each two-bedroom, one-bath unit is single level, and has an individual entrance, with covered parking, and a patio for all ground floor units. Original units feature linoleum kitchens and bathrooms, with carpeted living room, hallway, and bedrooms. Renovated units feature luxury vinyl plank flooring, new shaker style cabinet doors, granite countertops, brushed nickel fixtures, new paneled interior doors, fully renovated kitchens and bathrooms, stainless steel appliances, extra storage, and views from select units. Unit interiors are configured with forced air heat, wall mount air conditioners, gas ranges, dishwashers, garbage disposals, and ceiling fans. The premier location in Ukiah and tenant friendly layout are conducive to the higher-end unit renovations completed by current ownership, which have resulted in rent increases of greater than 34% upon tenant turnover. A new buyer should continue to experience an upward trajectory in rents as they take advantage of natural tenant turnover to improve units and lease units at the demonstrated in-place high rents. Contact Listing Agents to Schedule a Tour, or for further details.