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8670 Fair Oaks Blvd
Carmichael, CA 95608

Olive Square Apartments · Multifamily Property For Sale · 52 Units

PROPERTY FACTS

No. Units 52
Property Type Multifamily
Property Subtype Apartment
Apartment Style Garden
Building Class C
Lot Size 1.78 AC
Building Size 33,196 SF
Average Occupancy 88%
No. Stories 2
Year Built 1971
Parking Ratio 1.93/1,000 SF

Unit Amenities

  • Air Conditioning
  • Dishwasher
  • Disposal
  • Heating
  • Ceiling Fans
  • Kitchen
  • Granite Countertops
  • Hardwood Floors
  • Oven
  • Stainless Steel Appliances
  • Range
  • Walk-In Closets
  • Freezer

Site Amenities

  • Courtyard
  • Laundry Facilities
  • Pool
  • Property Manager on Site
  • Security System
  • Gated
  • Grill
  • Lounge

About 8670 Fair Oaks Blvd , Carmichael, CA 95608

The Olive Square Apartments is a fantastic opportunity to invest in a stable, cashflowing asset in good physical condition in the affluent Sacramento suburb of Carmichael, CA The property features a diverse unit mix, including four premium single story cottages in the back of the property New monument signage is highly visible from Fair Oaks Blvd, the major arterial Boulevard through Carmichael. The strong amenity package includes a standalone leasing office overlooking a swimming pool, as well as covered parking, a gated entry and beautiful mature redwood trees. The opportunity and space exists to add a BBQ lounge area for residents as an additional amenity. The property has received numerous capital upgrades over the past few years, including new paint, new windows, one new roof, new monument signage, new pool gate, ADA compliance work, dry rot repair and new backflow along with interior upgrades to 33 of the units of varying specs but generally including faux wood vinyl plank flooring, baseboards, paint and resurfaced countertops. The units offer some functional advantages that draw residents with features such as bathroom pocket door privacy, pantry closets, extra linen and hall closets and large walk in closets. Market feedback suggests an additional $100/mo to market rent could be achieved with higher grade finishes, including hard surface countertops, shaker style door replacement on cabinetry and appliance upgrades. Olive Square Apartments is running efficiently and profitably with strong operating history With attractive interest rates available and California's newly adopted Tenant Protection Act of 2019 limiting annual rent increases, it's to the investor's advantage to invest in an asset like Olive Square Apartments where loss to lease is relatively low Coupled with the Carmichael submarket boasting an effective vacancy rate of 2.9% in 2019 and little to no new construction of apartments in the surrounding area, the savvy investor will recognize the relative advantage of this offering. All tours must be scheduled through listing agents. Please do not disturb management

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
Studios 8 $1,120 366
1+1 28 $1,195 589
2+1 16 $1,445 916 - 917

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
260-0050-028
Land Assessment
$2,001,668
Improvements Assessment
$11,009,186
Total Assessment
$13,010,854

zoning

Zoning Code RD40
RD40
  • Listing ID: 18139664

  • Date on Market: 2020-01-09

  • Last Updated:

  • Address: 8670 Fair Oaks Blvd, Carmichael, CA 95608

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