2711 E Street
2711 E Street
Lease or Sale: Sale
Building Size: ±4,200 SF Sale Price: $1,300,000
2711 E Street (the “Property”) is a 100% leased six-unit apartment investment opportunity located in highly desirable Boulevard Park neighborhood of Midtown, Sacramento. The two-story, 4,100 square foot Property features four one-bedroom, one bath units and two two-bedroom, one bath units. The interiors boast renovated kitchens with granite countertops and new cabinetry, as well as updated bathrooms and tile flooring throughout each unit. The Property includes six covered parking stalls accessible off the alley, thus allowing each tenant access to a stall and an opportunity for the future owner to bring additional income.
The Property is a noteworthy value-add investment opportunity as the current rental rates are, on average, 25% below the market rate given the existing condition of the units. The year-one capitalization rate based on a $1,300,000 purchase price is 3.90%. The proforma capitalization rate can be increased to 6.25% within 12-18 months without any additional stabilization costs by simply bringing the rents to market value. Priced at approximately $217,000 per door, the Property is priced well below replacement cost for identical product. The property currently generates a gross annual income of $77,820 and a net operating income of $49,575.
PROPER T Y INFO
You might also like:
Use: Retail / Office / Restaurant
Lease or Sales: Lease
Leasable SF: 1,035 - 7,143 SF
Lease Rate: $1.50 - 3.25 SF/Month
Lot Size: 2.56 acres
Lease or Sales: Lease & Sale
Sale Price: $17,000,000