630 Maple Street
630 Maple Street
Region: West Sacramento
Lease or Sale: Sale
Building Size: ±15,244 SF Sale Price: $1,750,000
630 Maple Street (the “Property”) is a 100% leased, 16-unit multi-family investment opportunity located in West Sacramento. The Property features 14 two-bedroom, one bath units and 2 one bedroom, one bath units spread across four, two-story structures. The structures total approximately 15,244 square feet situated on an approximate 20,473 square foot parcel of land, which includes a community pool and 16 on-site parking stalls for the residents’ use.
The Property represents a significant value-add investment opportunity as the current rental rates are, on average, 25% below market rate. The year one capitalization rate based on a $1,750,000 purchase price is 4.1%. The proforma return inclusive of a $150,000 capital and tenant improvement allowance in addition to the above referenced purchase price is 6.1%. Priced at approximately $115 per square foot on the gross rentable size, it is priced well below replacement cost for identical product.
The Property is situated in West Sacramento, less than two miles from the Sacramento River and just under four miles from the State Capitol. The Property boasts easy access to Interstate 80, as well as Interstate 5. In the first quarter of 2018, the multi-family occupancy rate in West Sacramento rose to 96%, slightly outpacing Sacramento’s occupancy rate 95%. The overall asking rental rate is West Sacramento is $1.23 per square foot; The Property’s rental rates are currently hovering around $.90 per square foot.
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