Stoddard Avenue Apartments
-Low Density, Single-Story Community on a large .65 Acre Parcel
-Located Across from Modesto Junior College – 19,000+ Students as of 2024
-Value Add Opportunity Through Unit Turns and Tighter Management – Loss to Lease Upside of Approximately 20%
Property Description
Marcus & Millichap is pleased to present the exclusive offering of 1136 Stoddard Avenue, a 16-unit apartment community located in Modesto, California. This property, for sale for the first time in 20+ years of ownership, consists of all one-bedroom, one-bathroom units, each approximately 505 rentable square feet. Situated across the street from Modesto Junior College, this property is favored by students for the proximity to campus, as well as individuals who prefer the low-density and garden-style living. Convenient off-street parking is available for residents as a mix of uncovered parking spaces off Stoddard Avenue, as well as covered carports towards the rear of the property. The next investor will add value by continuing a proven unit renovation strategy to maximize rents on lease up, along with closing the loss to lease gap on existing residents. Additional revenue can be generated by implementing RUBS (Ratio Utility Billing System) to help offset utility expenses. All tours must be scheduled through the listing agents. Please do not disturb management.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings |
| Price: | $1,800,000 |
| No. of Units: | 16 |
| Year Built: | 1954 |
| Building Size: | 8,080 Sq ft |
| Lot Size: | 0.65 Acres |
| No. of Stories: | 2 |
| Opportunity Zone: | No |
| Price per unit: | $112,500 |
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