355-375 El Camino Avenue

Address: 355 El Camino Ave, Sacramento, CA 95815, USA, Sacramento, California, US

California & West + Apartments

Created date: November 20, 2023

Date last updated: November 20, 2023

• Two buildings on two separate parcels
• Two Bed, One Bed and Studio units
• Spacious units with wall heat/air
• Pitched roof and on-site laundry
• Gated with ample parking
• Managers office & extra storage included
• No on-site manager required
• Near Business-80 and Arden Way
• Proximity to all aspects of Sacramento

Property Description

We are pleased to present two 8-unit complexes contiguous to one another, 355 & 375 El Camino Avenue, Sacramento. This is a gated community with on-site laundry and parking for the residents. The building has a great unit mix consisting of two-two bedroom/one bathroom, twelve-one bedroom/one bathroom & two-studio living units. This subject property has been upgraded and maintained throughout its entire ownership with electric stoves, wall heat/air system, upgraded cabinets and new laminate flooring in the kitchen and bathrooms. Some units have been updated with new counter tops, six panel doors, and new vanities in the bathroom as well. The floor plans are spacious with both buildings equaling 9,454 square feet. These two-story complexes were constructed with wood frame and stucco with a pitched roof. Also, a new investor should consider implementing a Ratio Utility Billing System (RUBS) on the remainder of the units to increase monthly cash flow. RUBS currently range between $50-100 per unit monthly depending on the number of tenants within the unit. These El Camino Avenue properties are located in North Sacramento on a major throughfare through the region. El Camino Avenue runs from Interstate-80 on the west all the way through Arden-Arcade to the American River on the east. Del Paso Blvd another main roadway is only moments away and leads directly into Downtown Sacramento which is only 4.2 miles to the State Capitol. This area of Sacramento was incorporated in 1924 and later merged with the City of Sacramento. As a well-established submarket there is much history and culture in this neighborhood. In addition, a short distance from the property is Johnston Park, Cal Expo, Arden Fair Shopping Mall, plus numerous restaurants that reflect the diversity of this area. A new investor will benefit from the strong demand for affordable workforce housing that meets the needs of the growing population and job growth in Sacramento.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Multifamily type:	Apartments
Price:	$2,400,000
No. of Units:	16
Cap Rate:	6.36%
GRM /GIM:	10.13
Average Occupancy:	88
Year Built:	1958
Building Size:	9,454 Sq ft
Lot Size:	0.34 Acres
No. of Stories:	2
APN:	263-0224-009; 263-0224-010
Zoning Code:	R-3
Buy Side Fee:	2%
Opportunity Zone:	No
Price per unit:	$150,000