691 El Camino Ave

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Address: 691 El Camino Ave, Sacramento, California, US
Created date: March 22, 2024
Date last updated: March 27, 2024
  • Well maintained gated complex just minutes from Downtown Sacramento.
  • RUBS of $48 is being implemented on new leases.
  • Loss-to-Lease based on newly rented equates to +/-$16,416 annually.
  • There are 2 vacant units that leased at market generate additional $29K annually.
  • True upside in rents since Avg. Rent is $1,043 vs. New Rents at $1,214.
  • (4) of the unit interiors have been updated with paint, appliances, and flooring.
  • The exterior has been renovated with paint, lighting, lush landscaping, and fencing.

Property Description

691 El Camino Ave., Sacramento is an 8 unit in the heart of the rejuvenated North Sacramento market. This small gated apartment complex is comprised of all 1 bedroom with 1 bath units approximately 540 SF with an onsite laundry facility. The units are separately metered for electrical and gas. The units also feature dual pane windows, wall heating & air, updated appliances (varies), along with one (1) central water heater. Four (4) of the unit interiors were upgraded with paint, appliances, and flooring. The exterior was also improved with a modernized paint pallet with light fixtures. Many of the leases are well below market with an average rental rate of $1,043. A recently rented unit leased for $1,214 signifying that there's a loss-to-lease rent of approximately $16,416 if all the units were paying the new rental rate. Furthermore, there are two vacant units that can be leased at market rate. Plus, the ownership recently implemented RUBS on the new leases to help offset utility costs.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Multifamily type: Apartments
Price: $1,295,000
No. of Units: 8
Average Occupancy: 5.55
Year Built: 1949
Lot Size: 0.14 Sq ft
Opportunity Zone: No
Price per unit: $161,875
Property Website Click Here
Address: 691 El Camino Ave, Sacramento, CA 95815, USA
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