Courtyard Apartments

Marcus & Millichap is pleased to represent the seller offering fee simple interest in Courtyard Apartments in Carmichael, California. Investment highlights include:

Opportunity to renovate and add value to a property on market for the first time in decades
Attractive unit mix and floorplans averaging 794 square feet
Recent upgrades include new boilers and interior electrical subpanels
Located within the Carmichael Improvement District

Property Description

After decades of the same ownership, Courtyard Apartments is ideally positioned for the next owner to add value and achieve above-average returns. Nearby comparables support a 15-20% income upside thesis after moderate level upgrades to existing interiors. The average unit size is a generous 794sqft while offering modern conveniences like central HVAC, dishwashers and ceiling fans. About 2/3 of the units include a private patio or balcony. The leasing office and mail facilities offer ample space but would benefit greatly from a cosmetic upgrade and potential addition of a smart package locker system in addition to traditional USPS mailboxes. A very large pool and surrounding deck offers great outdoor space but currently lacks modern furniture and additional communal amenities like BBQs and shade structures. The savvy investor will recognize great potential to make Courtyard Apartments competitive in its offerings to residents seeking the suburban lifestyle and conveniences of a Carmichael location.