Hurley South
- Excellent Unit Mix of 1 & 2 Bedrooms
- Immediate Upside Potential in Rental Income
- Central Heat and Air Conditioning
- Gated Parking Lot with Covered Parking
- Swimming Pool and Laundry facility On-Site
- Pitched Roofs
- 1977 Construction
- Low Vacancy Submarket
Property Description
Colliers is pleased to present Hurley South, a 23-unit multi-family apartment community in the Arden/Arcade submarket of Sacramento. The complex is in a residential community with close proximity to K-12 schools, Sacramento State University, the Arden Fair Shopping Mall, and Howe Bout Arden retail center. Residents further benefit from walking distance and drivability to a vast amount of employment, shopping, and dining experiences. The American River is a short tread from the property and provides residents with serenity along the walking and bike paths. Being well located between two of the submarket’s primary thoroughfares, Howe Avenue and Fulton Avenue, tenants of Hurley South enjoy accessibility to a majority of the four-county region. Business-80 and Highway 50 are both less than 3 miles from the property, giving quick mobility to the Greater Sacramento Area which includes attractions and conveniences such as Golden 1 Center, the Sacramento Airport, and all the other regional activities that make Sacramento a thriving community. Hurley South is situated on 0.89 acres and consists of 17,600 square feet of living space. The subject property sits well behind mature landscaping which provides residents with privacy plus a sense of peace and quiet. This complex offers a desirable unit mix of twelve, one-bedroom/one-bathroom and eleven, two-bedroom/one-bathroom units. The current owner has remodeled 17 of the 23 units and made many improvements to the property’s exterior over the past five years. Interior remodels include new flooring, all-white appliances, brand new cabinets & countertops, updated light fixtures, fresh paint, and all new electrical panels. Exterior improvements include pitched roofs - some of which were replaced in 2020, upgraded central heating and air conditioning, new fences, updated carports, new mailboxes, a main security gate system, on-site security cameras, new pumps for the boiler system and a brand-new pump for the community swimming pool. A new owner will be able to further enhance the complex by renovating the remaining 6 units on turnover while increasing income through rent increases to capture the loss-to-lease gap on longer term tenants. In addition, the new owner will want to implement a Ratio Utility Billing System (RUBS) to bill a portion of the sewer, water, and garbage charges to any remaining residents who are not already in receipt. This has become a common practice in California and these charges typically range from $25-$100 per unit in addition to the residents’ standard monthly rental payment depending on the number of people in each unit. Based on these actions the cash flow will be boosted further and add additional value to the complex.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings |
| Price: | $3,650,000 |
| No. of Units: | 23 |
| Cap Rate: | 5.98% |
| GRM /GIM: | 8.81 |
| Average Occupancy: | 96 |
| Year Built: | 1977 |
| Building Size: | 17,599 Sq ft |
| Lot Size: | 0.89 Acres |
| No. of Stories: | 2 |
| APN: | 285-0184-024 |
| Zoning Code: | RD-30 |
| Opportunity Zone: | No |
| Price per unit: | $158,696 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Matt Sarro | 916-616-5267 | [email protected] |
| Trevor Meleski | 530-903-0959 | [email protected] |
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