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Marshall Apartments

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Address: 3259 Marshall Way, Sacramento, CA 95817, USA

California & West + Apartment Buildings

Created date: April 19, 2024

Date last updated: November 11, 2024

Property Highlights

• Turn-key property with updated interiors
• Loss to lease of about 15-20% from market rental rates
• Large secure gated parking lot with ample parking
• Newer vintage with pitched roofs and on-site laundry
• Pride of ownership complex with many updates throughout

Proximity Highlights

• Walking distance to McGeorge School of Law and University of the Pacific-Sacramento
• One-half a mile to Sacramento High School
• UC Davis Medical Center and Aggies Square are less than 1.5 miles from the site
• Under 3.5 miles to the Golden 1 Center in Downtown Sacramento

Property Description

We are pleased to present Marshall Apartments at 3259 Marshall Way, a rare opportunity to purchase a well maintained and updated complex in the thriving North Oak Park area of Sacramento. This neighborhood is home to the McGeorge School of Law, University of the Pacific-Sacramento, James McClatchy Park, Sacramento High School, and is in close proximity to UC Davis Medical Center, which is undergoing a substantial expansion with Aggie Square. Over the past decade, Kevin Johnson, the former Mayor of Sacramento and ex-NBA basketball player, has spearheaded a renaissance and revitalization of this community. There has been significant investments within the neighborhood with new housing, renovated homes, restaurants, breweries, coffee shops, and other amenities that make North Oak Park an example of what can be accomplished when residents work together. This area further benefits with access to Downtown-Midtown, Arden Arcade, and other submarkets within the Sacramento region. Marshall Apartments is a two-story complex featuring 22 units and was built in 1984. The property comprises one- and two-bedroom units, each equipped with off-street parking and on-site laundry facilities. As units became vacant over time, the owners undertook updates to the interior of all units, incorporating granite countertops, new cabinets, bathroom vanities, shower enclosures, vinyl plank flooring, dishwashers, and new appliances. All two-bedroom units offer central heating/air conditioning, while the one-bedroom units are equipped with wall heating/air conditioning units. At present, the owner covers all common area utilities expenses. However, a potential buyer should consider implementing a Ratio Utility Billing System (RUBS) to distribute a portion of these costs among the residents. This practice has become more prevalent in California, typically involving charges that range between $25 and $75 per unit, in addition to the residents’ standard monthly rent. A new investor will benefit from a turn-key property in a thriving neighborhood of Sacramento. The North Oak Park area predominantly consists of single-family homes, with only a small number of multi-family properties present. For this reason, the demand for apartment rentals remains strong, and given the limited number of apartment transactions within this specific area of Sacramento, Marshall Apartments is a desirable long-term investment.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$4,175,000
No. of Units:	22
Cap Rate:	6.05%
GRM /GIM:	8.96
Year Built:	1984
Building Size:	14,000 Sq ft
Lot Size:	0.41 Acres
No. of Stories:	2
APN:	013-0104-034
Zoning Code:	R-2B-R
Opportunity Zone:	No
Price per unit:	$189,773