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Redwood Meadows Senior Apartments

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Address: 1475 Baechtel Rd, Willits, CA 95490, USA

California & West + Apartment Buildings

Created date: July 16, 2024

Date last updated: October 31, 2024

-Rare Opportunity to purchase a 101 unit Active Senior Apartment.
-Land, and city agreement available to build an additional 15 units on site.
-Storage units available to rent.

Property Description

Marcus and Millichap is proud to present the opportunity to present Redwood Meadows. Redwood Meadows is a 101 unit, Active Senior Apartment located in Willits CA. The subject property boasts a onsite club house, Redwood Tree Garden, new drought tolerant landscaping, and storage units for rent. The unit make up of the property is also advantageous, with 4 studios, 58 1 bedrooms, and 39 two bedrooms. The property sits on 7.18 Acres and has land available, and initial city approval to build an additional 15 units on site. With such strong demand, the new owner will have the ability to start building while enjoying the current steady cash flow. Redwood Meadows is located right in the middle of Willits CA, located directly next to the Senior Center. In the center of town, the location allows easy transportation to shopping, health care, and entertainment. The savvy investor will quickly realize the steady nature of senior apartments. Unlike many apartments, seniors consider the apartment their home. Turnover is low, and the residents take far better care of their units. In addition, there is a loan on the property of approximately 4,600,000 that can be assumed at a 5.13% interest rate. The lender will also allow a second to be placed on the property to take advantage of the locked in lower interest rate while still improving LTV if the buyer chooses to. Willits, known as the "Gateway to the Redwoods," has a population of approximately 5,000. The right buyer will see the rare opportunity to purchase a stable senior apartment, with upside in rents and the ability to build new units on site at far below replacement cost.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings \| Senior Housing
Price:	$13,500,000
No. of Units:	101
Cap Rate:	5.77%
GRM /GIM:	7.98
Average Occupancy:	95
Building Size:	78,552 Sq ft
Opportunity Zone:	No
Price per unit:	$133,663