Stoneridge Apartments

Address: 1159 Stratford Cir, Stockton, California, US

California & West + Apartments

Created date: October 3, 2023

Date last updated: December 6, 2023

44% Loss-to-Lease Upside on a Beautifully Remodeled Property
Amenities Offered Include Covered Parking, Tenant Storage Units, On-Site Laundry, Central HVAC, BBQ Lounge Area, Swimming Pool & Cabana, Mature & Robust Landscaping
New Roof, Wood Siding, Exterior Fencing, Paint, Landscaping, Signage and Asphalt Seal Coat In 2023. Updated LED Exterior Lighting
Low Density (22 Units/Acre) in Excellent Stockton Submarket
Select Units Offer Expansive Patio Spaces with Direct Access to Covered Parking. 13 out of 30 Units Renovated

Property Description

Apartment community located in the vicinity of the major intersection of Pacific Avenue and W Robinhood Drive in Stockton, California. The property is situated on a single parcel bordering Stratford Circle and was originally built in 1966 featuring an attractive mix of 1-, 2-, and 3-bedroom floor plans, including single-story cottages. The average unit size is a generous 949 sqft. Residents of Stonebridge enjoy a private swimming pool with a gorgeous brand-new cabana area, covered parking, and low-density living at 22 units per acre.
Stonebridge is located in a tertiary city that continues to grow in population and jobs, remaining stable and anchored by commutable proximity to primary and secondary markets, including the San Francisco Bay Area and Sacramento. Additionally, residents enjoy convenient walkability to Delta College, shopping, multiple restaurants, and major retailers at Sherwood Mall nearby. Commuters benefit from direct access to Interstate 5, serving as the gateway to the Central Valley and Bay Area, through a 2-mile drive on Benjamin Holt Drive.
Recent leases strongly support a thesis of a 44% upside in income, pushing investor pro forma returns well above market norms. While inheriting a property showcasing new paint, asphalt, signage, and landscaping the savvy investor will recognize that future capital expenditures on interior upgrades will directly result in NOI growth.
Stonebridge is offered free and clear. Please contact the listing agent to arrange a tour and submit an offer to purchase.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Multifamily type:	Apartments
Price:	$5,700,000
No. of Units:	30
Cap Rate:	4.93%
Year Built:	1966
No. of Stories:	2
Opportunity Zone:	No
Price per unit:	$190,000