The Vineyard Apartments

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Address: 1625 Richland Ave, Ceres, CA 95307, USA
Created date: November 27, 2023
Date last updated: November 27, 2023
  • Vineyard Apartments offers investors the opportunity to increase rental income by approximately 20% via interior and common area renovations.
  • Offered free & clear of debt and attractively priced at a 5.25% cap rate on cur rent operations/7.23% cap rate on pro forma operations.
  • 60% of the units have been fully renovated (new cabinets, countertops, vanities, two-tone paint, appliances, etc.)
  • A desirable unit mix featuring charming single-story cottages as well as one, two, and three-bedroom apartments.
  • Common Area Amenities Include: Two Swimming Pools, Five On-Site Laundry Rooms, Playground, Open and Covered Parking.
  • A convenient location near Highway 99 and close to bus lines making for the commute within Ceres or to Modesto effortless.

Property Description

Marcus & Millichap has been selected to exclusively market for sale The Vineyard Apartments. This unique investment opportunity now available for the first time in over two decades, presents a compelling case for investors seeking to maximize returns. With the potential to increase rental income by approximately 20% through interior and common area renovations, this property promises substantial value enhancement. Furthermore, it stands as a debt-free investment, offering stability and security. At an attractive 5.25% cap rate on current operations and a promising 7.23% cap rate on proforma operations, Vineyard Apartments is attractively priced, highlighting its strong return potential. Boasting over 200 units in the Central Valley, it provides a substantial foothold in a desirable real estate market. The property features a sought-after unit mix, including one-bedroom, two-bedroom, and three bedroom units, catering to a diverse tenant base. In addition, well-equipped common areas, including two swimming pools, on-site laundry facilities, a playground, and ample parking, enhance tenant satisfaction. Situated in a robust rental market, Vineyard Apartments benefits from strong demand for housing, ensuring consistent occupancy and potential for rent growth. For investors seeking a well positioned, income-generating property with substantial value-add potential, Vineyard Apartments represents a compelling opportunity

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Price: $36,000,000
No. of Units: 212
Cap Rate: 5.25%
GRM /GIM: 10.78
Average Occupancy: 89
Year Built: 1979
Building Size: 251,005 Sq ft
Lot Size: 10.74 Acres
No. of Stories: 2
Opportunity Zone: No
Price per unit: $169,811
Address: 1625 Richland Ave, Ceres, CA 95307, USA

Additional contacts

Full name Phone number Email address
Jon Mimms (949) 527-2669 jon.mimms@marcusmillichap.com

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