1217-1229 Sacramento Street
Number of Units: 5
Year Built: 1933
Square Footage: 4,952
Guillon Real Estate Group is pleased to announce the sale of the Parkview Apartments, located at 1217-1229 Sacramento Street in Vallejo. Located in the St. Vincent’s Hill Historic District, the subject property boasts 4,952 square feet of improvements and consists of four (4) 2x1 units measuring approximately 1,000 square feet and one (1) 1x1 unit measuring approximately 952 square feet. Buyer to verify square footages. The property includes one garage per unit, concrete foundation, wood framing, stucco exterior, and a secure entrance to the main building (two bedroom units). The one bedroom unit is a stand alone cottage detached from the main building and overlooks City Park.
Unit amenities include large floorplans, stackable washer & dryer in each unit, one dedicated garage per unit with a remote clicker, gas stoves, front and rear entrances, period detailing throughout, hardwood flooring, and mail slots for each unit. Addtionally, there is a SolTrans bus stop right outside the front door for tenants’ convenience.
The Parkview Apartments presented investors a tremendous opportunity to acquire a well maintained building in one of the hottest rental markets in the Nation. On current income and expenses, the new owner will benefit from a stable income stream representing a 6.15% CAP Rate and a 11.4 GRM. Upon unit turnovers, and very minimal turnover expenditure, market rents for the two bedrooms units should fetch minimum $1,750/month and $1,600/month for the one bedroom cottage. All of the current tenants are on month-to-month leases whereby a new owner can capture a high 6% CAP Rate within a short timeframe of closing escrow.
Click HERE for the offering memo