4661 Orange Grove AVE new Save Request In-Person Tour Request Virtual Tour
Sacramento,CA 95841
Key Details
Property Type Multi-Family
Sub Type 5 or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 31,551 sqft
Price per Sqft $202
MLS Listing ID 225040827
HOA Y/N No
Originating Board MLS Metrolist
Year Built 1963
Lot Size 1.430 Acres
Acres 1.43
Property Sub-Type 5 or More Units
Property Description
Orange Grove Apartments for sale. The 46-unit property is located in Sacramento California and was originally constructed in 1963. The property has seen numerous upgrades over the last several years. The garden style apartment building features a diverse unit mix with 26 One Bedroom / One Bathroom units averaging 650 rentable square feet, and 20 Two Bedroom / One Bathroom units averaging 850 rentable square feet. The average rent on the rent roll today is $1,395/mo. Assuming the remainder of the unrenovated units get upgraded and the next owner collapses all the embedded loss to lease, there's 9% upside in income pro forma. With most of the units being renovated by the current owner, the new purchaser will inherit a stable operation with continued operational upside in a submarket that isn't suited for any new construction competition. Most units have seen upgraded granite counter tops, LVP flooring, and new appliances. The large floorplans attract a resident profile that wants to stay longer than the initial lease term.
Location
State CA
County Sacramento
Area 10841
Direction From Auburn Blvd, turn east onto Orange Grove Ave. Property is on the north side of street.
Interior
Heating Wall Furnace
Cooling Window Unit(s)
Flooring Vinyl,Varies by Unit
Laundry Washer/Dryer Leased
Exterior
Parking Features Open
Utilities Available City
Water Access Desc Public
Total Parking Spaces 46
Building
Lot Description None
Story 2
Foundation Slab
Sewer Public Sewer
Water Public
Schools
Elementary Schools San Juan Unified
Middle Schools San Juan Unified
High Schools San Juan Unified
School District Sacramento
Others
Senior Community No
Tax ID 240-0062-051-0000
Special Listing Condition None