10-Unit Apartment Community with Garage
For Sale
Contact for pricing
2401-2409 24th Street, Sacramento, CA 95818
Well-maintained 10-unit mix of studios and 1- and 2-bed units near downtown, with garage parking.
Property Size5,400 SF
Price / SF$337.96
Days on Market81
Property Features for 2401-2409 24th Street
General Information
Standard status
Active
Size
5,400 SF
Property subtype
Multifamily
Investment Type
Value Add
Net Operating Income
$91,323
Building Details
Year Built
1923
Units
10
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Sacramento
Listed By:
David DeLoney · License #CA 02045150
(916) 724-1400
Source:
Crexi
Added: Jun 17
Changed: Aug 26
Last Checked: Sep 3 at 5:27AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Sacramento
Investment Insights
Based on property information with market context.
2401-2409 24th Street is a well-maintained 10-unit apartment community offering a diverse unit mix that includes studio, one-bedroom, and two-bedroom floor plans. The property is reported to be in excellent physical condition, with select units recently renovated, helping reduce immediate capital expenditure needs. Parking is provided via garage spaces, an amenity highlighted as particularly desirable in Midtown Sacramento where secure parking is limited.
The community is located just minutes from Downtown Sacramento and the California State Capitol, supporting convenient access to major employment and government destinations. Tours must be scheduled in advance, and prospective visitors are asked not to disturb management or residents.
For buyers seeking a manageable multifamily acquisition, the property’s combination of stable in-place operations and physical integrity may support a practical operating plan. The offering notes that average rent is below market, with the stated pathway to growth through strategic management and unit interior upgrades upon turnover, along with thoughtful rent realignment to market levels.
The community is located just minutes from Downtown Sacramento and the California State Capitol, supporting convenient access to major employment and government destinations. Tours must be scheduled in advance, and prospective visitors are asked not to disturb management or residents.
For buyers seeking a manageable multifamily acquisition, the property’s combination of stable in-place operations and physical integrity may support a practical operating plan. The offering notes that average rent is below market, with the stated pathway to growth through strategic management and unit interior upgrades upon turnover, along with thoughtful rent realignment to market levels.
Key Highlights
- 10‑unit apartment community built in 1923 with a studio and 1- and 2‑bedroom unit mix
- Well‑maintained property with select units recently renovated to help reduce immediate capital expenditure
- Average rent is below market, offering potential for revenue growth through rent alignment
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$84,823
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.65%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,696,460
$1.7M
Cap Rate 7%
$1,211,757
$1.2M
Cap Rate 9%
$942,478
$942.5K
Market Conditions
NOI Build-Up for 5,400 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$162.0K $30.00/SF
− Vacancy
−$7.8K −$1.44/SF
EGI
$154.2K $28.56/SF
− OpEx
−$69.4K −$12.85/SF
NOI
$84.8K $15.71/SF
Area
Sacramento, CA
Vacancy
4.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,696,460
Cap Rate 7%
$1,211,757
Cap Rate 9%
$942,478
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,823 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.45M
$1.27M – $1.69M
NOI $101,574 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
444
Businesses Nearby
Explore this area
Business Placement
Demographics for 95818, CA
22,375
Population
11,301
Households
2
Avg Household Size
39
Median Age
62%
College-Educated
93%
High-School Grad
3.9 sq mi
ZIP Area
5,737
Density / Sq Mi
$120,509
Median Household Income
$72,803
Median Earnings
$1,650
Median Rent
$768,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 10-unit mix of studios and 1- and 2-bed units near downtown, with garage parking.
Where is this apartment building located?
The property is located at 2401-2409 24th Street Sacramento, CA.
What is the asking price?
The asking price for this property is $1,825,000.
What are key features of this property?
This property features: 10‑unit apartment community built in 1923 with a studio and 1- and 2‑bedroom unit mix; Well‑maintained property with select units recently renovated to help reduce immediate capital expenditure; Average rent is below market, offering potential for revenue growth through rent alignment
