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 Market130
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
Site & Location
Neighborhood
Cabrillo Park Neighborhood Association
Building Details
Year Built
1923
Units
10
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Sacramento
Listed By:
David DeLoney · License #CA 02045150
(916) 832-8571
Source:
Crexi
Added: Jun 17
Changed: Oct 13
Last Checked: Oct 23 at 5:42AM
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
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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 / Yr
$84,823
Cap Rate
4.65%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
444
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
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
