10-Unit Apartment Community with Garage
2401-2409 24th Street Sacramento, CA 95818
2401-2409 24th Street, Sacramento, CA, 95818
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For Sale
Contact for pricing
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 Market30
Property Features for 2401-2409 24th Street
General Information
- Standard status
- Active
- Size
- 5,400 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1923
Listing Agency
Marcus & Millichap - Sacramento
(916) 724-1359
Listed by
David DeLoney · License #CA 02045150
Source
Crexi
Added: Jun 17 Checked: Jul 15 at 9:27 pm
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $162.0k | $30.00 |
| − Vacancy | −$7.8k | −$1.44 |
| EGI | $154.2k | $28.56 |
| − OpEx | −$69.4k | −$12.85 |
| NOI | $84.8k | $15.71 |
5,400 SF · lease $30.00/SF/yr · vacancy 4.80% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
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
