Boutique Multifamily with Detached
2423 L ST Sacramento, CA 95816
2423 L ST, Sacramento, CA, 95816
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For Sale
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Six remodeled studio apartments plus two newly built detached ADUs provide a mix of existing rentals and new construction.
Property Size4,524 SF
Price / SF$431.03
Days on Market22
Property Features for 2423 L ST
General Information
- Standard status
- Active
- Size
- 4,524 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1900
Listing agency
Colliers - Sacramento, California
(916) 830-2584
Listed by
Trevor Meleski · License #02245229
Source
Crexi
Added: Jul 2 Updated: Jul 22 at 2:32AM Checked: Jul 22 at 2:32AM
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 Colliers - Sacramento, California
Investment Insights
Based on property information with market context.
2423 L Street is a boutique multifamily property featuring six large studio apartments in the front building. The studio units have been tastefully remodeled, supporting an efficient rental layout.
Behind the main structure are two newly constructed, detached ADUs. Each ADU offers a 2-bedroom/1-bathroom design with approximately 600 square feet of living area.
Recent capital improvements include a new roof on the front building (2024), replacement and upsizing of the sewer lateral with new 4-inch ABS piping (2026), and a main building electrical upgrade with Square D panels (2019). The property also includes extensive dry rot remediation, a complete exterior repaint (2026), updated landscaping with new plantings, and all-new perimeter fencing (2026). Four of the six studio units have been renovated, complementing the two newly completed ADUs.
Behind the main structure are two newly constructed, detached ADUs. Each ADU offers a 2-bedroom/1-bathroom design with approximately 600 square feet of living area.
Recent capital improvements include a new roof on the front building (2024), replacement and upsizing of the sewer lateral with new 4-inch ABS piping (2026), and a main building electrical upgrade with Square D panels (2019). The property also includes extensive dry rot remediation, a complete exterior repaint (2026), updated landscaping with new plantings, and all-new perimeter fencing (2026). Four of the six studio units have been renovated, complementing the two newly completed ADUs.
Key Highlights
- Six studio apartments plus two newly constructed detached ADUs for 8 total rental units
- Two detached ADUs include modern 2‑bedroom/1‑bath layouts with about 600 SF each
- Four of the six studio units have been renovated
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 | $135.7k | $30.00 |
| − Vacancy | −$6.5k | −$1.44 |
| EGI | $129.2k | $28.56 |
| − OpEx | −$58.1k | −$12.85 |
| NOI | $71.1k | $15.71 |
4,524 SF · lease $30.00/SF/yr · vacancy 4.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$888.3K – $1.18M
NOI $71,063 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.22M
$1.06M – $1.42M
NOI $85,096 @ 7.0% cap · market cap 4.36%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Six remodeled studio apartments plus two newly built detached ADUs provide a mix of existing rentals and new construction.
Where is this apartment building located?
The property is located at 2423 L ST Sacramento, CA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Six studio apartments plus two newly constructed detached ADUs for 8 total rental units; Two detached ADUs include modern 2‑bedroom/1‑bath layouts with about 600 SF each; Four of the six studio units have been renovated
