Six-Unit Apartment
For Sale
$750,000
2932-2936 Connie Dr, Sacramento, CA 95815
Fully occupied residential income property with two triplex buildings, bonus-room units, and convenient freeway access.
Property Size3,600 SF
Days on Market197
Property Features for 2932-2936 Connie Dr
General Information
Standard status
Active
Size
3,600 SF
Class
C
Property subtype
MultiFamily Apartments
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
4 x 1BR/1BA, 2 x 1BR/1BA + bonus room
Multifamily Units
6
Building Details
Building Size
3,600 SF
Year Built
1987
Buildings
2
Listing Agency:
eXp Commercial
Listed By:
Dustin Bates
(916) 804-2128
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 31
Last Checked: Aug 31 at 1:59AM
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 eXp Commercial
Investment Insights
Based on property information with market context.
The property at 2932–2936 Connie Dr comprises six apartment units arranged in two side-by-side triplex buildings, with each building situated on its own parcel. Four units offer one bedroom and one bathroom, while two include a large bonus room that can serve as additional living, office, or flex space. Built in 1987, the asset is fully occupied and includes an on-site storage unit and laundry room that is ready for equipment or third-party operation.
Located in Sacramento’s Ben Ali area, the property sits just off I-80 Business and is less than five minutes from CA-160, with access to I-5 and Downtown Sacramento. Arden Fair Mall, Costco, Target, restaurants, transit routes, schools, employers, and recreational destinations are identified in the surrounding area. The configuration provides six residential units across two buildings with additional storage and laundry facilities.
Located in Sacramento’s Ben Ali area, the property sits just off I-80 Business and is less than five minutes from CA-160, with access to I-5 and Downtown Sacramento. Arden Fair Mall, Costco, Target, restaurants, transit routes, schools, employers, and recreational destinations are identified in the surrounding area. The configuration provides six residential units across two buildings with additional storage and laundry facilities.
Key Highlights
- Six apartment units across two side‑by‑side triplex buildings
- Four 1‑bed/1‑bath units and two 1‑bed/1‑bath units with large bonus rooms
- Each triplex is situated on its own parcel
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
$61,440
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
8.19%
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%
$1,228,800
$1.2M
Cap Rate 7%
$877,714
$877.7K
Cap Rate 9%
$682,667
$682.7K
Market Conditions
NOI Build-Up for 3,600 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
$92.9K $25.80/SF
− Vacancy
−$5.1K −$1.42/SF
EGI
$87.8K $24.38/SF
− OpEx
−$26.3K −$7.31/SF
NOI
$61.4K $17.07/SF
Area
Sacramento, CA
Vacancy
5.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,228,800
Cap Rate 7%
$877,714
Cap Rate 9%
$682,667
Alternative Uses
Best Use
Multifamily LT 5
$877.7K
$768.0K – $1.02M
NOI $61,440 @ 7.0% cap · market cap 8.19%
Second Best
Apartment 5plus
$807.8K
$706.9K – $942.5K
NOI $56,549 @ 7.0% cap · market cap 7.54%
Theoretical Best
Specialty Retail
$967.4K
$846.5K – $1.13M
NOI $67,716 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
489
Businesses Nearby
Explore this area
Business Placement
Demographics for 95815, CA
27,838
Population
10,527
Households
2.6
Avg Household Size
34
Median Age
17%
College-Educated
79%
High-School Grad
7.7 sq mi
ZIP Area
3,615
Density / Sq Mi
$58,590
Median Household Income
$37,199
Median Earnings
$1,448
Median Rent
$298,400
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 - Fully occupied residential income property with two triplex buildings, bonus-room units, and convenient freeway access.
Where is this apartment building located?
The property is located at 2932-2936 Connie Dr Sacramento, CA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Six apartment units across two side‑by‑side triplex buildings; Four 1‑bed/1‑bath units and two 1‑bed/1‑bath units with large bonus rooms; Each triplex is situated on its own parcel
