Updated 6-Unit Apartment
For Sale
$900,000
3701 Morse Ave, Sacramento, CA 95821
Six residential units feature refreshed interiors, individual HVAC systems, resident laundry, and off-street parking.
Property Size3,688 SF
Price / SF$244.03
Days on Market17
Property Features for 3701 Morse Ave
General Information
Standard status
Active
Size
3,688 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Amenities
on-site laundry
off-street parking
Building Details
Year Built
1957
Buildings
1
Listing Agency:
North Coast Commercial, Inc.
Listed By:
Timothy P Swanston · License #01887506
(916) 979-9930
Source:
Aspirerealestateca
Added: Aug 18
Changed: Aug 31
Last Checked: Sep 1 at 9:01PM
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 North Coast Commercial, Inc.
Investment Insights
Based on property information with market context.
This 6-unit apartment property in Sacramento’s Arden/Arcade submarket was built in 1957 and offers an all two-bedroom, one-bathroom unit mix. Interiors include updated cabinetry, countertops, appliances, and bathroom vanities, with laminate flooring in living areas and bathrooms and carpeting in the bedrooms. Each residence includes an electric range, refrigerator, dishwasher, and garbage disposal, along with an individual wall-mounted heating and air conditioning system. Residents pay the utilities serving their units.
On-site amenities include laundry facilities and off-street resident parking. Recent capital work includes replacement of the central water heater in 2025, a roof installed approximately two years ago, and upgraded electrical subpanels with Arc-Fault and Tamper-Resistant circuit breakers. The property is located at 3701 Morse Ave in Sacramento, CA 95821.
On-site amenities include laundry facilities and off-street resident parking. Recent capital work includes replacement of the central water heater in 2025, a roof installed approximately two years ago, and upgraded electrical subpanels with Arc-Fault and Tamper-Resistant circuit breakers. The property is located at 3701 Morse Ave in Sacramento, CA 95821.
Key Highlights
- 6‑unit apartment building with an all two‑bedroom, one‑bathroom unit mix
- Approximately 634 square feet per unit
- Updated cabinetry, countertops, appliances, bathroom vanities, and flooring
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
$57,931
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
6.44%
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%
$1,158,620
$1.2M
Cap Rate 7%
$827,586
$827.6K
Cap Rate 9%
$643,678
$643.7K
Market Conditions
NOI Build-Up for 3,688 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
$110.6K $30.00/SF
− Vacancy
−$5.3K −$1.44/SF
EGI
$105.3K $28.56/SF
− OpEx
−$47.4K −$12.85/SF
NOI
$57.9K $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%
$1,158,620
Cap Rate 7%
$827,586
Cap Rate 9%
$643,678
Alternative Uses
Best Use
Apartment 5plus
$827.6K
$724.1K – $965.5K
NOI $57,931 @ 7.0% cap · market cap 6.44%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$991.0K
$867.1K – $1.16M
NOI $69,371 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,048
Businesses Nearby
Explore this area
Business Placement
Demographics for 95821, CA
39,310
Population
16,403
Households
2.4
Avg Household Size
37
Median Age
28%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
5,537
Density / Sq Mi
$58,331
Median Household Income
$41,630
Median Earnings
$1,342
Median Rent
$470,900
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 - Six residential units feature refreshed interiors, individual HVAC systems, resident laundry, and off-street parking.
Where is this apartment building located?
The property is located at 3701 Morse Ave Sacramento, CA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 6‑unit apartment building with an all two‑bedroom, one‑bathroom unit mix; Approximately 634 square feet per unit; Updated cabinetry, countertops, appliances, bathroom vanities, and flooring
