Garden-Style Apartment Development
575 Racquet Way Diamond Springs, CA 95619
575 Racquet Way, Diamond Springs, CA, 95619
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For Sale
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The property includes 12 existing apartment units built in 2021 and a 4.51-acre site with Phase 2 shovel-ready for additional two-bedroom units.
Property Size11,616 SF
Lot Size4.51 Acres
Price / SF$370.18
Days on Market99
Property Features for 575 Racquet Way
General Information
- Standard status
- Active
- Size
- 11,616 SF
- Lot size
- 4.51 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 2021
Listing agency
Colliers - Sacramento, California
(916) 830-2584
Listed by
Trevor Meleski · License #02245229
Source
Crexi
Added: Apr 15 Updated: Jul 21 at 3:24AM Checked: Jul 21 at 3:24AM
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.
The property includes 12 existing apartment units constructed in 2021 and designed as two-story, newly constructed garden-style apartments. The unit mix is 100% two-bedroom and two-bathroom units, with consistent interiors featuring granite countertops, brand-new wood cabinets, vinyl plank flooring, and stainless steel appliances. Buildings are finished with a pitched roof, stucco exterior, and dual pane windows, and community amenities include parking, onsite laundry facilities, and patios or balconies for residents.
The site is described as 4.51 acres and includes entitled land to support additional development. Phase 2 is identified as shovel ready, with grading permits already in hand, and contemplates 24 two-bedroom units. Phase 3 is indicated by the county could include an additional 30 to 40 units.
The offering notes a modest affordable housing component with El Dorado County, and the listing agent can provide the rent structure. A new owner would complete the remaining developable units to increase the maximum potential for the existing apartment complex.
The site is described as 4.51 acres and includes entitled land to support additional development. Phase 2 is identified as shovel ready, with grading permits already in hand, and contemplates 24 two-bedroom units. Phase 3 is indicated by the county could include an additional 30 to 40 units.
The offering notes a modest affordable housing component with El Dorado County, and the listing agent can provide the rent structure. A new owner would complete the remaining developable units to increase the maximum potential for the existing apartment complex.
Key Highlights
- 12 apartment units constructed in 2021 on a 4.51‑acre site
- Entitled land to build up to an additional 76 units beyond the existing 12 units
- Phase 2 is shovel ready for 24 two‑bedroom units with grading permits already in hand
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 | $334.5k | $28.80 |
| − Vacancy | −$20.4k | −$1.76 |
| EGI | $314.1k | $27.04 |
| − OpEx | −$141.4k | −$12.17 |
| NOI | $172.8k | $14.87 |
11,616 SF · lease $28.80/SF/yr · vacancy 6.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.47M
$2.16M – $2.88M
NOI $172,774 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.15M
$3.63M – $4.85M
NOI $290,706 @ 7.0% cap · market cap 6.76%
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 - The property includes 12 existing apartment units built in 2021 and a 4.51-acre site with Phase 2 shovel-ready for additional two-bedroom units.
Where is this apartment building located?
The property is located at 575 Racquet Way Diamond Springs, CA.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: 12 apartment units constructed in 2021 on a 4.51‑acre site; Entitled land to build up to an additional 76 units beyond the existing 12 units; Phase 2 is shovel ready for 24 two‑bedroom units with grading permits already in hand
