Renovated 8-Unit Apartment
New
For Sale
$2,575,000
828 D St, Davis, CA 95616
Renovated multifamily property near UC Davis and downtown Davis, with varied unit layouts.
Property Size8,930 SF
Lot Size0.29 Acres
Days on Market6
Property Features for 828 D St
General Information
Standard status
Active
Size
8,930 SF
Net Rentable
6,050 SF
Lot size
0.29 Acres
Property subtype
Multifamily
Occupancy
97%
Units
Unit Mix
4 x 1BR/1BA, 3 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
8
Additional Details
Public Transit
Yes
Amenities
8-unit multifamily community built in 1964, comprehensively renovated in 2024, with stabilized operations at 96.5% occupancy.
Diversified unit mix of 1-, 2-, and 3-bedroom floor plans serving a broad range of renters in Davis's university-anchored rental market.
Located under 1.5 miles from UC Davis and walking distance to downtown, with a hospital, Amtrak station, and grocers nearby.
NOI of $134,488 today, increasing to $140,268 in Year 1 on achievable, in-place rent growth.
Building Details
Building Size
8,930 SF
Year Built
1964
Year Renovated
2024
Units
8
Listing Agency:
Marcus & Millichap - Sacramento
(916) 724-1285
Listed By:
Isaak Heitzeberg · License #License(s): CA: 01989468
(916) 724-1285
Source:
Marcusmillichap
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 20 at 4:04AM
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.
The property at 828 D Street is an 8-unit apartment community built in 1964 and comprehensively renovated in 2023-2024. Its configuration includes four 1-bedroom/1-bathroom apartments, three 2-bedroom/1-bathroom apartments, and one 3-bedroom/2-bathroom apartment. The units total 6,050 rentable square feet on a 12,632 square-foot lot, with individual layouts ranging from approximately 600 to 1,100 square feet. Occupancy is currently 96.5%.
The community is located less than 1.5 miles from the UC Davis campus and within walking distance of downtown Davis. Sutter Davis Hospital, the Davis Amtrak/Capitol Corridor station, and five grocery options are each within a two-mile radius. The combination of varied apartment sizes and proximity to university, downtown, medical, transit, and daily-needs destinations supports the property's residential rental use.
The community is located less than 1.5 miles from the UC Davis campus and within walking distance of downtown Davis. Sutter Davis Hospital, the Davis Amtrak/Capitol Corridor station, and five grocery options are each within a two-mile radius. The combination of varied apartment sizes and proximity to university, downtown, medical, transit, and daily-needs destinations supports the property's residential rental use.
Key Highlights
- 8‑unit apartment community at 828 D St, Davis, CA 95616
- Comprehensively renovated in 2023‑2024; originally built in 1964
- Unit mix includes four 1‑bedroom/1‑bathroom, three 2‑bedroom/1‑bathroom, and one 3‑bedroom/2‑bathroom units
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
$116,220
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
4.51%
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%
$2,324,400
$2.3M
Cap Rate 7%
$1,660,286
$1.7M
Cap Rate 9%
$1,291,333
$1.3M
Market Conditions
NOI Build-Up for 8,930 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
$225.0K $25.20/SF
− Vacancy
−$13.7K −$1.54/SF
EGI
$211.3K $23.66/SF
− OpEx
−$95.1K −$10.65/SF
NOI
$116.2K $13.01/SF
Area
Yolo County, CA
Vacancy
6.10%
Lease Rate
$25.20 /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%
$2,324,400
Cap Rate 7%
$1,660,286
Cap Rate 9%
$1,291,333
Alternative Uses
Best Use
Apartment 5plus
$1.66M
$1.45M – $1.94M
NOI $116,220 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.41M
$2.11M – $2.81M
NOI $168,670 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,374
Businesses Nearby
Explore this area
Business Placement
Demographics for 95616, CA
51,003
Population
19,944
Households
2.6
Avg Household Size
27
Median Age
75%
College-Educated
97%
High-School Grad
29.9 sq mi
ZIP Area
1,706
Density / Sq Mi
$74,758
Median Household Income
$25,109
Median Earnings
$1,911
Median Rent
$856,900
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 - Renovated multifamily property near UC Davis and downtown Davis, with varied unit layouts.
Where is this apartment building located?
The property is located at 828 D St Davis, CA.
What is the asking price?
The asking price for this property is $2,575,000.
What are key features of this property?
This property features: 8‑unit apartment community at 828 D St, Davis, CA 95616; Comprehensively renovated in 2023‑2024; originally built in 1964; Unit mix includes four 1‑bedroom/1‑bathroom, three 2‑bedroom/1‑bathroom, and one 3‑bedroom/2‑bathroom units
