2305 Cheim Blvd Marysville, CA 95901
- Apartment buildings
- 29,165 SF
- 1.46 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 2305 Cheim Blvd
- Year built
- 1980
- Lot size
- 1.46 lot acres
- Property size
- 29,165 SF
- Property type
- Apartment buildings
Description
This exceptional multifamily investment opportunity presents a 26-unit townhome complex located at 2305 Cheim Blvd, Marysville, CA 95901. The property consists of three two-story buildings, totaling 29,165 square feet on a 1.46-acre lot. Built in 1980 and extensively renovated between 2020 and 2022, the complex boasts a mix of two and three-bedroom units, each featuring two covered parking spaces and a private fenced backyard. Upgrades totaling $550,000 include new roofs (units and carports), exterior paint, mailboxes, pool/spa, landscaping, retaining walls, Hardie Plank siding, and several unit renovations (appliances and flooring). The units are currently 100% occupied, generating a Net Operating Income (NOI) of $299,333, with a pro-forma NOI of $337,997. The asking price is $6,700,000, representing a current cap rate of 4.47% and a pro-forma cap rate of 5.04%. The property is zoned PD (Planned Development) and features a community pool and spa. An existing HOA is in place, fully controlled by the current owner, and can be terminated with 30 days' notice. This presents a significant value-add opportunity with potential for increased rental income. The property also benefits from an assumable loan of $2,336,656 at 4.2% interest, resulting in over $44,000 in annual principal reduction. Unit sizes range from 1,008 to 1,275 square feet. The property is offered fee simple.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Marysville
- County
- Yuba
- State
- California
- Longitude
- -121.566
- Latitude
- 39.1615
