1475 Baechtel Rd Willits, CA 95490

Property Details for 1475 Baechtel Rd

Year built

1989

Property type

Commercial real estate

Description

This exceptional 101-unit apartment building, Redwood Meadows, presents a compelling value-add investment opportunity in Willits, California. Located at 1475 Baechtel Rd, 95490, this single-story, 1989-built Class B property boasts a current occupancy rate of 97%, projected to reach full occupancy by August 12, 2024. The property features a mix of studio, one-bedroom, and two-bedroom units (4 studios, 58 one-bedrooms, and 39 two-bedrooms), totaling 7.18 acres of land with potential for expansion. Current Net Operating Income (NOI) stands at $779,449, with a pro-forma NOI of $1,013,620, yielding a current cap rate of 6.55% and a pro-forma cap rate of 8.52%. The asking price is $11,900,000, translating to $117,821.78 per unit. Conveniently situated near the Senior Center, this property benefits from its central location, providing easy access to shopping, healthcare, and entertainment. On-site amenities include a clubhouse, garden, new drought-tolerant landscaping, and rentable storage units. The property is zoned for residential use and allows for the addition of up to 15 more units. An existing loan of approximately $4,600,000 is assumable at a 5.13% interest rate, with the lender permitting a second loan to be placed on the property. This presents a rare opportunity to acquire a stable, cash-flowing senior apartment complex with significant upside potential through rent increases and expansion. The property is offered fee simple.