2613 Chester Dr Modesto, CA 95350

Property Details for 2613 Chester Dr

Year built

1965

Property size

7,176 SF

Property type

Commercial real estate

APN

060-013-041-000 and 060-013-042-000

Description

This exceptional investment opportunity presents a meticulously maintained eight-unit apartment building situated in Modesto, California. Comprising two four-plex structures, each boasting two stories, this property offers a total of 7,176 square feet on a 14,000 square foot lot. Built in 1965, the property is zoned R3 and features eight units, each a two-bedroom, one-bathroom apartment. All units are currently 100% occupied, generating a substantial net operating income (NOI) of $88,363, resulting in a compelling 5.90% capitalization rate. The asking price is $1,498,000, translating to $187,250 per unit and $208.75 per square foot. Conveniently located at 2613 Chester Drive, Modesto, CA 95350 (APN: 060-013-041-000 and 060-013-042-000), this property enjoys proximity to major roadways like Highway 99 and McHenry Avenue, as well as popular shopping destinations including Vintage Faire Mall, Costco, Target, and Walmart. The property's location also offers easy access to local amenities such as hospitals, restaurants, and schools. Each unit features a spacious living room, a separate dining area, and an open kitchen layout. This property is ideally suited for a 1031 exchange.