2615 P St Sacramento, CA 95816
- Commercial real estate
- 3,696 SF
- 0.15 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 2615 P St
- Year built
- 1924
- Lot size
- 0.15 lot acres
- Property size
- 3,696 SF
- Property type
- Commercial real estate
- APN
- 007-2066-0150000
Description
This exceptional four-unit apartment building in Sacramento's desirable Midtown area presents a compelling investment opportunity. The property, built in 1924 and situated on a 0.15-acre lot, boasts 3,696 square feet and features four nearly identical one-bedroom, one-bathroom units. Each unit is approximately 900 square feet, including a living room, dining room, kitchen, bathroom, bedroom, and laundry room. Recent tasteful renovations have modernized the units while preserving the original Craftsman charm. Upgrades include in-unit washer/dryers, updated kitchens and bathrooms, mini-split HVAC systems, and hardwood floors. The property enjoys impressive natural light and a stable rental history, generating significant rental demand and cash flow. The current asking price is $1,500,000, reflecting a 4.64% capitalization rate based on the current Net Operating Income (NOI) of $69,667.36. A pro-forma NOI of $41,611 is also available. The property's location and unit mix contribute to its desirability. Furthermore, the lot size offers potential for accessory dwelling unit (ADU) development, presenting a significant value-add opportunity for a discerning investor. The property's assessed value per square foot is $6,534. The building is two stories and has an APN of 007-2066-0150000. Current monthly rent totals $2,237.50.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Sacramento
- County
- Sacramento
- State
- California
- Longitude
- -121.4740834
- Latitude
- 38.5680089
