2700 29th Ave Sacramento, CA 95820-6323

Property Details for 2700 29th Ave

Year built

1965

Construction

WOOD

Lot size

0.92 lot acres

Property size

6,480 SF

Zone code

R-1-EA-4

Property type

Garden apartment buildings

APN

019-0211-005-0000

APU

1902110050000

Description

This exceptional investment opportunity presents an eight-unit apartment building located at 2700 29th Ave, Sacramento, CA 95820. The property consists of eight individual two-bedroom, one-bathroom houses situated on a single parcel within the desirable Hollywood Park neighborhood. The building totals 6,480 square feet and was constructed in 1965. Seven of the eight units will be occupied at the time of sale, with the eighth unit vacant and ready for renovation. Each unit features a private backyard and washer/dryer hookups. Individual gas and electric meters are in place, with the owner responsible for water, sewer, and garbage services. Half of the units have recently undergone updates, including new electrical panels and plumbing. A recent lease achieved a monthly rent of $1,795, establishing a strong market value, and existing tenants are eligible for rent increases. The property is zoned R-1-EA-4, allowing for single-family residential use of one or two units per lot. The current Net Operating Income (NOI) is $83,502, with a pro-forma NOI of $107,909, resulting in a current cap rate of 5.99% and a pro-forma cap rate of 7.74%. The asking price is $1,395,000, representing a price per unit of $174,375 and a price per square foot of $215.28. The property's current occupancy rate is 87.5%. This value-add opportunity offers significant potential for increased profitability through renovations and rent increases. The property's APN is 01902110050000. This is a 1031 exchange eligible property.

Location Insight

City

Sacramento

County

Sacramento

State

California

Longitude

-121.479

Latitude

38.5261

CBSA code

40900

CBSA name

SACRAMENTO--ARDEN-ARCADE--ROSEVILLE, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments