308 Washington St Sonora, CA 95370
- Commercial real estate
- 5,620 SF
Current Use by Public Records
- Commercial real estate
Property Details for 308 Washington St
- Year built
- 1949
- Property size
- 5,620 SF
- Property type
- Commercial real estate
- APN
- 001-091-002
Description
This exceptional 16-unit apartment building, located at 308 N Washington St, Sonora, CA 95370, presents a compelling investment opportunity. The property, situated on a 0.4-acre lot (17,527 sq ft), consists of three buildings totaling 5,620 net rentable square feet. Built in 1949, the property features a mix of unit types, including a single-family home. The asking price is $1,699,000, representing $106,187.50 per unit and $302.31 per square foot. The current NOI is $115,000, yielding a 6.77% cap rate, with a pro-forma NOI of $127,000 and a pro-forma cap rate of 7.47%. Seven units have recently undergone interior renovations, including new siding and paint on the exteriors. Significant upside potential exists due to rents being over 15% below market rates, allowing a new owner to increase profitability through further renovations during vacancies. The property's General Commercial zoning allows for future development possibilities. Its prime location, less than a quarter mile from downtown Sonora, ensures strong tenant demand and long-term stability. This stabilized investment offers a blend of immediate income and future growth potential. The APN is 001-091-002.
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
- Sonora
- County
- Tuolumne
- State
- California
- Longitude
- -120.3847979
- Latitude
- 37.9894565
