308 Washington St Sonora, CA 95370

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.