3525 Norris Ave Sacramento, CA 95821-3200
- Apartment buildings
- 3,933 SF
- 0.56 lot acres
Feb 14, 2023
Current Use by Public Records
- The Ballpark On North At The High School / School
Property Details for 3525 Norris Ave
- Year built
- 1959
- Construction
- WOOD
- Lot size
- 0.56 lot acres
- Property size
- 3,933 SF
- Zone code
- RD-20
- Property type
- Apartment buildings
- APN
- 255-0161-041-0000
- APU
- 25501610410000
Description
This exceptional 5-unit apartment building, located at 3525 Norris Ave in Sacramento, CA, presents a compelling investment opportunity. Built in 1959 and completely renovated in 2023, this property boasts 3,750 square feet on a spacious 0.56-acre lot. The complex features exclusively two-bedroom, one-bathroom units, each with a private patio/yard. 80% of the units have undergone extensive renovations, including new kitchens with stainless steel appliances and granite countertops, updated bathrooms, new washer/dryer enclosures, dual-pane windows, mini-split HVAC systems, and fresh paint. The property also benefits from new landscaping, connection to city sewer, and a newly paved parking area. The RD-20 zoning allows for the development of an additional five units, offering significant potential for future expansion and increased revenue. Currently operating at 100% occupancy, the property generates a strong NOI of $72,517, representing a 5.04% cap rate. The asking price is $1,440,000 ($288,000 per unit and $384 per square foot). This turnkey investment offers a blend of immediate income and substantial long-term growth potential in a desirable Sacramento neighborhood near Interstate 80, Arden Fair Mall, and numerous amenities. The property's recent revitalization, combined with its zoning potential, makes it an attractive opportunity for savvy investors seeking a high-return multifamily asset. The quiet residential location adjacent to Mira Loma High School adds to its appeal.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $745,000
- ML approach
- $870,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,030,000
- 6.5%
- $950,000
- 7%
- $885,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $801,000
Market price range: $206k - $900k -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $1,120,000 Current use
- NEIGHBORHOOD: SHOPPING CENTER
- $1,235,000 Change: +10% Conversion: Difficult
- AUTO REPAIR, GARAGE
- $1,005,000 Change: -10% Conversion: Difficult
- MEDICAL BUILDING
- $1,000,000 Change: -11% Conversion: Moderate
- COMMERCIAL (GENERAL)
- $930,000 Change: -17% Conversion: Moderate
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Location Insight
- Map
- Local Demand
- City
- Sacramento
- County
- Sacramento
- State
- California
- Longitude
- -121.37
- Latitude
- 38.6293
- CBSA code
- 40900
- CBSA name
- SACRAMENTO--ARDEN-ARCADE--ROSEVILLE, CA METROPOLITAN STATISTICAL AREA
