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- LoopNet Team
2601-2602 Franklin Way
West Sacramento, CA 95691
Contractor Special | Seller-Financing | SFRs · Build-to-Rent Property For Sale
·
22 Units
INVESTMENT HIGHLIGHTS
- Shutdown resistant as majority of tenants receive income from Sec.8, Social Security, or Pensions
- Single-story homes with carports, fenced yards, and washer/dryer hook-ups
- Located within an Opportunity Zone with potential to qualify for capex improvements
- Spacious 3 and 2 bedroom homes
- Excellent location near "essential" anchored commercial amenities and major employment
- Excellent rent collection during the economic shutdown
PROPERTY FACTS
| No. Units | 22 | Total Plot Size | 2.40 ac |
| Property Type | Build-to-Rent | Property Size | 18,504 sq ft |
| Property Subtype | Apartment | Average Occupancy | 100% |
| Apartment Style | Garden | No. Floors | 1 |
| Costar Property Class | C | Year Built | 1961 |
| Use Class | M-1 | ||
| No. Units | 22 |
| Property Type | Build-to-Rent |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Costar Property Class | C |
| Total Plot Size | 2.40 ac |
| Property Size | 18,504 sq ft |
| Average Occupancy | 100% |
| No. Floors | 1 |
| Year Built | 1961 |
| Use Class | M-1 |
AMENITIES
UNIT AMENITIES
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Refrigerator
- Family Room
ABOUT 2601-2602 FRANKLIN WAY , WEST SACRAMENTO, CA 95691
*Seller Financing Available Contact for terms *Seller is retiring *Negotiable Terms *MOTIVATED SELLER* | *95-100% Rent Collection from March - Ocotber 2020 during the pandemic shutdown* | Mostly guaranteed rents | Built in 1961 the homes are situated side-by-side on two parcels and are fully leased to tenants with guaranteed income from Section 8, SSI, and Pensions or employed in the 'essential' category. Franklin Way Single-Family Residences consists of a total of 22 homes comprised of Thirteen (13), 3 Bedroom / 1 Bath homes approximately 936 SF each plus Nine (9), 2 Bedroom / 1 Bath homes approximately 727 SF each for a total building size of 18,504 SF. Each home has their own individual front and backyard, drive-way carport, and washer/dryer hook-ups. In addition, each home is metered for electric, gas, and has its own individual water heater. The value-add is in that the majority of the tenants have not received a rental increase in over 12 months of which many are well below market rent based on newest leases. Furthermore, HUD Section 8 has approved rental increases starting October 1,2020. There's also potential upside in rebuilding or expanding on two lots where two units burned down (2016) or utilizing them as picnic/play areas for the tenants. The homes command high market rent since tenants prefer to live in single-story housing versus stacked apartments. This is a rare opportunity to own single-family homes on an entire cul-de-sac about 1 mile from Sacramento's Downtown Central Business District.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT PCM | sq ft |
|---|---|---|---|
| 2+1 | 9 | £1,213 | - |
| 3+1 | 13 | £1,400 | - |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £2,035,498 | |
| Land Assessment | £625,783 | Total Assessment | £2,661,281 |
PROPERTY TAXES
