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Listed by Adam Foley • CBRE, Inc., DRE#02144332
$8,900,000
Est. payment /mo
2 Beds
1 Bath
31,600 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 31,600 sqft
Price per Sqft $281
MLS Listing ID ML82046785
Bedrooms 2
Full Baths 1
Year Built 1960
Lot Size 1.140 Acres
Property Sub-Type Five or More Units
Property Description
North Street Apartments is a 32-unit value-add multifamily community in Santa Rosa offered for purchase individually or as a portfolio with Cedarwood Apartments (725 W College Ave, Santa Rosa). Built in 1970 on 1.14 acres, the property features a 2BR-dominated unit mix averaging 988 SF, 97% occupancy, and approximately $250,000 in recent capital improvements (reroofing, exterior paint, asphalt, pool, lighting, landscaping). In-place rents average $2,384, with $94/unit of immediate mark-to-market upside and an additional $91/unit achievable through interior renovations laminate flooring, kitchen/bath finishes, and in-unit W/D installation in the remaining 15 units. A 30% RUBS program is already in place. Pool, on-site parking, and a quiet residential location near Santa Rosa Junior College, Downtown Santa Rosa, and Highway 101.
Location
State CA
County Sonoma
Area Santa Rosa-Northeast
Zoning CITYSR
Interior
Heating Electric
Cooling Other
Exterior
Parking Features Common Parking Area, Covered Parking
Pool Pool - In Ground
Utilities Available Individual Electric Meters, Individual Gas Meters, Public Utilities
Roof Type Flat / Low Pitch
Building
Foundation Crawl Space
Sewer Sewer - Public
Water Public
Others
Restrictions None
Tax ID 180-440-054-000
Security Features Other
Special Listing Condition Not Applicable
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