2157-2175 Yosemite Pky - Apartments FOR SALE


Merced, CA 95340
$10,065,000 USD
415-625-2117
2157-2175 Yosemite Pky, Merced, CA for Sale
$10,065,000 USD
Apartments - FOR SALE
1/28
null | 6.39% Cap Rate

2157-2175 Yosemite Pky
Merced, CA 95340


HIGHLIGHTS

  • Owned, and listed for sale for only second time since original developer built the complex circa 1989.
  • Many recent exterior improvements including new pitched composite roofs in last decade, new fascia boards, new paint, and resurfaced swimming pool.
  • Six townhouses were completely remodeled circa 2018 due to a previous fire.
  • Twenty-five townhouses were highly renovated by owner upon turnover with luxury vinyl plank flooring, newer granite countertops, and new appliances.
  • Excellent floorplans with all sixty-one units having two-bedroom/one-and-a-half -bath townhouse apartment homes of approximately 864 square feet.
  • Strong curb appeal with attractive landscaping, inviting pool, on-site laundry facilities, and r

OVERVIEW

The Willow Glen Townhouse Apartments at 2157 Yosemite Parkway were built circa 1989 and are for sale for only the second time in thirty-five years. The complex offers the investors, the opportunity for to acquire a building in excellent condition, in a strong employment market, with low market-wide vacancy. The property has undergone many recent improvements with twenty-five of 61-units having thorough interior renovations including luxury vinyl plank flooring, granite kitchen tops, and new appliances. Other renovations included over the last decade include new pitched composite roofs on all buildings circa 2018, new fascia boards, new paint, new concrete office access, newer landscaping, a resurfaced pool, recent major tree trimming, and numerous unit interior upgrades. The improvements consist of seven separate buildings including six residential buildings, and a seventh building dedicated as the on-site rental office, and laundry. Unit layouts are configured with sixty-one, two-bedroom/one-and-a-half-bath two level townhomes each of approximately 864 square feet. Each townhome features forced roof mounted heating and air conditioners, gas stoves, frost free refrigerators, and one-piece drop-in shower and tub enclosures with sliding glass doors. Tenants benefit from a wide range of amenities including garbage disposals, dishwashers, ceiling fans and private patios for each unit.. The complex is situated on a large 2.1-acre parcel and features attractive landscaping, and a pool for the tenants to enjoy during the summer months. Construction is of wood frame with wood siding on a concrete slab foundation, with pitched composite roofs. Each unit has its own individual 30-gallon hot water heater and the hot water for the common area laundry is serviced by one 100-gallon water heater with a recirculation pump. The property has a spacious on-site laundry room with ten washers and ten dryers, which provides added income for the new owner.

FOR SALE DETAILS

PRICE

$10,065,000 USD

PRICE/SF

$162 USD /SF

# OF UNITS

61

PRICE/UNIT

$165,000

CAP RATE

6.39%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Willow Glen Townhouse Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1989

PARKING SPACES

81

LAND DETAILS

LAND ACRES

2.1 AC

LAND SF

91,476 SF

ZONING

R-3-1.5

APN/PARCEL ID

034-240-016

ASK ABOUT THIS PROPERTY

Jon HolmquistJon HolmquistMore Info
415-625-2117

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Jon HolmquistJon HolmquistMore Info
415-625-2117

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.