711 South St - Apartments FOR SALE


Hollister, CA 95023
$11,995,000 USD
831-275-5322
711 South St, Hollister, CA for Sale
$11,995,000 USD
Apartments - FOR SALE
1/34
null | 5.73% Cap Rate

711 South St
Hollister, CA 95023


HIGHLIGHTS

  • 5.73% cap rate on current income with 7.43% pro forma cap rate on highest achieved rents
  • Extensively renovated exterior: New roof on large building, stucco, decking, trash enclosures, fencing, lighting, paint, landscaping, etc.
  • Extensively renovated interiors: quartz countertops, waterproof LVP flooring, PEX supply lines, shaker white cabinets, bathtub/surround, etc.
  • Amenities include: gated community, laundry facilities, spacious lawn areas, plentiful parking, storage, BBQ and gazebo, playground.
  • Large units, all with private covered backyards and patios; 3 bedroom floorplans have in-unit laundry
  • 35-45 minute commute to Silicon Valley

OVERVIEW

Multifamily investment opportunity offered at a 5.73% cap rate on in-place income, PLUS significant upside potential. Hollister Hacienda offers investors a unique opportunity to acquire an extensively renovated, well-performing apartment complex strategically located in close proximity to Silicon Valley. With San Jose just a 35-45 minute commute, residents take advantage of the fact that housing costs in Hollister are approximately 40-45% less than Santa Clara County. Hollister is a perennially tight housing market, and there are no market rate multifamily projects slated for development in the city of Hollister, as the vast majority of new product are for-sale single family homes. The complex has undergone significant improvements to the exterior and all 43 unit interiors (see capital improvements section), resulting in low maintenance costs and an enhanced living experience for tenants. Very few other complexes in Hollister offer the same large unit square footage, spacious low-density footprint, favorable on-site parking ratio, and mix of complementary amenities such as covered patios/decks, spacious lawn areas, BBQ and Gazebo, playground and storage. The property has a strong unit mix: (33) 2 bed/1 bath, (8) 3 bed/2 bath (all 3 bed units have in-unit laundry), and (2) studios (studios are non-conforming). Parking is plentiful on-site, with 62 dedicated parking spaces. Realistic upside in income potential exists for future ownership: 1) rents across the board have room for increases 2) newly passed statewide ADU law may allow the development of up to 10 ADUs (buyer to verify) 3) upside in utility billing and submetering income 4) upside in ancillary income can be realized through parking fees, storage fees 5) rent growth over time with Hollister’s population projected to grow 27% by 2040 6) addition of in-unit laundry to 2 bedroom floorplans. FAVORABLE AGENCY DEBT QUOTE AVAILABLE FOR THIS ASSET, INQUIRE WITH LISTING AGENTS FOR MORE INFORMATION. Please contact listing agents for the offering memorandum and to schedule a private tour. Available dates will be updated soon.

FOR SALE DETAILS

PRICE

$11,995,000 USD

PRICE/SF

$257 USD /SF

# OF UNITS

43

PRICE/UNIT

$278,953

CAP RATE

5.73%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Hollister Hacienda

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1956

PARKING SPACES

62

LAND DETAILS

LAND ACRES

1.95 AC

LAND SF

84,942 SF

ZONING

AP

APN/PARCEL ID

055-030-023-000

ASK ABOUT THIS PROPERTY

Joey BudkaRedwood Property CompanyMore Info
831-275-5322

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Joey BudkaRedwood Property CompanyMore Info
831-275-5322

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