2615 P St, Sacramento, CA 95816
4 Unit Apartment Building | $1,500,000 ($375,000/Unit) | 4.64% Cap Rate | Sacramento, CA 95816
For Sale
Active
12 pictures
Asking Price $1,500,000
- Property Type
-
Multifamily
- Square Feet
- 3,696 SF
Listing Contacts
Jack Scurfield
- Property Info
Property Overview
Turton Commercial Real Estate is pleased to present 2615 P Street for sale, a premier multifamily property in Midtown's GRID. This offering features stable cash flow and a value-add opportunity through Accessory Dwelling Unit (ADU) development on the back half of the 0.15-acre parcel. The property is listed for $1,500,000, reflecting a 4.64% capitalization rate based on actual income and operating expenses, including reassessed property taxes.
The fourplex consists of four nearly identical one-bedroom, one-bathroom units, each with a spacious ±900 square foot layout. Each unit includes a living room, dining room, kitchen, bathroom, bedroom, and laundry room. The property, built in 1924, has undergone several tasteful renovations that modernize the living experience while retaining its craftsman charm. All units feature in-unit washers and dryers, updated kitchens, a mini-split HVAC system, hardwood floors, impressive natural light, and an extremely stable rental history.
The property’s location, quality of rental units, and ideal unit mix generate impressive rental demand and cash flow, making this a very desirable investment opportunity. It is especially attractive to a savvy investor who understands the added value in the ADU development potential of the parcel.
In addition to being a stable investment, the property offers significant value-add potential through the development of the northern half of the 0.15-acre parcel, currently used as a backyard with a four-car garage along Opera Alley. Many Midtown investors have recognized that alleyway ADU development is not only profitable but also supported by the City of Sacramento, which promotes a streamlined planning process. Preliminary discussions with the City indicate the ability to develop two ADUs on the existing lot or, following a successful lot split, to build one primary unit with two additional ADUs. In sum, the excess land on the property should allow any investor to construct 2-3 additional units, enhancing the overall value and income potential.
The fourplex consists of four nearly identical one-bedroom, one-bathroom units, each with a spacious ±900 square foot layout. Each unit includes a living room, dining room, kitchen, bathroom, bedroom, and laundry room. The property, built in 1924, has undergone several tasteful renovations that modernize the living experience while retaining its craftsman charm. All units feature in-unit washers and dryers, updated kitchens, a mini-split HVAC system, hardwood floors, impressive natural light, and an extremely stable rental history.
The property’s location, quality of rental units, and ideal unit mix generate impressive rental demand and cash flow, making this a very desirable investment opportunity. It is especially attractive to a savvy investor who understands the added value in the ADU development potential of the parcel.
In addition to being a stable investment, the property offers significant value-add potential through the development of the northern half of the 0.15-acre parcel, currently used as a backyard with a four-car garage along Opera Alley. Many Midtown investors have recognized that alleyway ADU development is not only profitable but also supported by the City of Sacramento, which promotes a streamlined planning process. Preliminary discussions with the City indicate the ability to develop two ADUs on the existing lot or, following a successful lot split, to build one primary unit with two additional ADUs. In sum, the excess land on the property should allow any investor to construct 2-3 additional units, enhancing the overall value and income potential.
Property Details
- Class
- C
- Year Built
- 1924
- Stories
- 2
- Lot Size (sq. ft)
- 6,534 SF
- Units
- 4
Highlights
- Value add opportunity: ADU development on northern half of parcel
- The City of Sacramento supports alleyway ADU development with a streamlined planning process.
- Extremely stable rental history.
- Located in Midtown's GRID, a highly desirable and vibrant neighborhood.
- Four-car garage provides added value and potential for further development.
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