100% Leased | Lockdown Resilient | Stabilized

411 Bird St. Yuba City, CA 95991

411 Bird St. , Yuba City, CA, 95991
411 Bird St. , Yuba City, CA, 95991
FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$1,250,000
Last Verified:
Nov 21, 2020

Highlights

  • 100% leased community with high demand
  • 95% Rent Collection during the pandemic economic shutdown
  • Stable rental income with a waiting list for units
  • Newly leased units show that existing rents are below market
  • Strong and growing rental market
  • Located near major healthcare services and major anchored commercial amenities

Description

*Recently leased 2 Bedroom units at $1,100*

411 Bird St., Yuba City is an economic shutdown resilient and well maintained twelve (12) unit community within an extremely strong rental market. The rent roll boasts 95% rent collections from March through July during the pandemic lockdown as most of the tenants are "essential" employees and a couple of units pay guaranteed income to the ownership via Section 8 vouchers.

411 Bird St. features open floor plan that are comprised of ten (10) 2 Bedroom / 1 Bath units with an average size of 705 SF plus two (2) 1 Bedroom / 1 Bath units with an average size of 600 SF. Many of the units (5-6) have undergone a remodel with updated laminate flooring throughout, interior paint, and new bathrooms. The exterior was recently painted and the roof was given a foam overlay.

Each unit is metered for electric plus there's plenty of onsite parking and an onsite laundry facility.

The units are below market rent and the new buyer will benefit by increasing to market rents when units are turned and making gradual annual increases on existing tenants as allowable through AB 1482

411 Bird St. is located within an excellent rental market walking distance to Ampla Health Medical Center, Bank of America, plus other medical services. In addition, tenants are a short drive to to major anchored essential commercial amenities and restaurants such as Walmart Super Center, Target, Chipotle, Starbucks, Walgreens, Staples, plus many more. Yuba City functions as its own standalone economy with strong employment plus there are many commuter employees from the Sacramento / Roseville region which is only a 30-40 minute drive. Yuba City is experiencing rapid population growth as families are transplanting from the high cost Sacramento/Roseville region. This has led to historic occupancy and rental rates since housing is not keeping up with the required demand.


Year Built: 1967
Building Size: 8250.0sq ft
Lot Size: 0.39 acres

Map of 411 Bird St. , Yuba City, CA, 95991

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

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  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.