West Sacramento SFRs

2601-2602 Franklin Way West Sacramento, CA 95691

2601-2602 Franklin Way , West Sacramento, CA, 95691
2601-2602 Franklin Way , West Sacramento, CA, 95691
FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$3,569,000
Last Verified:
Oct 29, 2020

Highlights

  • Spacious 3 and 2 bedroom homes
  • Strong in-place rents
  • Potential to increase rents on those below market
  • Single-story homes with carports, fenced yards, and washer/dryer hook-ups
  • Excellent location near "essential" anchored commercial amenities and major employment
  • Located within an Opportunity Zone with potential to qualify for capex improvements

Description

*Seller Financing Available with negotiable Terms*
*Contractor special
*Shutdown Resilient* with strong rent collections from April through June during the shelter-in-place!

Upside in rents with allowable increases under Section 8 that is not subject to rent control.

Franklin Way Single-Family Residences consists of a total of 22 homes comprised of Thirteen (13), 3 Bedroom / 1 Bath homes approximately 936 SF each plus Nine (9), 2 Bedroom / 1 Bath homes approximately 727 SF each for a total building size of 18,504 SF. Built in 1961 the homes are situated side-by-side on two parcels and are fully leased to tenants with guaranteed income from Section 8, SSI, and Pensions or employed in the 'essential' category.

Each home has their own individual front and backyard, drive-way carport, and washer/dryer hook-ups.

The value-add is in that the majority of the tenants have not received a rental increase in over 12 months of which many are well below market rent based on newest leases.

There's also potential upside in rebuilding or expanding on two lots where two units burned down (2016) or utilizing them as picnic/play areas for the tenants.

The homes command high market rent since tenants prefer to live in single-story housing versus stacked apartments. This is a rare opportunity to own single-family homes on an entire cul-de-sac about 1 mile from Sacramento's Downtown Central Business District.

Franklin Way Single-Family Homes is located within an Opportunity Zone in rapidly growing West Sacramento. The subject properties are walking distance to major anchored "essential" retailers such as Walmart Super Center, Home Depot, Starbucks, In N Out, and IKEA plus other neighborhood retail services. Less than 1 mile from Sacramento's Central Business District.


Year Built: 1961
Building Size: 18504.0sq ft
Lot Size: 2.4 acres

Map of 2601-2602 Franklin Way , West Sacramento, CA, 95691

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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:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • 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.