The Ida Group

TURLOCK: TURTLE CREEK APARTMENTS PORTFOLIO

Sold: $6,800,000

CAP Rate: 5.59% | Rentable SF: 52,260 | Price/Rentable SF: $130.12 | Parcel Size: 103,673 SF (2.38 AC) | Year Built: 1987

 
 

INVESTMENT HIGHLIGHTS

  • High growth rental market with rapid population expansion and Cal State Stanislaus nearby.
  • Portfolio sale of three separate properties, each on its own distinct parcel allowing potential future upside through individual sale.
  • Strong unit mix with forty-four, two-bedroom/1-bath single level floorplans of approximately 750 square feet and nineteen, three-bedroom/one and a half townhouse style floorplans of approximately 1,020 square feet.
  • Great intrinsic value of $130 per square foot and $107,937 per unit (with huge floorplans).
  • Separately metered for PG&E with onsite laundry for Turtle Creek I, and in-unit washer dryer hook-ups for Turtle Creek II and Turtle Creek Townhomes.