MULTI-FAMILY BUILDING FOR SALE
Colliers International’s Central Valley Investment Team is proud to present the La Loma Senior Apartments, located at 1220 La Loma Avenue in Modesto, California. The complex was built in 1988 and is situated on over three-quarters of an acre, of beautifully landscaped, property. Although there are no regulatory requirements, the La Loma Apartments are currently being operated as a 55 and over complex, with significantly below market rents. The site consists of the following:
• Below market rents
• Three story complex
• All interior hallway access points
• All units have patios/balconies
• 45 total apartment units
• One (1) large two-bedroom unit
• Forty one (41) one-bedroom units
• Three (3) studio units
• Six (6) of the downstairs units are ADA compliant (wide doorways, low cabinets/tops, walk-in tub, etc.)
• 41 units have washer/dryer hook-ups (only the studio units do not)
• A large recreation/lounge room (with couches, television, kitchen, bathroom, etc.)
• A laundry room with 3 wa
Sale Note
UNITS: 45
PRICE PER UNIT: $95,556
PRICE PER SF: $170
CURRENT CAP RATE: 5.45%
PROFORMA CAP RATE: 6.94%/7.49%
- Property Type
Office
- Total Acres
0.58
- Property ID
1665386
