For Sale
$5,600,000

2671 Rio Linda Blvd Sacramento, CA 95815

66-unit LIHTC apartment building, strong potential.

Overview

Added:
Dec 11, 2024
Days on market:
136
This exceptional investment opportunity presents a 66-unit senior apartment building located at 2671 Rio Linda Blvd, Sacramento, CA 95815. The property, built in 1970 and renovated in 2009, boasts 47,152 net rentable square feet across three stories within a single building situated on a 2.24-acre lot. Currently operating as a Class C multifamily property, it offers a compelling value-add opportunity. The asking price is $5,600,000, translating to $84,848 per unit and a current cap rate of 5.02%. A significant aspect of this investment is the $3 million in assumable soft debt at a 4.00% interest rate. The property's current NOI is $281,183, but a pro-forma NOI of $592,319 is projected based on the maximum allowable rents under the Tenant-Based Rental Assistance Program (TCAC). This translates to a pro-forma cap rate of 10.58%. The property is designated as a Senior LIHTC (Low-Income Housing Tax Credit) property. Further details and due diligence materials are available online.

Highlights

  • Assumable $3M loan at 4.00% interest.
  • Pro forma cap rate of 10.58% based on maximum allowable rents.
  • Attractive price-per-unit of $85,000 in Sacramento, CA.

Property Details for 2671 Rio Linda Blvd

Property type
Apartment buildings
Class
C
Year Built/Renovated
1970/2009
Buildings
1
Stories
3
Lot Size (sq. ft)
97,574 SF
Units
66

Location Insight

City
Sacramento
County
Sacramento
State
California
Latitude
38.6155984
Longitude
-121.4463592

FAQs

What type of property is this?
Apartment building - 66-unit LIHTC apartment building, strong potential.
Where is the apartment building located?
The property is located at 2671 Rio Linda Blvd Sacramento, CA.
What is the asking price?
The asking price for this property is $5,600,000.
What are key features of this property?
This property features: Assumable $3M loan at 4.00% interest.; Pro forma cap rate of 10.58% based on maximum allowable rents.; Attractive price-per-unit of $85,000 in Sacramento, CA.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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2671 Rio Linda Blvd
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