3423 Charleston CtStockton, CA 95209

Property Details for 3423 Charleston Ct

Year built

1977

Lot size

0.21 AC

Property size (Sq ft)

2,276 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a stabilized, two-unit apartment building in Stockton, CA. The property, located at 3423 Charleston Ct, boasts a total of 2,276 square feet on a 0.214-acre lot, with each unit offering three bedrooms and two bathrooms. Built in 1977 and renovated in 2020, the property features modern updates including new exterior paint, stainless steel sinks, tile countertops, and upgraded bathrooms. Each unit includes a two-car garage, vaulted ceilings, fireplaces, and indoor laundry hookups. Tenants enjoy fenced backyards with cement patios and central air conditioning and heating. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $21,057, with a pro-forma NOI of $31,057, representing a 3.97% cap rate and a pro-forma cap rate of 5.86%. The asking price is $530,000, translating to $232.86 per square foot and $265,000 per unit. The property is zoned for multifamily use and offers ample parking (four spaces total). This turnkey investment is ideally situated near I-5 and Hammer Lane, providing convenient access to major transportation routes and amenities. The property's strong cash flow and potential for increased rental income make it an attractive proposition for discerning investors. The Gross Rent Multiplier (GRM) is 11.06. This is a fee simple ownership.

Location Insight

City

Stockton

County

San Joaquin

State

California

Latitude

38.0285

Longitude

-121.362

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