2305 Cheim BlvdMarysville, CA 95901

Property Details for 2305 Cheim Blvd

Year built

1980

Lot size

1.46 AC

Property size (Sq ft)

29,165 SF

Property type

Apartment buildings

Description

This exceptional multifamily investment opportunity presents a 26-unit townhome complex located at 2305 Cheim Blvd, Marysville, CA 95901. The property consists of three two-story buildings, totaling 29,165 square feet on a 1.46-acre lot. Built in 1980 and extensively renovated between 2020 and 2022, the complex boasts a mix of two and three-bedroom units, each featuring two covered parking spaces and a private fenced backyard. Upgrades totaling $550,000 include new roofs (units and carports), exterior paint, mailboxes, pool/spa, landscaping, retaining walls, Hardie Plank siding, and several unit renovations (appliances and flooring). The units are currently 100% occupied, generating a Net Operating Income (NOI) of $299,333, with a pro-forma NOI of $337,997. The asking price is $6,700,000, representing a current cap rate of 4.47% and a pro-forma cap rate of 5.04%. The property is zoned PD (Planned Development) and features a community pool and spa. An existing HOA is in place, fully controlled by the current owner, and can be terminated with 30 days' notice. This presents a significant value-add opportunity with potential for increased rental income. The property also benefits from an assumable loan of $2,336,656 at 4.2% interest, resulting in over $44,000 in annual principal reduction. Unit sizes range from 1,008 to 1,275 square feet. The property is offered fee simple.

Location Insight

City

Marysville

County

Yuba

State

California

Latitude

39.1615

Longitude

-121.566

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