308 Washington StSonora, CA 95370

Property Details for 308 Washington St

Year built

1949

Property size (Sq ft)

5,620 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 16-unit apartment building, located at 308 N Washington St, Sonora, CA 95370, presents a compelling investment opportunity. The property, situated on a 0.4-acre lot (17,527 sq ft), consists of three buildings totaling 5,620 net rentable square feet. Built in 1949, the property features a mix of unit types, including a single-family home. The asking price is $1,699,000, representing $106,187.50 per unit and $302.31 per square foot. The current NOI is $115,000, yielding a 6.77% cap rate, with a pro-forma NOI of $127,000 and a pro-forma cap rate of 7.47%. Seven units have recently undergone interior renovations, including new siding and paint on the exteriors. Significant upside potential exists due to rents being over 15% below market rates, allowing a new owner to increase profitability through further renovations during vacancies. The property's General Commercial zoning allows for future development possibilities. Its prime location, less than a quarter mile from downtown Sonora, ensures strong tenant demand and long-term stability. This stabilized investment offers a blend of immediate income and future growth potential. The APN is 001-091-002.

Location Insight

City

Sonora

County

Tuolumne

State

California

Latitude

37.9895

Longitude

-120.385

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