960 Marlene StUkiah, CA 95482

Property Details for 960 Marlene St

Lot size

2.30 AC

Property size (Sq ft)

22,211 SF

Property type

Land

Property subtype

Apartment buildings

Description

This exceptional investment opportunity presents a 20-unit apartment building situated on a 2.3-acre lot in Ukiah, California. Priced at $4,250,000 with a 4.50% cap rate, this property offers significant potential for both immediate cash flow and future development. Currently comprised of twenty two-bedroom, one-and-a-half-bathroom townhomes, each unit features a spacious floor plan, central HVAC, fireplaces, and a private fenced yard. Community amenities include an in-ground pool, on-site laundry facilities, carports, and additional paved parking. The property boasts impeccably maintained landscaping, underground utilities, and a park-like setting at the end of a cul-de-sac. A significant portion of the land remains undeveloped, presenting a compelling opportunity for expansion. A minor subdivision and rezoning application is currently underway with the City of Ukiah, aiming to create a second 1.07-acre parcel and change the zoning from Planned Development (PD) to R2. Originally subdivided in 1985 into condominiums on 20 individual legal parcels, the property benefits from a strong rental history and stable tenant base. The property's location in Ukiah, within Mendocino County Wine Country, offers convenient access to major transportation routes, being less than two hours from the Golden Gate Bridge and one hour north of the Sonoma County Airport. The total square footage of the building is 22,211 square feet. This property is a rare find, combining immediate income with substantial growth potential. A disclosure packet is available upon request.

Location Insight

City

Ukiah

County

Mendocino

State

California

Latitude

39.1381

Longitude

-123.197

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